Company Registration No. 09401061 (England and Wales)
LEARN FORWARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
LEARN FORWARD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LEARN FORWARD LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,709
2,041
Current assets
Debtors
4
17,227
22,037
Cash at bank and in hand
17,073
28,409
34,300
50,446
Creditors: amounts falling due within one year
5
(12,161)
(9,644)
Net current assets
22,139
40,802
Total assets less current liabilities
23,848
42,843
Creditors: amounts falling due after more than one year
6
(25,000)
(25,000)
Provisions for liabilities
(325)
(388)
Net (liabilities)/assets
(1,477)
17,455
Capital and reserves
Called up share capital
1,067
1,067
Share premium account
225,265
225,265
Equity reserve
31,863
11,267
Profit and loss reserves
(259,672)
(220,144)
Total equity
(1,477)
17,455

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LEARN FORWARD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2021
31 January 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2021 and are signed on its behalf by:
P Balogh
Director
Company Registration No. 09401061
LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 3 -
1
Accounting policies
Company information

Learn Forward Limited is a private company limited by shares incorporated in England and Wales. The registered office is PO Box 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the impact of Covid-19 which is not considered either to be an adjusting event in respect of the financial statements for the year ended 31 January 2021, nor of such significance to the company’s operations that there are any material matters to disclose in relation to it. Naturally, the directors will be assessing the short, mid and long term impacts of Covid-19 as part of their wider strategic planning, however at this point they do not consider that issues stemming from the Covid-19 outbreak alter their assessment of the company as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value, which are dealt with through profit and loss , are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2020
7,728
Additions
1,670
At 31 January 2021
9,398
Depreciation and impairment
At 1 February 2020
5,687
Depreciation charged in the year
2,002
At 31 January 2021
7,689
Carrying amount
At 31 January 2021
1,709
At 31 January 2020
2,041
LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 7 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
175
-
0
Corporation tax recoverable
12,281
15,873
Other debtors
4,771
6,164
17,227
22,037
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
2,933
114
Corporation tax
156
-
0
Other taxation and social security
2,461
4,507
Other creditors
6,611
5,023
12,161
9,644
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
25,000
25,000
LEARN FORWARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 8 -
7
Share-based payment transactions
Liabilities and expenses

During the year the company operated an equity settled share based payment plan in respect of consultancy services provided by two individuals.

 

The individuals were awarded an option to acquire ordinary shares in the company over a vesting period. The conditions of the agreements require the respective individuals to continue providing services to the company throughout the period.

At the start of the year, there were 1,166 options outstanding. During the year, 4,100 options were granted, no options were exercised and no options were forfeited. At the balance sheet date there were 5,266 options outstanding, of which 2,904 were exercisable.

 

The options outstanding at the balance sheet date had an exercise price of £0.01.

 

The fair value of the services provided by each individual could not be estimated reliably, so the fair value has been measured with reference to the fair value of the underlying shares. These shares were not subject to a valuation agreement process with HMRC, although the directors have considered the share prices in recent share issues to be a relevant measurement. The fair value of these options has been applied to the vested options to determine the movement in equity reserve at the balance sheet date.

 

8
Related party transactions

At the balance sheet date the company was owed £3,403 (2020: £2,922) by P Ba l ogh and D Cristian, directors.

 

This loan was interest free and there are no terms for repayment.

9
Controlling party

The company was jointly controlled throughout the period by P Balogh and D Cristian, the directors of the company acting in concert.

2021-01-31 2020-02-01 false 29 June 2021 CCH Software CCH Accounts Production 2021.100 No description of principal activity P Balogh D Cristian 09401061 2020-02-01 2021-01-31 09401061 2021-01-31 09401061 2020-01-31 09401061 core:OtherPropertyPlantEquipment 2021-01-31 09401061 core:OtherPropertyPlantEquipment 2020-01-31 09401061 core:CurrentFinancialInstruments core:WithinOneYear 2021-01-31 09401061 core:CurrentFinancialInstruments core:WithinOneYear 2020-01-31 09401061 core:Non-currentFinancialInstruments core:AfterOneYear 2021-01-31 09401061 core:Non-currentFinancialInstruments core:AfterOneYear 2020-01-31 09401061 core:CurrentFinancialInstruments 2021-01-31 09401061 core:CurrentFinancialInstruments 2020-01-31 09401061 core:ShareCapital 2021-01-31 09401061 core:ShareCapital 2020-01-31 09401061 core:SharePremium 2021-01-31 09401061 core:SharePremium 2020-01-31 09401061 core:CapitalRedemptionReserve 2021-01-31 09401061 core:CapitalRedemptionReserve 2020-01-31 09401061 core:RetainedEarningsAccumulatedLosses 2021-01-31 09401061 core:RetainedEarningsAccumulatedLosses 2020-01-31 09401061 bus:Director1 2020-02-01 2021-01-31 09401061 core:ComputerEquipment 2020-02-01 2021-01-31 09401061 2019-02-01 2020-01-31 09401061 core:OtherPropertyPlantEquipment 2020-01-31 09401061 core:OtherPropertyPlantEquipment 2020-02-01 2021-01-31 09401061 core:WithinOneYear 2021-01-31 09401061 core:WithinOneYear 2020-01-31 09401061 core:Non-currentFinancialInstruments 2021-01-31 09401061 core:Non-currentFinancialInstruments 2020-01-31 09401061 bus:PrivateLimitedCompanyLtd 2020-02-01 2021-01-31 09401061 bus:SmallCompaniesRegimeForAccounts 2020-02-01 2021-01-31 09401061 bus:FRS102 2020-02-01 2021-01-31 09401061 bus:AuditExemptWithAccountantsReport 2020-02-01 2021-01-31 09401061 bus:Director2 2020-02-01 2021-01-31 09401061 bus:FullAccounts 2020-02-01 2021-01-31 xbrli:pure xbrli:shares iso4217:GBP