Registered number:
05294671
Look and Learn Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended
30 June 2020
|
Look and Learn Limited
Registered number:
05294671
Balance sheet
As at
30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
4 March 2021
.
The notes on pages 2 to 8 form part of these financial statements.
Page 1
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
Look and Learn Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is Third Floor, 24 Chiswell Street, London, EC1Y 4XY and the address of its principal place of business is Office 370, 19-21 Crawford Street, London, W1H 1PJ. The company's principal activity during the year was that of an educational picture library.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis despite the company reporting net current liabilities of £453,301 (2019: £460,025) and net liabilities of £411,213 (2019: £413,363) at 30 June 2020. L. Heyworth, the director of the company, has confirmed that he will continue to provide all necessary finance in order for the company to meet its liabilities for the foreseeable future.
While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 2
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
2.
Accounting policies (continued)
Intellectual Property Rights and Licences are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Amortisation is provided at the following rates:
Intellectual Property Rights - Straight line over twenty years
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
|
|
|
|
|
|
Straight line over 3 years
|
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price.
Page 3
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
2.
Accounting policies (continued)
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 July 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Interest income is recognised in profit or loss using the effective interest method.
Page 4
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
2.
Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
|
|
The Company has no employees other than the directors, who did not receive any remuneration (2019: £NIL).
|
|
The average monthly number of employees, including directors, during the year was
2
(2019 -
2
)
.
|
Page 5
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
|
|
Intellectual property rights and licences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
|
Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2020
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions.
Share capital
This represents the nominal value of shares that have been issued by the company.
Share premium
This represents the premium that was paid on the shares that have been issued by the company.
|
Related party transactions
|
|
During the year L. Heyworth, a director of the company, made payments on behalf of the company totalling
£33,777 (2019: £26,387).
The company repaid £30,000 (2019: £57,850) to L. Heyworth and also paid £1,900 (2019: £1,900) on behalf of L. Heyworth during the year.
The amount due to L. Heyworth as at 30 June 2020 is £696,987 (2019: £695,110). This loan is repayable on demand and non-interest bearing.
|
|
Post balance sheet events
|
There has been a significant event affecting the Company since the year end, namely Covid-19. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers.
The company is under the control of Look and Learn Media (Holdings) Limited.
The ultimate controlling party is L.Heyworth who owns 100% of the issued share capital of Look and Learn Media (Holdings) Limited.
Page 8
|