REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
YOUR FAVOURITE TEACHER LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
YOUR FAVOURITE TEACHER LIMITED |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 JULY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
YOUR FAVOURITE TEACHER LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 JULY 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
BALANCE SHEET |
31 JULY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
BALANCE SHEET - continued |
31 JULY 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 JULY 2022 |
1. | STATUTORY INFORMATION |
Your Favourite Teacher Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the period ended 31 July 2022 comply with Financial Reporting Standard 102 Section 1A small entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and also comply with the Companies Act 2006. |
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. |
Going concern |
After careful consideration the directors have decided that the company will cease trading on 31 July 2023 and plan to liquidate the company in due course thereafter. Accordingly the accounts have not been prepared on the going concern basis and the financial statements include any adjustments required as a result. |
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. |
Development costs |
Costs directly attributable to the development of computer software are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the company has an intention and ability to complete and use the software and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project and are written off over 5 years on a straight line basis. Research costs are recognised as an expense when incurred. |
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: |
Intangible assets - 5 years straight line |
Tangible fixed 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 is charged so as to write off the cost of assets over their estimated useful lives as follows: |
Computer equipment and Fixtures and fittings - 3 years straight line |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 JULY 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
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. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Share capital |
Ordinary shares and A 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 JULY 2022 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 August 2021 |
and 31 July 2022 |
AMORTISATION |
At 1 August 2021 |
Amortisation for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2021 |
Additions |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 JULY 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Taxation and social security |
VAT | 6,801 | 11,978 |
Convertible loan | 50,000 | - |
Director's current account | 15,379 | 15,379 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | - | 4,042 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | - | 4,042 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 JULY 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £0.00 | 1 | 1,345 | 1,285 |
A Ordinary | £0.00 | 1 | 479 | 253 |
1,824 | 1,538 |
At the balance sheet date, the share capital of the company comprises of Ordinary shares of £0.001 and A Ordinary shares of £0.001. The shares rank pari passu in all respects. |
The following fully paid shares were allotted during the year at a premium as shown below: |
On 16 November 2021 the company allotted 5,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 19 November 2021 the company allotted 5,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 26 November 2021 the company allotted 80,407 A Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 1 December 2021 the company allotted 10,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 4 January 2022 the company allotted 26,020 A Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 4 January 2022 the company allotted 25,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 29 January 2022 the company allotted 25,000 A Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 1 March 2022 the company allotted 10,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 13 May 2022 the company allotted 2,705 A Ordinary shares of £0.001 at a premium of £2.71 per share. |
On 24 May 2022 the company allotted 71,000 A Ordinary shares of £0.001 at a premium of £1.00 per share. |
On 31 July 2022 the company allotted 5,000 Ordinary shares of £0.001 at a premium of £1.00 per share. |
YOUR FAVOURITE TEACHER LIMITED (REGISTERED NUMBER: 11090121) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 JULY 2022 |
12. | SHARE OPTION PLAN |
During the year the company created a Share Option Plan which enables employees to acquire shares in the company. The options were granted on 8 September 2021 to 8 employees. |
2021/22 Executive Plan |
2021/22 Employee Plan |
Options outstanding at 1 August 2021 | - | - |
Options granted during the year | 90,521 | 14,333 |
Options forfeited during the year | - | - |
Options exercised during the year | (75,087) | - |
Options expired during the year | - | - |
Options outstanding at 31 July 2022 | 15,087 | 14,333 |
Weighted average exercise price | £0.001 | £0.001 |
Weighted average remaining contractual life | 9.11 years | 9.11 years |
Maximum date of expiry | 8 September 2031 | 8 September 2031 |
The conditions attached to the options are as follows: |
The option to purchase lapses immediately in the event the employee leaves the company. The aggregate Initial Market Value of Shares subjected to unexercised Qualifying Options shall not, at any time, exceed £3,000,000 or such other amount as is expressed to be the maximum overall limit. |
The shares purchased will carry voting, capital, and dividend rights. The employee options vest and are exercisable on the occurrence of any one of the following events: the flotation of the company on the stock exchange; the sale of the company or its trade and assets; the liquidation of the company. The executive options vest immediately upon granting. |