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Unaudited Financial Statements for the Year Ended 31st July 2020 |
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Teachercentric Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st July 2020 |
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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 31st July 2020 |
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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 |
31st July 2020 |
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2020 | 2019 |
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 and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
9 |
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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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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 |
31st July 2020 |
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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 and authorised for issue on
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Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements |
for the Year Ended 31st July 2020 |
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1. | STATUTORY INFORMATION |
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Teachercentric Limited is a
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Registered number: | 06055034 |
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Registered office: | Lower Ground Floor |
60 Worship Street |
London |
EC2A 2EZ |
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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 subscriptions and licences invoiced in the year less provisions for amounts relating to future periods. |
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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 31st July 2020 |
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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 company has been negatively affected by the COVID-19 pandemic. However, via a range of different approaches including reducing costs and also finalising a Series A fundraise, the company is still in good financial shape. Our core customer target is schools, who are publicly funded and will continue to have a budget to spend on our offerings in spite of the pandemic. We hence are in a good position to carry on operating for the foreseeable future. Therefore the financial statements have been prepared on a going concern basis |
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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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Grant income |
Grant income during the period has been accounted for using the accruals model. |
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The grant is recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. |
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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 31st July 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st August 2019 |
and 31st July 2020 |
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AMORTISATION |
At 1st August 2019 |
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Charge for year |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st August 2019 |
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Additions |
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Disposals | ( |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST OR VALUATION |
At 1st August 2019 |
and 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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Cost or valuation at 31st July 2020 is represented by: |
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Shares in |
group |
undertakings |
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Valuation in 2019 | (32 | ) |
Cost | 854 |
822 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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10. | LEASING AGREEMENTS |
The total financial lease commitments for the company is £148,778 (2019: £401,602) |
Teachercentric Limited (Registered number: 06055034) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2020 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans | 756,426 | - |
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Bank loans are secured on the trademarks held within the company. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the year ending 31 July 2020 and 31 July 2019 |
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Director 1 | 2020 | 2019 |
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Amount advanced | 28,006 | 23,640 |
Amount repaid | (33,716 | ) | (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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13. | RELATED PARTY DISCLOSURES |
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No interest is charged on the loan to the group undertaking. |
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14. | 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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7,881 share options have been granted as at 31 July 2020. |
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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 £6,539 (2019: £7,067). |