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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2019 |
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for |
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Teachercentric Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2019 |
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for |
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Teachercentric Limited |
Teachercentric Limited (Registered number: 06055034) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Teachercentric Limited (Registered number: 06055034) |
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Balance Sheet |
31 July 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
) | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Other reserves |
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Advance subscriptions |
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Retained earnings | ( |
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( |
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) |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Teachercentric Limited (Registered number: 06055034) |
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Balance Sheet - continued |
31 July 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2019 |
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1. | STATUTORY INFORMATION |
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Teachercentric Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 06055034 |
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Registered office: | 4 Cam Road |
4th Floor |
Stratford |
London |
E15 2SN |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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Patents & licences |
Patents & Licences are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Patents and licences are being amortised evenly over their estimated useful life of 5 years. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses during the |
year and the directors are aware that the balance sheet shows net liabilities. However, the directors have been |
successful in attracting further investments and financing both during the year and after the year end giving them |
a reasonable expectation that the company will have sufficient resources to meet its obligations, if and when, they |
become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis |
of accounting in preparing the financial statements. |
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Share-based payments |
The grant date fair value of share-based payments awards granted to employees is recognised as an employee |
expense, with a corresponding increase in equity, over the period in which the employees become |
unconditionally entitled to the awards. The fair value of the awards granted is measured using an option |
valuation model, taking into account the terms and conditions upon which the awards were granted. The amount |
recognised as an expense is adjusted to reflect the actual number of awards for which the related service and |
non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense |
is based on the number of awards that do meet the related service and non-market performance conditions at the |
vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the |
share-based payment is measured to reflect such conditions and there is no true-up for differences between |
expected and actual outcomes. |
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Share-based payment transactions in which the company receives goods or services by incurring a liability to |
transfer cash or other assets that is based on the price of the company's equity instruments are accounted for as |
cash-settled share-based payments. The fair value of the amount payable to employees is recognised as an |
expense, with a corresponding increase in liabilities, over the period in which the employees become |
unconditionally entitled to payment. The liability is remeasured at each balance sheet date and at settlement date. |
Any changes in the fair value of the liability are recognised as personnel expense in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 August 2018 |
and 31 July 2019 |
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AMORTISATION |
At 1 August 2018 |
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Charge for year |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2018 |
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Additions |
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Disposals | ( |
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At 31 July 2019 |
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DEPRECIATION |
At 1 August 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 August 2018 |
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Exchange differences | ( |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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Cost or valuation at 31 July 2019 is represented by: |
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Shares in |
group |
undertakings |
£ |
Valuation in 2019 | (32 | ) |
Cost | 854 |
822 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
The total financial lease commitments for the company is £401,602 (2018: £329,481) |
Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
as restated |
£ | £ |
Invoice discounting | - | 21,575 |
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As at the year end the invoice discounting facility was secured by way of a fixed and floating charge over all the |
assets of the company. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the year ending 31 March 2019 |
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Director 1 | 2019 |
£ |
Amount advanced | 23,640 |
Amount repaid | (1,887 | ) |
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The loan to the directors are repayable on demand. Interest is charged on all loans at the official rate of interest |
set by HMRC. |
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12. | RELATED PARTY DISCLOSURES |
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No interest is charged on the loan to the group undertaking. |
Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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13. | SHARE BASED PAYMENTS TRANSACTIONS |
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The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The |
options are granted with a fixed exercise price determined at the grant of the option. The majority of the options |
vest over a period of up to 4 years following the date of the grant with the remainder vesting as performance |
milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of |
grant.Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to |
continued employment with the company. |
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The company also operates an Unapproved Share Option Scheme. The options are granted with a fixed exercise |
price determined at the grant of the option. The majority of the options vest over a period of up to 4 years |
following the date of the grant with the remainder vesting as performance milestones are achieved. The options |
are exercisable until up to the 10th anniversary from the date of grant. |
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The company has the following number of ordinary shares issuable under share options. |
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Scheme |
Date of Grant |
Number of
Shares Under Options |
Exercise Price |
Exercise Period |
Enterprise Management Scheme |
25/06/2017 |
2,963 |
£3.90 |
25/06/17 -
24/06/27 |
Unapproved Share Option Scheme |
25/06/2017 |
3,528 |
£3.90 |
25/06/17 -
24/06/27 |
Enterprise Management Scheme |
11/07/2017 |
1,340 |
£3.90 |
11/07/17 -
10/07/27 |
Total | 7,831 |
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Name of shares |
EMI Scheme |
Unapproved
Share Options |
Brought forward | 4,444 | 3,528 |
Granted in the year | nil | nil |
Exercised in the year | nil | nil |
Lapsed in the year | 141 | nil |
Carried forward | 4,303 | 3,528 |
Exercisable in the year | 4,083 | 3,528 |
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The fair value of the options granted have been calculated using the Black Scholes model. The total charge for |
the period was £7,067 (2018: £202,084) |