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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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INDUSTRY QUALIFICATIONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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INDUSTRY QUALIFICATIONS LIMITED |
INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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INDUSTRY QUALIFICATIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Industry Qualifications Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are the first financial statements that comply with FRS 102 Section 1A. The |
date of transition is 1 January 2015. The transition to FRS 102 Section 1A small entities has resulted in |
no material changes in accounting policies to those used previously. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised |
after candidates are registered for qualifications. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Development costs |
The costs of developing software, website and other assets essential to the monitoring and |
accreditation of students is capitalised and amortised over its expected useful life of 10 years. |
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Tangible fixed assets |
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Office Equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Research expenditure is written off to the profit and loss account in the year in which it is incurred. |
Development expenditure is written off in the same year unless the directors are satisfied as to the |
technical, commercial and financial viability of the individual projects. In this situation, the expenditure |
is deferred and amortised over the period from which the company expected to benefit. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors consider that there are no material uncertainties that may cast significant doubt about the |
company's ability to continue as a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | TANGIBLE FIXED ASSETS |
Office |
Equipment |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Deferred tax asset |
Accelerated Capital allowances | 77,121 | 69,231 |
Prepayments |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Net wages | - | 327 |
VAT |
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Other creditors |
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Intercompany creditor | - | 16 |
Directors' loan accounts |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Other loans - 1-2 years |
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The other loans are unsecured and will be paid progressively as cash within the business allows. |
INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company made sales to the companies listed below who are also shareholders: |
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Company |
Balance Due
1 January 2016 |
Sales |
Balance Due
31 December 2016 |
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A19 Secure Solutions Ltd | 9 | 0 | 0 |
E Laws Training Limited | (59 | ) | 909 | (59 | ) |
Protective Security Training & Consultancy Ltd | 293 | 0 | -293 |
Security and Facilities Education Ltd | 3,539 | 19,084 | 3,631 |
The Training Continuum Ltd | 1,468 | 9,485 | 1,468 |
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During the year the company made purchases from the companies listed below who are also |
shareholders: |
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Company |
Balance Due
1 January 2016 |
Purchases |
Balance Due
31 December 2016 |
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Security and Facilities Education Ltd | 4,659 | 35,667 | 2,360 |
Vocational Compass Ltd | 2,670 | -5,340 |
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Also during the year the company had unsecured loans from the following who are shareholders: |
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Company/Individual |
Balance
Due 1 January 2016 |
New Loans |
Loans Repaid |
Balance
Due 31 December 2016 |
Interest Payable |
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R Clarke | 14,000 | - | - | 14,000 | 0% |
Vocational Compass Ltd | 130,500 | - | - | 130,500 | 3% |
Security and Facilities Education Ltd | 111,000 | - | - | 111,000 | 3% |
Harrow College | 2,000 | - | - | 2,000 | 3% |
City of Wolverhampton College | 20,000 | - | - | 20,000 | 3% |
S Baldry | 4,000 | - | - | 4,000 | 0% |
A19 | 500 | - | - | 500 | 0% |
Directors AP Security | 40,000 | - | - | 40,000 | 0% |
UKTTC | 1,500 | - | - | 1,500 | 0% |
S Loake | 500 | - | - | 500 | 0% |
M Clarke | 20,000 | - | 5,000 | 15,000 | 8% |
P Mills | 20,000 | - | 5,000 | 15,000 | 8% |
364,000 | - | 10,000 | 354,000 |
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11. | MORTGAGE |
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There is a fixed and floating charge in place, created on 15 January 2015. The floating charge covers |
all of the property or undertaking of the company. |