Hands On Skills Training Limited Filleted accounts for Companies House (small and micro)

HANDS ON SKILLS TRAINING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06030612

Hands On Skills Training Limited

Filleted Unaudited Financial Statements

31 March 2019

Hands On Skills Training Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		109,595	113,289

Current assets

Debtors	7	249,589	233,216
Cash at bank and in hand		77,472	20,310
		---------	---------
		327,061	253,526

Creditors: amounts falling due within one year	8	384,735		272,649
		---------		---------
Net current liabilities			57,674	19,123
			---------	---------
Total assets less current liabilities			51,921	94,166

Provisions

Taxation including deferred tax	14,968	16,893
	--------	--------
Net assets	36,953	77,273
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	36,853	77,173
	--------	--------
Shareholders funds	36,953	77,273
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Hands On Skills Training Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:

A L Galway

Director

Company registration number: 06030612

Hands On Skills Training Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 115, Ceme Centre, Marsh Way, Rainham, Essex, RM13 8EU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised to the extent the course or service has been delivered during the period. Amounts invoiced for services after the balance sheet date are deferred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	In year of purchase

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2018: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	29,999
	--------
Amortisation
At 1 April 2018 and 31 March 2019	29,999
	--------
Carrying amount
At 31 March 2019	–
	--------
At 31 March 2018	–
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2018	209,259	29,188	238,447
Additions	17,783	–	17,783
Disposals	( 20,000)	( 29,188)	( 49,188)
	---------	--------	---------
At 31 March 2019	207,042	–	207,042
	---------	--------	---------
Depreciation
At 1 April 2018	95,970	29,188	125,158
Charge for the year	21,165	–	21,165
Disposals	( 19,688)	( 29,188)	( 48,876)
	---------	--------	---------
At 31 March 2019	97,447	–	97,447
	---------	--------	---------
Carrying amount
At 31 March 2019	109,595	–	109,595
	---------	--------	---------
At 31 March 2018	113,289	–	113,289
	---------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	118,790	170,644
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	9,787
Other debtors	130,799	52,785
	---------	---------
	249,589	233,216
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	98,241	26,777
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	96,331
Social security and other taxes	66,174	62,187
Amounts due to related parties	163,808	–
Other creditors	56,512	87,354
	---------	---------
	384,735	272,649
	---------	---------

EDF Energy PLC holds a charge against Hands On SKills Training Limited (previously Capital (Wimbledon) Ltd) in the form of a rent deposit deed.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	14,968	16,893
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	14,968	16,893
	--------	--------

The company has carried forward tax losses of £90,492. At the 2019 corporation tax rate of 19%, these will generate a potential tax saving of £17,193. No deferred tax asset has been recognised due to the uncertain timing at which sufficient future profits will be generated to utilise the losses.

10. Related party transactions

The company was under the control of Mr A Galway throughout the period. The company transacts in the normal course of business with Capital Training Group Limited, a 100% subsidiary of Capital Engineering Group Holdings Limited. Capital Engineering Group Holdings Limited was a 49% shareholder in the company until 31 March 2019, at which point it disposed of its shareholding. A Galway, a company director, is also a director of Capital Training Group Limited. During the year the company received £nil (2018 - £1,214) for services rendered, and a balance of £nil (2018 - £nil) was due at the balance sheet date. Capital Training Group Limited has also advanced interest free working capital loans to the company. At the year end a balance of £128,400 (2018 - £96,331) was included in current liabilities. The company also owes £35,408 (2018 - £nil) to Capital Engineering Group Holdings Limited in respect of a dividend voted during the year. The company has also recharged administrative expenses totalling £32,987 (2018 - £20,093) to Capital Engineering Group Holdings Limited and its related parties. A balance of £9,741 (2018 - £9,787) was outstanding at the period end.