Company Registration No. SC246917 (Scotland)
TORRIDON EDUCATION GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
TORRIDON EDUCATION GROUP LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
TORRIDON EDUCATION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Intangible assets
5
55,583
66,281
Property, plant and equipment
6
91,234
98,365
146,817
164,646
Current assets
Trade and other receivables
7
16,144
17,221
Cash and cash equivalents
34,410
9,859
50,554
27,080
Current liabilities
8
(160,194)
(149,486)
Net current liabilities
(109,640)
(122,406)
Total assets less current liabilities
37,177
42,240
Provisions for liabilities
(11,687)
(13,337)
Net assets
25,490
28,903
Equity
Called up share capital
9
1,000
1,000
Retained earnings
24,490
27,903
Total equity
25,490
28,903
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TORRIDON EDUCATION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2019 and are signed on its behalf by:
Miss Lauren Hayward
Director
Company Registration No. SC246917
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Company Information
Torridon Education Group Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
6 Queens Lane, Lossiemouth, Moray, IV31 6DR.
2
Compliance with accounting standards
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
pounds sterling
, which is the functional currency of the company
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
3.1
Revenue
Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers. Sales of services are recognised when the company has provided the service to the cu
st
omer and
the
collectability
of the related receivable is reasonabl
y
assured.
3.2
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of
10 and
20 years
, as assessed by the directors
.
3.3
Property, plant and equipment
Property, plant and equipment
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:
Tenants improvements
10% straight line
Plant and machinery
25% and 20% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Computer equipment
33% straight line
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
.
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
3
Accounting policies
(Continued)
- 4 -
3.4
Basic 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 statement of financial position 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.
3.5
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 income statement 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.
Deferred tax
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3.6
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
3.8
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.
3.9
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.
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 25 (2018 - 19).
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
181,979
Amortisation and impairment
At 1 April 2018
115,698
Amortisation charged for the year
10,698
At 31 March 2019
126,396
Carrying amount
At 31 March 2019
55,583
At 31 March 2018
66,281
6
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
110,734
57,656
168,390
Additions
-
13,675
13,675
Disposals
-
(1,139)
(1,139)
At 31 March 2019
110,734
70,192
180,926
Depreciation and impairment
At 1 April 2018
33,131
36,894
70,025
Depreciation charged in the year
11,073
9,148
20,221
Eliminated in respect of disposals
-
(554)
(554)
At 31 March 2019
44,204
45,488
89,692
Carrying amount
At 31 March 2019
66,530
24,704
91,234
At 31 March 2018
77,603
20,762
98,365
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
12,600
12,600
Other receivables
3,544
4,621
16,144
17,221
8
Current liabilities
2019
2018
£
£
Trade payables
1,235
2,986
Corporation tax
12,917
10,469
Other taxation and social security
1,262
1,179
Other payables
144,780
134,852
160,194
149,486
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
750 ordinary shares of £1 each
750
750
250 A ordinary shares of £1 each
250
250
1,000
1,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
43,125
43,125
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
11
Related party transactions
As at 1 April 2018 one of the directors was owed £130,700 by the company. During the year the company met expenses totalling £21,928 on behalf of the director and the director met £29,904 of expenses on behalf of the company. As at 31 March 2019 the company owed that director £138,676. This loan is interest free and has no fixed terms of repayment.
The company operates from premises owned by the directors and for which a market value rent of £17,000 (2018 - £17,000) was charged to the company during the year.
During the year dividends totalling £38,000 (2018 - £43,000) were paid to the directors.
As at 1 April 2018 and 31 March 2019 the company was owed £12,600 by SL Hayward Properties Ltd a company under common control. This loan is interest free and has no fixed terms of repayment. During the year the company paid £25,000 to SL Hayward Properties Ltd for rental relating to premises owned by SL Hayward Properties Ltd.