Company registration number 05718817 (England and Wales)
EUROSOURCE SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
EUROSOURCE SOLUTIONS LIMITED
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2 - 9
EUROSOURCE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
4
-
Tangible assets
5
12,512
15,353
12,512
15,353
CURRENT ASSETS
Debtors
6
52,837
52,698
Cash at bank and in hand
170,919
812
223,756
53,510
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(88,595)
(99,299)
NET CURRENT ASSETS/(LIABILITIES)
135,161
(45,789)
TOTAL ASSETS LESS CURRENT LIABILITIES
147,673
(30,436)
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(13,228)
(39,751)
PROVISIONS FOR LIABILITIES
(452)
(554)
NET ASSETS/(LIABILITIES)
133,993
(70,741)
CAPITAL AND RESERVES
Called up share capital
12
100
100
Profit and loss reserves
133,893
(70,841)
TOTAL EQUITY
133,993
(70,741)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
Mr A E Phillips
DIRECTOR
COMPANY REGISTRATION NO. 05718817
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Eurosource Solutions Limited is a
private
company
limited by shares
incorporated in
England and Wales whose r
egistered office is
located at 19 Highfield Road, Edgbaston, Birmingham, B15 3BH. The trading address of the company is located at Leeds House, 79a High Street, Newcastle-under-Lyme, Staffordshire, ST5 1PS.
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
£1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
BCTG Limited
. These consolidated financial statements are available from its registered office
at 19 Highfield Road, Edgbaston, Birmingham, B15 3BH.
1.2
GOING CONCERN
These financial statements have been prepared on a going concern basis,
The directors have considered the position of the company both at present and for the next 12 months.
The directors have considered the various income streams of the company, anticipated costs, future cash flows and the various options available to them.
Based on the above the directors believe that it remains appropriate for the financial statements to be prepared on a going concern basis.
The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.
1.3
TURNOVER
Turnover
represents the net invoiced sale of educational courses provided under contracts, excluding Value Added Tax, where the company obtains the right to consideration.
Income is recognised on contracts as they are completed subject to any provision for potential clawbacks.
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
ACCOUNTING POLICIES
(Continued)
- 3 -
1.4
INTANGIBLE FIXED ASSETS - GOODWILL
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. As at 31 March 2019 goodwill was fully amortised.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Fixtures and fittings
25% reducing balance method
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
.
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
CASH AND CASH EQUIVALENTS
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.8
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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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.
1.10
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.
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Deferred tax
Deferred taxation is accounted for on an undiscounted basis at expected tax rates on all differences arising from the inclusions of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.
A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying timing differences can be deducted.
1.11
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.
1.12
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
LEASES
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was 15 (2021 - 20).
2022
2021
Number
Number
Total
15
20
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2021 and 31 March 2022
10,025
AMORTISATION AND IMPAIRMENT
At 1 April 2021 and 31 March 2022
10,025
CARRYING AMOUNT
At 31 March 2022
At 31 March 2021
5
TANGIBLE FIXED ASSETS
Fixtures and fittings
£
COST
At 1 April 2021
53,847
Additions
1,330
At 31 March 2022
55,177
DEPRECIATION AND IMPAIRMENT
At 1 April 2021
38,494
Depreciation charged in the year
4,171
At 31 March 2022
42,665
CARRYING AMOUNT
At 31 March 2022
12,512
At 31 March 2021
15,353
6
DEBTORS
2022
2021
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
987
703
Amounts owed by group undertakings
47,554
45,282
Other debtors
4,296
6,713
52,837
52,698
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
2021
£
£
Bank loans
15,874
22,113
Trade creditors
705
19,301
Corporation tax
48,452
8,200
Other taxation and social security
10,401
23,076
Other creditors
13,163
26,609
88,595
99,299
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
2021
£
£
Bank loans and overdrafts
13,228
31,409
Other creditors
8,342
13,228
39,751
9
LOANS AND OVERDRAFTS
2022
2021
£
£
Bank loans
29,102
53,522
Other loans
8,342
18,000
37,444
71,522
Payable within one year
24,216
40,113
Payable after one year
13,228
31,409
All assets and trade debts are secured by a cross guarantee raised by Barclays Bank on 31 July 2009 between BCTG Limited and The Apprenticeshipworks Ltd and Eurosource Solutions Limited.
Bank loans and overdrafts with Barclays Bank and the Royal Bank of Scotland totalling £
29,102
as at 31 March 202
2
(20
21:
£48,541
) included within creditors are secured by fixed and floating charges over the company's assets.
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
10
RETIREMENT BENEFIT SCHEMES
2022
2021
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
6,123
8,676
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
11
OPERATING LEASE COMMITMENTS
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Total outstanding commitments
9,072
21,092
12
CALLED UP SHARE CAPITAL
2022
2021
£
£
ORDINARY SHARE CAPITAL
ISSUED AND FULLY PAID
100 Ordinary shares of £1 each
100
100
13
AUDIT REPORT INFORMATION
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Marcus Rose FCA CTA.
The auditor was JW Hinks LLP.
14
RELATED PARTY TRANSACTIONS
TRANSACTIONS WITH RELATED PARTIES
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2022
2021
£
£
Other related parties
3,000
6,327
OTHER INFORMATION
TRANSACTIONS WITH MEMBERS OF THE BCTG GROUP OF COMPANIES
The company has taken advantage of exemption of Section 33 of FRS 102, Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.
EUROSOURCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
15
PARENT COMPANY
The ultimate parent company is BCTG Limited, a company incorporated in England and Wales, whose registered office is located
at
19 Highfield Road, Edgbaston, Birmingham, B1
5
3BH.
2022-03-31
2021-04-01
false
22 December 2022
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
Mr C J Luty
Mr A E Phillips
BCTG Limited
Mrs S J Matthews
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