Company Registration No. SC246917 (Scotland)
TORRIDON EDUCATION GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
TORRIDON EDUCATION GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
TORRIDON EDUCATION GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
6
23,489
34,187
Property, plant and equipment
7
60,191
72,947
83,680
107,134
Current assets
Trade and other receivables
8
176,601
126,790
Cash and cash equivalents
165,264
117,202
341,865
243,992
Current liabilities
9
(111,518)
(113,126)
Net current assets
230,347
130,866
Total assets less current liabilities
314,027
238,000
Non-current liabilities
10
(31,669)
(41,667)
Provisions for liabilities
(7,461)
(8,817)
Net assets
274,897
187,516
Equity
Called up share capital
11
1,000
1,000
Retained earnings
273,897
186,516
Total equity
274,897
187,516
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 2022 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 3 November 2022 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 2022
- 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
Accounting policies
2.1
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.
2.2
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
.
2.3
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
.
2.4
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.
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2
Accounting policies
(Continued)
- 3 -
2.5
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.
2.6
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.
2.7
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.
2.8
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.
2.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.10
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 2022
- 4 -
3
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.
4
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
34
33
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
181,979
Amortisation and impairment
At 1 April 2021
147,792
Amortisation charged for the year
10,698
At 31 March 2022
158,490
Carrying amount
At 31 March 2022
23,489
At 31 March 2021
34,187
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
102,272
78,349
180,621
Additions
6,410
6,410
Disposals
(4,630)
(4,630)
At 31 March 2022
102,272
80,129
182,401
Depreciation and impairment
At 1 April 2021
54,018
53,656
107,674
Depreciation charged in the year
10,227
8,203
18,430
Eliminated in respect of disposals
(3,894)
(3,894)
At 31 March 2022
64,245
57,965
122,210
Carrying amount
At 31 March 2022
38,027
22,164
60,191
At 31 March 2021
48,254
24,693
72,947
8
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by related parties
120,177
46,402
Other receivables
56,424
80,388
176,601
126,790
9
Current liabilities
2022
2021
£
£
Bank loans
10,000
8,333
Trade payables
4,665
10,314
Corporation tax
48,007
65,594
Other taxation and social security
4,579
4,872
Other payables
44,267
24,013
111,518
113,126
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
10
Non-current liabilities
2022
2021
£
£
Bank loans and overdrafts
31,669
41,667
11
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
250 ordinary shares of £1 each
250
250
250 A ordinary shares of £1 each
250
250
250 B Ordinary shares of £1 each
250
250
250 C ordinary shares of £1 each
250
250
1,000
1,000
12
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:
2022
2021
£
£
65,383
42,383
TORRIDON EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
13
Related party transactions
As at 1 April 2021 one of the directors was owed £6,506 by the company. During the year the company met expenses totalling £104,915 and the director met £111,969 of expenses on behalf of the company. As at 31 March 2022 the director owed the company £548. 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 £20,000 (2021 - £17,000) was charged to the company during the year.
During the year dividends totalling £101,855 (2021 - £113,000) were paid to the directors.
As at 1 April 2021 the company was owed £46,402 by SL Hayward Properties Ltd, a company under common control. During the year £105,000 was loaned by the company to SL Hayward Properties Ltd and £31,225 was met on behalf of the company. As at 31 March 2022 the company was owed £120,177 by SL Hayward Properties Ltd.
2022-03-31
2021-04-01
false
03 November 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
Mrs S Hayward
Mr Paul Hayward
Miss Lauren Hayward
Mrs Sharon Hayward
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