Company Registration No. 8627838 (England and Wales)
La Salle Education Limited
Unaudited accounts
for the year ended 31 December 2021
La Salle Education Limited
Unaudited accounts
Contents
La Salle Education Limited
Company Information
for the year ended 31 December 2021
Directors
Mr Mark McCourt
Mr Ludwig Sels
Mr Peter Martin
Mr Michael Martin
Mr Nicholas Cartwright
Company Number
8627838 (England and Wales)
Registered Office
125 Wood Street
London
EC2V 7AW
Accountants
Hewitt Accountancy Ltd
40 Harcourt Road
Redland
Bristol
BS6 7RE
La Salle Education Limited
Statement of financial position
as at
31 December 2021
Cash at bank and in hand
289,161
79,037
Creditors: amounts falling due within one year
(693,760)
(118,634)
Net current assets
226,918
63,348
Total assets less current liabilities
233,760
63,352
Creditors: amounts falling due after more than one year
(35,833)
(45,833)
Net assets
197,927
17,519
Called up share capital
50,120
37,052
Share premium
3,002,087
2,100,374
Profit and loss account
(2,854,280)
(2,119,907)
Shareholders' funds
197,927
17,519
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2022 and were signed on its behalf by
Mr Mark McCourt
Director
Company Registration No. 8627838
La Salle Education Limited
Notes to the Accounts
for the year ended 31 December 2021
La Salle Education Limited is a private company, limited by shares, registered in England and Wales, registration number 8627838. The registered office is 125 Wood Street, London, EC2V 7AW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts, except as noted below.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
2020 comparative financial information
The presentation of the comparative financial information for the Income Statement has been restated. There is no overall change to the loss for the financial year for 2020.
The company has changed its accounting policy for Government grants to align with the the provisions of FRS 102 Section 1A Small Entities. Consequently, Coronavirus Job Retention Scheme grant income of £149,936 previously reported in turnover is now reported in other operating income.
Cost of sales and administrative expenses have been restated to be on a consistent basis with the presentation of the current financial year.
Turnover is recognised on the accruals basis at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .
La Salle Education Limited
Notes to the Accounts
for the year ended 31 December 2021
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs 17.5% on cost
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
33.33% on cost
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The tax expense represents the sum of the tax currently payable or recoverable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company?s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.
La Salle Education Limited
Notes to the Accounts
for the year ended 31 December 2021
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Intangible fixed assets
Goodwill
At 1 January 2021
700,590
At 31 December 2021
700,590
At 1 January 2021
700,589
At 31 December 2021
700,589
5
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
At 31 December 2021
10,294
Charge for the year
1,511
At 31 December 2021
3,453
At 31 December 2021
6,841
La Salle Education Limited
Notes to the Accounts
for the year ended 31 December 2021
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
407,396
14,047
Accrued income and prepayments
354
1,407
Other debtors
223,767
87,491
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Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10,000
4,167
Trade creditors
53,005
18,594
Taxes and social security
25,482
25,925
Deferred income
573,201
36,959
The bank loan is from the company's principal banker which bears interest at 2.5% per annum. Repayments are to be made in equal instalments and commence in August 2021 and conclude in July 2026 (see note 8).
8
Creditors: amounts falling due after more than one year
2021
2020
9
Transactions with related parties
Mark McCourt and Nicholas Cartwright, directors, are both 25% shareholders in Frequency Limited, a company that acts as landlord to La Salle Education Limited. The rent payable is £2,500 pcm.
During the year, a company owned by Mark McCourt incurred certain IT costs on behalf of La Salle
Education Limited amounting to £1,200 (2020: £1,200) which it then recharged at cost to La Salle Education Limited.
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Average number of employees
During the year the average number of employees was 19 (2020: 11).