Registration number:
North Wales Training Ltd.
for the Year Ended 31 July 2022
North Wales Training Ltd.
(Registration number: 02065604)
Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
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Fixed 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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Net assets |
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Capital and reserves |
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Called up share capital |
16,700 |
16,700 |
|
Capital redemption reserve |
8,300 |
8,300 |
|
Retained earnings |
1,321,811 |
1,503,343 |
|
Shareholders' funds |
1,346,811 |
1,528,343 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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.
Approved and authorised by the
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North Wales Training Ltd.
Notes to the Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England and 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Functional currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 33 'Related Party Disclosures' - Compensation for key management personnel, and the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.
North Wales Training Ltd.
Notes to the Financial Statements for the Year Ended 31 July 2022
Audit report
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Key sources of estimation uncertainty
Accrued income in respect of non-contracted training provided is included at the Directors’ best estimate which is subject to the evidence available at the time of approval of the accounts.
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.
Government grants
Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account.
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Donation of profits
The accounting profits of the company will be paid to the parent charity within nine months of the reporting date and as such there is no taxable profit.
Tangible assets
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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 |
Land and buildings |
2% on cost |
North Wales Training Ltd.
Notes to the Financial Statements for the Year Ended 31 July 2022
Plant and machinery |
33% on cost |
Share capital
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Freehold land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 August 2021 |
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At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the year |
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At 31 July 2022 |
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Carrying amount |
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At 31 July 2022 |
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At 31 July 2021 |
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Sale of property
During the year, contracts were exchanged in respect of sale of property valued at £217,836 (Cost £393,687 , depreciation £175,851). Sale proceeds were £450,000 and costs of sale £20,625. The directors have not accounted for the sale in the current year’s accounts as they believe that the risks and rewards of ownership had not passed to the purchasers as at the year end. No corporation tax is due on sale of the property.
North Wales Training Ltd.
Notes to the Financial Statements for the Year Ended 31 July 2022
Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
|
|
|
16,700 |
|
16,700 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with parent
North Wales Training Ltd.
Notes to the Financial Statements for the Year Ended 31 July 2022
Parent and ultimate parent undertaking |
The ultimate controlling party is
The most senior parent producing financial statements is Grŵp Llandrillo - Menai, these are freely available from Grŵp Llandrillo - Menai's website.
The address of Grŵp Llandrillo - Menai is:
Llandrillo Road
Rhos on Sea
Conwy
LL28 4 HZ