Year Ended
Registration number:
Training in Action Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Training in Action Limited
Company Information
Directors |
Mr C N Cotton Mrs L J Cotton |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Training in Action Limited
Balance Sheet
31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Training in Action Limited
Balance Sheet
31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Mr C N Cotton
Director
Company Registration Number: 02561066
Page 3 |
Training in Action Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales .
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 8.
Tangible assets
Tangible assets are stated in the statement of financial position 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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Page 4 |
Training in Action Limited
Notes to the Financial Statements
Year Ended 31 March 2017
IT equipment and website |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 10 yrs |
Financial instruments
Classification
• Short term trade and other debtors and creditors;and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Training in Action Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Page 6 |
Training in Action Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Prepayments |
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- |
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Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
36,470 |
28,315 |
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Transition to FRS 102 |
The following tables outlines the impact of the transition to FRS102 on the comparative balance sheet and comparative profit and loss :
Reconciliation of Equity at 31st March 2016 |
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£ |
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Funds attributable to members at 31st March 2016 under previous UK GAAP |
616,128 |
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Amortisation of goodwill |
(4,350) |
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Funds attributable to members at 31st March 2016 under FRS 102 |
611,778 |
Page 7 |
Training in Action Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Reconciliation of Profit and Loss at 31st March 2016 |
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£ |
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Profit for the year ended 31st March 2016 under previous UK GAAP |
84,445 |
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Amortisation of goodwill |
(4,350) |
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Profit for the year ended 31st March 2016 under FRS 102 |
80,095 |
Page 8 |