Contents of the Financial Statements

for the Period Ended 7 October 2019

Directors' report period ended 7 October 2019

The directors present their report with the financial statements of the company for the period ended 7 October 2019

Directors

The directors shown below have held office during the whole of the period from
8 October 2018 to 7 October 2019

The director shown below has held office during the period of
8 October 2018 to 31 March 2019

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 April 2020

And signed on behalf of the board by:
Name: Patrick Duffy
Status: Secretary

Profit And Loss Account

for the Period Ended 7 October 2019

Balance sheet

As at 7 October 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 7 October 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 7 October 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is the amount derived from the provision of services falling within company’s ordinary activities after the deduction of value added tax.

  Other accounting policies

  Deferred taxationDeferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more, tax.Accounting for private finance initiative contractsDuring the year of construction, costs incurred as a direct consequence of financing, designing and constructing Dungannon Campus of South West College (the facility) are shown as assets in the course of construction. On completion of predetermined construction phases, where agreements transfer substantially all the risks and rewards associated with ownership to the purchaser, amounts receivable are transferred from assets in the course of construction to PFI debtors. These amounts are recognised as turnover in the financial statements. Financial instrumentsThe company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.Interest-bearing loans and borrowings All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Judgements and key sources of estimationThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Notes to the Financial Statements

for the Period Ended 7 October 2019

• 2. Employees

  	2019	2018
  Average number of employees during the period	0	0