Registration number:
Radius Educational Services Limited
for the Period from 1 March 2021 to 30 June 2021
Radius Educational Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Radius Educational Services Limited
Company Information
Directors |
Mr PE Sachs Ms EJ Phillips |
Registered office |
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Auditors |
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Radius Educational Services Limited
(Registration number: 02851234)
Balance Sheet as at 30 June 2021
Note |
30 June |
28 February |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Great Britain
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.
Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
Going concern
The directors have reviewed the appropriateness of presenting the financial statements using the going concern principal.
At the time of signing these financial statements, the impact of COVID 19 had started to reduce with attendance levels at the nurseries exceeding pre-COVID levels. The company has demonstrated it's ability to succeed by growing attendances even though the effects of Covid are still being felt. The UK government continued to emphasise the importance of keeping educational premises open for young people’s educational needs as well as their social well-being. The directors are therefore confident that future closure of its operations is highly unlikely. Classroom measures introduced during the re-opening of educational premisses have now been relaxed and therefore should not have a significant impact on the overall performance of the company. COVID has however, had a lasting effect on customer behaviour, as parents are able to work from home more regularly. This has resulted in changes in booking patterns, although, record sales have still been achieved. With this said and the opening and planned openings of new nurseries, the directors expect the desired continuous growth of the company to be realised.
Having considered the forecast revenues and the company's ongoing operational expenditure together with the likely capital additions and likely capital repayments the company's directors have concluded that it is appropriate that these financial statements are prepared and presented using the going concern principal due to the continued support of associated companies and the wider investor base.
Audit report
The audit report also included an other matter paragraph detailing that the financial statements for the period ended 28 February 2021 were not audited.
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affacts only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
Government grants
The accounting policy adopted for grants is the accruals model
Foreign currency transactions and balances
Non-monetary items measured in terms of histroical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
20% Straight line |
Furniture & fixtures |
33% Straight line |
Electronic Equipment |
33% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Additions |
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At 30 June 2021 |
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Depreciation |
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At 1 March 2021 |
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Charge for the period |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 28 February 2021 |
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Included within the net book value of leasehold improvements above is £67,956 (2021 - £39,410) in respect of short leasehold land and buildings.
Radius Educational Services Limited
Notes to the Financial Statements for the Period from 1 March 2021 to 30 June 2021
Debtors |
30 June |
28 February |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
30 June |
28 February |
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Due within one year |
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Trade creditors |
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- |
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Amounts owed to related parties |
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- |
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Taxation and social security |
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- |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from 30 Raffles Place, 23-01, Chevron House, Singapore, 048622.