ACCOUNTS - Final Accounts

CUMBRIA ATA LIMITED - Company Information

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Registered number: 05698316

Cumbria ATA Limited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2019

Cumbria ATA Limited

Registered number: 05698316

Statement of Financial Position

As at 31 March 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	47,163		1,674
Cash at bank and in hand	5	86,484		96,514
		133,647		98,188
Creditors: amounts falling due within one year	6	(58,381)		(23,588)
Net current assets			75,266		74,600
Total assets less current liabilities			75,266		74,600

Net assets			75,266		74,600

Capital and reserves
Called up share capital	1	1
Profit and loss account	75,265	74,599
	75,266	74,600

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ P Croft
Director

Date: 18 December 2019

The notes on pages 2 to 4 form part of these financial statements.

Page 1

Cumbria ATA Limited

Notes to the Financial Statements

For the Year Ended 31st March 2019

1.	General information

Cumbria ATA Limited is a private company limited by shares, incorporated in England and Wales, registered number 05698316. The address of the registered office is Centre for Advanced Manufacturing & Nuclear Skills, Blackwood Road, Lillyhall Industrial Estate, Lillyhall, Workington, Cumbria, CA14 4JJ. The principal activity is that of an apprenticeship training academy.

2.Accounting policies

2.1

Basis of preparation of 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

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:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

Cumbria ATA Limited

Notes to the Financial Statements

For the Year Ended 31st March 2019

2.Accounting policies (continued)

2.5

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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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 Statement of Income and Retained Earnings.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 12 (2018 - 7).

Page 3

Cumbria ATA Limited

Notes to the Financial Statements

For the Year Ended 31st March 2019

Debtors

					2019	2018
					£	£


Trade debtors	47,163	1,431
Other debtors	-	243
	47,163	1,674

5.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	86,484	96,514
	86,484	96,514

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	-	180
Amounts owed to group undertakings	24,770	20,000
Corporation tax	156	1,261
Other taxation and social security	14,850	797
Other creditors	18,605	1,350
	58,381	23,588

7.	Controlling party

The immediate parent undertaking is GEN II Engineering & Technology Training Limited, a company registered in England and Wales, company number 03804696.
The ultimate parent company of Cumbria ATA Limited is the City and Guilds of London Institute, a Royal Charter Company incorporated in England and Wales, registration number RC000117.

8.	Auditors' information

The auditors' report on the financial statements for the year ended 31st March 2019 was unqualified.

The audit report was signed on 19 December 2019 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

Page 4