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Financial Statements for the Year Ended 31 December 2017 |
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Jubilee International Education Group |
Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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Jubilee International Education Group |
Limited |
Jubilee International Education Group |
Limited (Registered number: 07662566) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Jubilee International Education Group |
Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
and Registered Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Jubilee International Education Group |
Limited (Registered number: 07662566) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 | 6 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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 director on
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Jubilee International Education Group |
Limited (Registered number: 07662566) |
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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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Jubilee International Education Group 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 |
The financial statements have been prepared under the historical cost convention unless otherwise specified within |
these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial |
Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
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The following principal accounting policies have been applied. |
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Going concern |
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The financial statements have been prepared on a going concern basis, which assumes that the Company will |
continue in operational existence for the foreseeable future. |
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The director has received confirmation from the parent company that for the foreseeable future, it will support the |
Company in order to allow it to meet its liabilities as they fall due. The financial statements do not include any |
adjustments that would be required as a result of support being withdrawn. |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the |
revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, |
excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before |
revenue is recognised. |
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Sale of goods |
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Revenue 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 usually associated 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. |
Jubilee International Education Group |
Limited (Registered number: 07662566) |
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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 |
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Tangible fixed assets |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, |
using the straight line method. |
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Depreciation is provided on the following basis: |
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Fixtures and fittings 20% Straight line |
Computer equipment 20% Straight line |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Profit and Loss Account. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete |
and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods |
include labour and attributable overheads. |
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced |
to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets |
and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related |
parties and investments in non puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in |
the Profit and Loss Account. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's |
carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an |
asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that |
the Company would receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
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. |
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Jubilee International Education Group |
Limited (Registered number: 07662566) |
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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 |
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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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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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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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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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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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Other debtors |
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Jubilee International Education Group |
Limited (Registered number: 07662566) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Amounts owed to group undertakings |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Our opinion on these financial statements is not qualified. We draw your attention to the going concern paragraph in |
Note 2.2 to the financial statements which describes the directors consideration surrounding the Company's ability to |
continue as a going concern. The financial statements do not include any adjustments that would result if the |
Company could not continue as a going concern. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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The Company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard application in the UK and Republic of Ireland', not to disclose related party transactions with |
wholly owned subsidiaries within the group. |
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At the year end, the Company owed the director £5,662 (2016: £7,619), The balance was interest free and repayable |
on demand. |