Nexus The Educators Connection Limited Filleted accounts for Companies House (small and micro)

NEXUS THE EDUCATORS CONNECTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05320883

Nexus The Educators Connection Limited

Filleted Unaudited Financial Statements

31 August 2018

Nexus The Educators Connection Limited

Statement of Financial Position

31 August 2018

	2018	2017
Note	£	£

Fixed assets

Intangible assets	4	180,124	208,356
Tangible assets	5	185,433	346,380
		---------	---------
		365,557	554,736

Current assets

Stocks		433,132	534,359
Debtors	6	955,650	862,529
Cash at bank and in hand		28,032	10,308
		------------	------------
		1,416,814	1,407,196

Creditors: amounts falling due within one year	7	1,042,503	1,080,941
		------------	------------
Net current assets		374,311	326,255
		---------	---------
Total assets less current liabilities		739,868	880,991

Creditors: amounts falling due after more than one year	8	45,165	71,116
		---------	---------
Net assets		694,703	809,875
		---------	---------

Capital and reserves

Called up share capital	3,000	3,000
Profit and loss account	691,703	806,875
	---------	---------
Shareholders funds	694,703	809,875
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Nexus The Educators Connection Limited

Statement of Financial Position (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 30 May 2019 , and are signed on behalf of the board by:

S H Jones
Director

Company registration number: 05320883

Nexus The Educators Connection Limited

Accounting Policies

Year ended 31 August 2018

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	10% straight line
Motor vehicles	-	23% straight line
Office equipment	-	2 to 3 years

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

The company contributes to a self-administered pension scheme on behalf of the directors, on a money purchase basis. The company also contributes to pension policies of selected employees on a group personal pension basis and all other employees in accordance with auto enrolment regulations. In all cases, contributions paid by the company are charged to the profit and loss account in the year in which they are accrued.

Nexus The Educators Connection Limited

Notes to the Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nexus House, Lakeside Business Park, South Cerney, Cirencester, Gloucester, GL7 5XL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2017: 44 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 September 2017 and 31 August 2018	564,644
	---------
Amortisation
At 1 September 2017	356,288
Charge for the year	28,232
	---------
At 31 August 2018	384,520
	---------
Carrying amount
At 31 August 2018	180,124
	---------
At 31 August 2017	208,356
	---------

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 September 2017	96,672	547,899	70,705	715,276
Additions	–	49,921	21,074	70,995
Disposals	–	( 360,410)	( 10,315)	( 370,725)
	--------	---------	--------	---------
At 31 August 2018	96,672	237,410	81,464	415,546
	--------	---------	--------	---------
Depreciation
At 1 September 2017	90,473	216,692	61,731	368,896
Charge for the year	4,631	90,935	4,849	100,415
Disposals	–	( 228,883)	( 10,315)	( 239,198)
	--------	---------	--------	---------
At 31 August 2018	95,104	78,744	56,265	230,113
	--------	---------	--------	---------
Carrying amount
At 31 August 2018	1,568	158,666	25,199	185,433
	--------	---------	--------	---------
At 31 August 2017	6,199	331,207	8,974	346,380
	--------	---------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	736,954	581,104
Other debtors	218,696	281,425
	---------	---------
	955,650	862,529
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	201,496	173,471
Trade creditors	208,784	321,657
Corporation tax	5,973	76,803
Social security and other taxes	116,940	50,461
Other creditors	509,310	458,549
	------------	------------
	1,042,503	1,080,941
	------------	------------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	45,165	71,116
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 1 year and not later than 5 years	117,407	245,429
	---------	---------