Essential Learning Company Limited Company Accounts

Essential Learning Company Limited Company Accounts

ESSENTIAL LEARNING COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04171904
Essential Learning Company Limited
Financial Statements
31 March 2018
Essential Learning Company Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Officers and professional advisers
1
Director's report
2
Independent auditor's report to the members
4
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10
The following pages do not form part of the financial statements
Detailed income statement
17
Notes to the detailed income statement
18
Essential Learning Company Limited
Officers and Professional Advisers
The board of directors
Mr A Hasoon (Appointed 19 December 2017)
Ms Lally (Retired 5 March 2018)
Ms Gutteridge (Retired 20 March 2018)
Mr C Bateman (Served from 1 April 2017 to 2 June 2017)
Registered office
4th Floor 94-96 Wigmore Street
London
W1U 3RF
Auditor
Flint & Thompson Limited
Chartered accountant & statutory auditor
1325A Stratford Road
Hall Green
Birmingham
West Midlands
England
B28 9HH
Bankers
Royal Bank of Scotland
7-9 Fountain Place
Poynton
Stockport
SK12 1QX
Place of business
Essential Learning Company Ltd
200a Market Street
Hyde
SK14 1HB
Essential Learning Company Limited
Director's Report
Year ended 31 March 2018
The director presents his report and the financial statements of the company for the year ended 31 March 2018 .
Directors
The directors who served the company during the year were as follows:
Mr A Hasoon
(Appointed 19 December 2017)
Ms Lally
(Retired 5 March 2018)
Ms Gutteridge
(Retired 20 March 2018)
Mr C Bateman
(Served from 1 April 2017 to 2 June 2017)
Director's responsibilities statement
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 September 2018 and signed on behalf of the board by:
Mr A Hasoon
Director
Registered office:
4th Floor 94-96 Wigmore Street
London
W1U 3RF
Essential Learning Company Limited
Independent Auditor's Report to the Members of Essential Learning Company Limited
Year ended 31 March 2018
Opinion
We have audited the financial statements of Essential Learning Company Limited (the 'company') for the year ended 31 March 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the
company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Michael Williams FCA
(Senior Statutory Auditor)
For and on behalf of
Flint & Thompson Limited
Chartered accountant & statutory auditor
1325A Stratford Road
Hall Green
Birmingham
West Midlands
England
B28 9HH
20 September 2018
Essential Learning Company Limited
Statement of Comprehensive Income
Year ended 31 March 2018
Period from
Year to
1 May 16 to
31 Mar 18
31 Mar 17
Note
£
£
Turnover
881,247
875,661
Cost of sales
70,275
99,568
---------
---------
Gross profit
810,972
776,093
Administrative expenses
1,443,858
949,898
------------
---------
Operating loss
( 632,886)
( 173,805)
Interest payable and similar expenses
13,137
151
------------
---------
Loss before taxation
6
( 646,023)
( 173,956)
Tax on loss
( 1,036)
( 1,141)
---------
---------
Loss for the financial year and total comprehensive income
( 644,987)
( 172,815)
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Essential Learning Company Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
7
16,570
22,026
Current assets
Debtors
8
179,881
122,449
Cash at bank and in hand
38
1,304
---------
---------
179,919
123,753
Creditors: amounts falling due within one year
9
851,161
109,237
---------
---------
Net current (liabilities)/assets
( 671,242)
14,516
---------
--------
Total assets less current liabilities
( 654,672)
36,542
Provisions
Taxation including deferred tax
2,865
3,901
Accruals and deferred income
64,361
110,550
---------
---------
Net liabilities
( 721,898)
( 77,909)
---------
---------
Capital and reserves
Called up share capital
11
1,000
2
Profit and loss account
( 722,898)
( 77,911)
---------
--------
Shareholders deficit
( 721,898)
( 77,909)
---------
--------
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2018 , and are signed on behalf of the board by:
Mr A Hasoon
Director
Company registration number: 04171904
Essential Learning Company Limited
Statement of Changes in Equity
Year ended 31 March 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2016
2
94,904
94,906
Loss for the year
( 172,815)
( 172,815)
----
---------
---------
Total comprehensive income for the year
–
( 172,815)
( 172,815)
At 31 March 2017
2
( 77,911)
( 77,909)
Loss for the year
( 644,987)
( 644,987)
----
---------
---------
Total comprehensive income for the year
–
( 644,987)
( 644,987)
Issue of shares
998
–
998
----
----
----
Total investments by and distributions to owners
998
–
998
-------
---------
---------
At 31 March 2018
1,000
( 722,898)
( 721,898)
-------
---------
---------
Essential Learning Company Limited
Notes to the Financial Statements
Year ended 31 March 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 4th Floor 94-96 Wigmore Street, London, W1U 3RF.
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. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Length of accounting period
The financial statements for 31 March 2018 cover a 12 months period. The previous financial statements covered an 11 month period, 1 May 2016 to 31 March 2017, to bring the year end in line with the group. Therefore, they are not comparable.
Going concern
Attention is drawn to the insolvent position of the company's balance sheet. These accounts have been prepared on the going concern basis as the directors have considered the company's activities, budgets, cash flow forecasts and future plans for the period of not less than twelve months from the date of approving the financial statements and expect the company to have sufficient funds to meet its liabilities and receive the continuing support of the company's creditors in this period.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, excluding commissions and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property improvements
-
10% straight line
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Auditor's remuneration
Period from
Year to
1 May 16 to
31 Mar 18
31 Mar 17
£
£
Fees payable for the audit of the financial statements
4,350
4,350
-------
-------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2017: 37 ).
6. Profit before taxation
Loss before taxation is stated after charging:
Period from
Year to
1 May 16 to
31 Mar 18
31 Mar 17
£
£
Depreciation of tangible assets
6,852
7,360
-------
-------
7. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2017
13,664
79,232
92,896
Additions
–
1,396
1,396
--------
--------
--------
At 31 March 2018
13,664
80,628
94,292
--------
--------
--------
Depreciation
At 1 April 2017
12,183
58,687
70,870
Charge for the year
1,367
5,485
6,852
--------
--------
--------
At 31 March 2018
13,550
64,172
77,722
--------
--------
--------
Carrying amount
At 31 March 2018
114
16,456
16,570
--------
--------
--------
At 31 March 2017
1,481
20,545
22,026
--------
--------
--------
8. Debtors
2018
2017
£
£
Trade debtors
92,099
25,549
Other debtors
87,782
96,900
---------
---------
179,881
122,449
---------
---------
9. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
418
1,235
Trade creditors
78,478
34,858
Secured loan
367,220
–
Amounts owed to group undertakings
118,809
–
Unsecured loan notes
53,452
–
Corporation tax
100
–
Social security and other taxes
156,344
56,952
Other creditors
13,146
16,236
Wages control account
63,194
(44)
---------
---------
851,161
109,237
---------
---------
10. Securities
The company hold a debenture with Select Invoice Finance Limited dated 18 April 2017. Included in other creditors is £367,220 owed to Select Invoice Finance Limited as at 31 March 2018.
There are unsecured loan notes of £10,000 per each of 5 investors at 2.25% interest. The £50,000 plus interest is repayable by 27 June 2018.
11. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
2
2
-------
-------
----
----
Share movements
No.
£
Ordinary
At 1 April 2017
2
2
Issue of shares
998
998
-------
-------
At 31 March 2018
1,000
1,000
-------
-------
988 ordinary shares were issued on 23 May 2017 at par.
Milamber Ventures Plc acquired 100% share capital on 19 December 2017 at par.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
36,134
47,635
Later than 1 year and not later than 5 years
101,500
127,504
---------
---------
137,634
175,139
---------
---------
13. Related party transactions
During the period, the company was provided with interest free loans totalling £nil (2017: £ 180,000 ) from Primus Care Plc , the parent company until 1 November 2016. Upon the sale of the company the balance owed to Primus Care Plc amounted to £178,171 which was written off in full in 2017. As at the period end, the balance owed to Primus Care Plc was £nil (2017: £nil). During the period, the company was provided with an interest free loan of £49,260 (2017: £ 7,500 ) from Gravity Investment Group Limited, the parent company for the period 1 November 2016 until 19 December 2017. Upon the sale of the company the balance owed to Gravity Investment Group Limited amounted to £56,760 which was written off in full. As at the period end, the balance owed to Gravity Investment Group Limited was £nil (2017: £7,500). During the period, the company was charged for the provision of staff amounting to £nil (2017: £ 57,933 ) by Elate Training Limited , a company that was a subsidiary of Primus Care Plc. At the period end, the balance owed to Elate Training Limited amounted to £nil (2017: £ 19,914 ). During the period, the company was provided with an interest free loan of £118,809 (2017: £nil) from Milamber Ventures Plc, the parent company for the period from 19 December 2017. As at the period end, the balance owed to Milamber Ventures Plc was £118,809 (2017: £nil). During the period, the company paid management charges to Milamber Ventures Plc of £135,000 .
14. Controlling party
The ultimate controlling party was Gravity Investment Group Limited until 19.12.17 when the company was sold to Milamber Ventures PLC.
Essential Learning Company Limited
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
Essential Learning Company Limited
Detailed Income Statement
Year ended 31 March 2018
Period from
Year to
1 May 16 to
31 Mar 18
31 Mar 17
£
£
Turnover
881,247
875,661
Cost of sales
Learner costs
233
2,988
Registration fees
59,602
94,267
Course material costs
10,440
2,313
--------
--------
70,275
99,568
---------
---------
Gross profit
810,972
776,093
Overheads
Administrative expenses
1,443,858
949,898
------------
---------
Operating loss
( 632,886)
( 173,805)
Interest payable and similar expenses
(13,137)
(151)
---------
---------
Loss before taxation
(646,023)
(173,956)
---------
---------
Essential Learning Company Limited
Notes to the Detailed Income Statement
Year ended 31 March 2018
Period from
Year to
1 May 16 to
31 Mar 18
31 Mar 17
£
£
Administrative expenses
Directors salaries
129,438
123,494
Directors national insurance contributions
14,073
14,221
Wages and salaries
771,300
592,944
Contractor fees
75,778
89,262
Employers national insurance contributions
49,477
40,121
Staff pension contributions - defined contribution
4,980
707
Rent
41,533
48,434
Rates and water
15,176
15,830
Light and heat
5,592
6,523
Insurance
4,508
2,110
Repairs and maintenance (allowable)
2,144
9,187
Cleaning costs
582
1,007
Travel and subsistence
3,692
59,094
Hire costs (non-operating leases)
–
1,734
Telephone
24,990
21,831
Computer costs
31,282
32,666
Printing postage and stationery
8,979
11,700
Training courses and reference material
480
–
General expenses
3,758
720
Subscriptions
275
576
Irrecoverable VAT
33,116
18,243
Advertising
–
3,148
Entertaining
–
1,530
Management charges payable
135,000
–
Legal and professional fees (allowable)
23,108
12,494
Consultancy fees
34,500
–
Accountancy fees
5,061
4,186
Auditors remuneration
4,350
4,350
Depreciation
6,852
7,360
Bad debts written off
–
700
Loan written off
(76,674)
(178,171)
Factoring charges
86,548
2,484
Bank charges
3,960
1,413
------------
---------
1,443,858
949,898
------------
---------
Interest payable and similar expenses
Interest on bank loans and overdrafts
13,137
151
--------
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