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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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Cosmo Education Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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for |
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Cosmo Education Limited |
Cosmo Education Limited (Registered number: 09058855) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Cosmo Education Limited |
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Company Information |
for the Year Ended 30 November 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
6 Chislett Row |
Chelmsford |
Essex |
CM2 9QS |
Cosmo Education Limited (Registered number: 09058855) |
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Balance Sheet |
30 November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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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. |
Cosmo Education Limited (Registered number: 09058855) |
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Balance Sheet - continued |
30 November 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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Cosmo Education Limited (Registered number: 09058855) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2020 |
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1. | STATUTORY INFORMATION |
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Cosmo Education Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
In March 2020 and since the year end the company has been affected by restrictions imposed by the UK and overseas Governments in response to the COVID-19 pandemic. While the company has remained active it has seen an impact from the pandemic. |
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The company remains supported by informal borrowing from the directors who have confirmed that they will continue to provide financial support to the company by deferment of the amounts due to them or by other means. |
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The directors consider that this existing resources available to the company will be sufficient for it to be able to continue as a going concern. However, there is a high level of uncertainty about the impact upon organisations as subsequent restrictions become necessary across the globe which could affect this assessment. |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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Cosmo Education Limited (Registered number: 09058855) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Other debtors |
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Cosmo Education Limited (Registered number: 09058855) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.20 | 30.11.19 |
£ | £ |
Within one year |
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Between one and five years |
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8. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £342 (2019 - £Nil). £798 (2019 - £Nil) were payable at the balance sheet date. |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the balance due to the directors was £12,858 (2019 - £21,659). |
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10. | POST BALANCE SHEET EVENTS |
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Early in 2020, the World Health Organisation declared the coronavirus (COVID-19) a global pandemic. There are no comparable recent events which may provide guidance as to the effects of the pandemic and the ultimate impact of COVID-19 is uncertain. Given the emergence and spread of COVID-19 occurred early in 2020 the directors have considered its impact upon the measurement of assets and liabilities in these financial statements. |
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However, this an ever developing situation and the directors continue to monitor the ongoing impacts. |