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Registered number: 07401627
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E-Quality Learning Limited
Financial statements
Information for filing with the registrar
31 August 2019
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E-Quality Learning Limited
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Balance sheet
as at 31 August 2019
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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1
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E-Quality Learning Limited
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Balance sheet (continued)
as at 31 August 2019
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2020.
Registered number: 07401627
The notes on pages 3 to 7 form part of these financial statements.
2
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E-Quality Learning Limited
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Notes to the financial statements
for the year ended 31 August 2019
E-Quality Learning Limited (‘the company’) is a private company limited by shares, incorporated and domiciled in the United Kingdom. The registered office of the company is 9 Apollo Court, Koppers Way,
Monkton Business Park South, Hebburn, Tyne and Wear, NE31 2ES.
The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.
3.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax.
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows:
Motor vehicles - 4 years straight line
Computer equipment - 3 years straight line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3
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E-Quality Learning Limited
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Notes to the financial statements
for the year ended 31 August 2019
3.Accounting policies (continued)
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee’s entitlement to the benefit accrues.
Defined contribution pension plan
The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet.
The assets of the plan are held separately from the company in independently administered funds.
The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account except to the extent that it relates to items recognised in other comprehensive income, or directly in equity, in which case the tax expense is also recognised in other comprehensive income or directly in equity.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods, and arises from ‘timing differences’ (where transactions or events are included in the financial statements in periods different from those in which they are assessed for tax). Deferred tax is recognised in respect of all timing differences, except that unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing differences.
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is provided on all intangible assets so as to write off the cost of an asset over its estimated useful life as follows:
Website - 3 years straight line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans to or from related parties. All such instruments are due within one year, and are measured, initially and subsequently, at the transaction price.
4
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E-Quality Learning Limited
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Notes to the financial statements
for the year ended 31 August 2019
3.Accounting policies (continued)
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Financial instruments (continued)
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At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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The average monthly number of employees, including directors, during the year was 39 (2018 -33).
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5
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E-Quality Learning Limited
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Notes to the financial statements
for the year ended 31 August 2019
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Charge for the year on owned assets
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Prepayments and accrued income
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6
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E-Quality Learning Limited
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Notes to the financial statements
for the year ended 31 August 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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80 (2018 -80) A Ordinary shares of £1.00 each
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Nil (2018 -8) B Ordinary shares of £1.00 each
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During the period the company purchased B Ordinary shares from a director.
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7
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