Company Registration No. SC246917 (Scotland)
TORRIDON EDUCATION GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
TORRIDON EDUCATION GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
TORRIDON EDUCATION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Intangible assets
5
44,885
55,583
Property, plant and equipment
6
73,284
91,234
118,169
146,817
Current assets
Trade and other receivables
7
49,990
16,144
Cash and cash equivalents
22,784
34,410
72,774
50,554
Current liabilities
8
(145,251)
(160,194)
Net current liabilities
(72,477)
(109,640)
Total assets less current liabilities
45,692
37,177
Provisions for liabilities
(9,312)
(11,687)
Net assets
36,380
25,490
Equity
Called up share capital
9
1,000
1,000
Retained earnings
35,380
24,490
Total equity
36,380
25,490
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 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2020 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 2020
- 2 -
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
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 2020
3
Accounting policies
(Continued)
- 3 -
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 2020
- 4 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
31
25
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
181,979
Amortisation and impairment
At 1 April 2019
126,396
Amortisation charged for the year
10,698
At 31 March 2020
137,094
Carrying amount
At 31 March 2020
44,885
At 31 March 2019
55,583
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
6
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
110,734
70,192
180,926
Additions
-
297
297
Disposals
-
(274)
(274)
At 31 March 2020
110,734
70,215
180,949
Depreciation and impairment
At 1 April 2019
44,204
45,488
89,692
Depreciation charged in the year
11,073
7,107
18,180
Eliminated in respect of disposals
-
(207)
(207)
At 31 March 2020
55,277
52,388
107,665
Carrying amount
At 31 March 2020
55,457
17,827
73,284
At 31 March 2019
66,530
24,704
91,234
7
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
46,402
12,600
Other receivables
3,588
3,544
49,990
16,144
8
Current liabilities
2020
2019
£
£
Trade payables
1,126
1,235
Corporation tax
33,300
12,917
Other taxation and social security
1,525
1,262
Other payables
109,300
144,780
145,251
160,194
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
250 ordinary shares of £1 each
250
750
250 A ordinary shares of £1 each
250
250
250 B Ordinary shares of £1 each
250
-
250 C ordinary shares of £1 each
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:
2020
2019
£
£
42,383
43,125
11
Related party transactions
As at 1 April 2019 one of the directors was owed £138,676 by the company. During the year the company met expenses totalling £18,890 on behalf of the director and repaid the director £65,000. The director met £20,150 of expenses on behalf of the company. As at 31 March 2020 the company owed that director £74,936. 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 (2019 - £17,000) was charged to the company during the year.
During the year dividends totalling £80,000 (2019 - £38,000) were paid to the directors.
As at 1 April 2019 the company was owed £12,600 by SL Hayward Properties Ltd a company under common control. During the year the company met expenditure on behalf of SL Hayward Properties Ltd amounting to £37,220 and SL Hayward Properties Ltd met expenditure on behalf of the company amounting to £3,418 As at 31 March 2020 the company was owed £46,402 by SL Hayward Properties Ltd. 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.