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Company registration number: 02443521
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2020
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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COMPANY INFORMATION
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
REGISTERED NUMBER:02443521
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Allotted, called up and fully paid share capital
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
REGISTERED NUMBER:02443521
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Transnational Management Associates Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The Coronavirus pandemic is creating significant uncertainty globally and the Company is not immune to this. The director is working to ensure the safety of the employees and maintaining the continuity of operations as far as he is able, whilst adhering to government advice. Whilst the pandemic will have a financial impact on the Company, at this stage, it is not possible to reliably forecast what this may be. However, the director has taken all relevant measures to ensure the Company is able to safeguard cash flow, jobs, customers and suppliers to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. Given the uncertainties that exist, this may cast significant doubt on the Company’s ability to continue as a going concern, however, the director believes that the actions he has taken should enable it to continue in operational existence for the foreseeable future following approval of these accounts..
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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 ordinary shares.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the Statement of Comprehensive Income, 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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Development expenses were capitalised because the director believed that the development of the online learning products, with access via the internet, would generate income over a period of time. The expenditure was written off over five years.
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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TRANSNATIONAL MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 March 2020 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Transactions with directors
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Included within other debtors is the loan balance of £172,709 (2019: £148,906). No interest is charged on this loan.
The director has given a personal guarantee up to a maximum of £150,000 in respect of the bank overdraft facility.
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