Contents of the Financial Statements
for the Period Ended 30 September 2019
Balance sheet
As at 30 September 2019
| Notes | 14 months to 30 September 2019 | 11 months to 31 July 2018 |
| | £ | £ |
Fixed assets |
Tangible assets: | 3 | 9,208 | 10,679 |
Total fixed assets: | | 9,208 | 10,679 |
Current assets |
Debtors: | 4 | 55,374 | 94,146 |
Cash at bank and in hand: | | 35,460 | 0 |
Total current assets: | | 90,834 | 94,146 |
Creditors: amounts falling due within one year: | 5 | (54,873) | (70,828) |
Net current assets (liabilities): | | 35,961 | 23,318 |
Total assets less current liabilities: | | 45,169 | 33,997 |
Provision for liabilities: | | 0 | (1,735) |
Total net assets (liabilities): | | 45,169 | 32,262 |
Capital and reserves |
Called up share capital: | | 108 | 108 |
Profit and loss account: | | 45,061 | 32,154 |
Shareholders funds: | | 45,169 | 32,262 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 30 September 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 01 April 2020
and signed on behalf of the board by:
Name: Dale Wood
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 30 September 2019
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Revenue is recognised to the extent that it is probable that the economic benefits will flow to theCompany and the revenue can be reliably measured. Revenue is measured as the fair value of theconsideration received or receivable, excluding discounts, rebates, value added tax and other salestaxes. The following criteria must also be met before revenue is recognised:Sale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usuallyassociated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services areprovided in accordance with the stage of completion of the contract when all of the followingconditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measuredreliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets and depreciation policy
Tangible fixed assets under the cost model are stated at historical cost less accumulateddepreciation and any accumulated impairment losses. Historical cost includes expenditure that isdirectly attributable to bringing the asset to the location and condition necessary for it to be capableof operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over theirestimated useful lives, using the straight-line method.Depreciation is provided on the following basis:Computer equipment - 25% straight lineThe assets' residual values, useful lives and depreciation methods are reviewed, and adjustedprospectively if appropriate, or if there is an indication of a significant change since the lastreporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amountand are recognised in the Statement of Income and Retained Earnings.
Intangible fixed assets and amortisation policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangibleassets are measured at cost less any accumulated amortisation and any accumulated impairmentlosses.All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful lifecannot be made, the useful life shall not exceed ten years.
Other accounting policies
Finance costsFinance costs are charged to the Statement of Income and Retained Earnings over the term of thedebt using the effective interest method so that the amount charged is at a constant rate on thecarrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associatedcapital instrument.Borrowing costsAll borrowing costs are recognised in the Statement of Income and Retained Earnings in the periodin which they are incurred.Current and deferred taxationThe tax expense for the period comprises current and deferred tax. Tax is recognised in theStatement of Income and Retained Earnings, except that a charge attributable to an item of incomeand expense recognised as other comprehensive income or to an item recognised directly in equityis also recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have beenenacted or substantively enacted by the reporting date in the countries where the Companyoperates and generates income.Deferred tax balances are recognised in respect of all timing differences that have originated but notreversed by the Statement of Financial Position date, except that:The recognition of deferred tax assets is limited to the extent that it is probable that they willbe recovered against the reversal of deferred tax liabilities or other future taxable profits; andAny deferred tax balances are reversed if and when all conditions for retaining associated taxallowances have been met.Deferred tax balances are not recognised in respect of permanent differences except in respect ofbusiness combinations, when deferred tax is recognised on the differences between the fair valuesof assets acquired and the future tax deductions available for them and the differences between thefair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax isdetermined using tax rates and laws that have been enacted or substantively enacted by thereporting date.Exceptional itemsExceptional items are transactions that fall within the ordinary activities of the Company but arepresented separately due to their size or incidence.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable aremeasured initially at fair value, net of transaction costs, and are measured subsequently atamortised cost using the effective interest method, less any impairment.Cash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable withoutpenalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments thatmature in no more than three months from the date of acquisition and that are readily convertible toknown amounts of cash with insignificant risk of change in value.CreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bankloans, are measured initially at fair value, net of transaction costs, and are measured subsequentlyat amortised cost using the effective interest method.Provisions for liabilitiesProvisions are made where an event has taken place that gives the Company a legal orconstructive obligation that probably requires settlement by a transfer of economic benefit, and areliable estimate can be made of the amount of the obligation.Provisions are charged as an expense to the Statement of Income and Retained Earnings in theyear that the Company becomes aware of the obligation, and are measured at the best estimate atthe Statement of Financial Position date of the expenditure required to settle the obligation, takinginto account relevant risks and uncertainties.When payments are eventually made, they are charged to the provision carried in the Statement ofFinancial Position.Financial instrumentsThe Company only enters into basic financial instrument transactions that result in the recognition offinancial assets and liabilities like trade and other debtors and creditors, loans from banks and otherthird parties, loans to related parties and investments in non-puttable ordinary shares.
Notes to the Financial Statements
for the Period Ended 30 September 2019
2. Employees
| 14 months to 30 September 2019 | 11 months to 31 July 2018 |
Average number of employees during the period | 18 | 18 |
Notes to the Financial Statements
for the Period Ended 30 September 2019
3. Tangible Assets
| Total |
Cost | £ |
At 01 August 2018 | 34,041 |
Additions | 969 |
At 30 September 2019 | 35,010 |
Depreciation | |
At 01 August 2018 | 23,362 |
Charge for year | 2,440 |
At 30 September 2019 | 25,802 |
Net book value | |
At 30 September 2019 | 9,208 |
At 31 July 2018 | 10,679 |
Notes to the Financial Statements
for the Period Ended 30 September 2019
4. Debtors
Trade debtors £41,152 (2018: £28,934) Other debtors £1,000 (2018: £57,028) Prepayments and accrued income £13,222 (2018: £8,184) Total £55,374 (2018: £94,146)
Notes to the Financial Statements
for the Period Ended 30 September 2019
5. Creditors: amounts falling due within one year note
Creditors: Amounts falling due within one year30 September 2019 Bank overdrafts £- (2018: £2,469)Trade creditors £13,508 (2018: £22,092)Other taxation and social security £17,845 (2018: £19,508)Obligations under finance lease and hire purchase contracts £- (2018: £2,988)Other creditors £21,520 (2018: £22,871)Accruals and deferred income £2,000 (2018: £900)Total £54,873 (2018: £70,828)
Notes to the Financial Statements
for the Period Ended 30 September 2019
6. Post balance sheet events
On 21 October 2019 TVS Education Limited was acquired by Train with Premier Limited.