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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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 2017 |
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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 2017 |
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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 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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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 2017 |
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2017 | 2016 |
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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( |
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PROVISIONS FOR LIABILITIES | ( |
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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 2017 |
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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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R D Clarke - Director | Dr A F Breslin - Director |
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P R Mills - Director |
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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 2017 |
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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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Industry Qualifications Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
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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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Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in |
FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective |
interest method. |
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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 2017 |
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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 financial statements have been prepared on a going concern basis. |
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The directors have considered the risks and issues concerning the company and it's activities and |
have identified material uncertainties that may cast significant doubt about the company's ability to |
continue as a going concern. These uncertainties are described in the notes to the financial statements |
along with the reason for preparing the accounts on a going concern basis. |
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Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event |
prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
reliably. Where material, provisions are calculated on a discounted basis. |
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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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INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Office |
Equipment |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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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 2017 |
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7. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Deferred tax asset |
Accelerated Capital allowances | 46,441 | 77,121 |
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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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Corporation Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' loan accounts |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
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. |
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10. | TRANSACTIONS WITH DIRECTORS |
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The following advances and credits to a director subsisted during the years ended 31 December 2017 |
and 31 December 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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At 31 December 2017 the company owed Mrs R D Clarke £4,945 (31 December 2016: £4,945). No |
interest is being charged on the loan and there are no set repayment terms. |
INDUSTRY QUALIFICATIONS LIMITED (REGISTERED NUMBER: 07255238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company had unsecured loans from the following shareholders: |
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Company/Individual |
Balance
Due 1 January 2017 |
New Loans |
Loans Repaid |
Balance
Due 31 December 2017 |
Interest Payable |
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R Clarke | 29,000 | - | - | 29,000 | 0% |
Vocational Compass Ltd | 130,500 | - | 5000 | 125,500 | 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% |
Alex O'Brien | 500 | - | - | 500 | 0% |
AP Security (APS) Ltd | 40,000 | - | - | 40,000 | 0% |
UKTTC | 1,500 | - | - | 1,500 | 0% |
S Loake | 500 | - | - | 500 | 0% |
P Mills | 15,000 | 6,600 | 13,200 | 8,400 | 8% |
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354,000 | 6,600 | 18,200 | 342,400 |
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12. | CHARGES |
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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. |
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13. | GOING CONCERN |
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The company had net assets of £279,583 at 31 December 2017 and has made an operating loss for |
the year to 31 December 2017 of £425,621. The loss for the year is after adjusting for a bad debt |
provision of £522,832 or amounts owed by related parties as well as a provision of £75,000 for fines |
from regulators and associated legal costs. |
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The prospects for the Group look positive with a number of important initiatives looking to come to |
fruition in the next few months. In the immediate short term the Company is reliant on the continued |
support of investors and lenders and is currently seeking new funds to provide working capital. |
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14. | DOUBTFUL DEBT WRITE OFF |
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The Directors have provided against loans made to other related companies as, whilst the prospects |
for those companies are positive, it is taking longer than anticipated for the opportunities to become |
cash positive. The Directors believe it is prudent to recognise that the loans may not be fully |
recoverable within 5 years. |