Foundation Skills Centre Limited - Period Ending 2022-01-31
Foundation Skills Centre Limited - Period Ending 2022-01-31
Registration number:
Foundation Skills Centre Limited
for the Year Ended 31 January 2022
Foundation Skills Centre Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Foundation Skills Centre Limited
Company Information
Director |
Mr N Aslam |
Registered office |
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Accountants |
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Foundation Skills Centre Limited
(Registration number: 06796104)
Balance Sheet as at 31 January 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Foundation Skills Centre Limited
(Registration number: 06796104)
Balance Sheet as at 31 January 2022
Approved and authorised by the
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Foundation Skills Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Foundation Skills Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33.3% on a reducing basis |
Land and buildings |
2% on a reducing basis |
Fictures and fittings |
25% on a reducing basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Foundation Skills Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 February 2021 |
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Additions |
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At 31 January 2022 |
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Depreciation |
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At 1 February 2021 |
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Charge for the year |
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At 31 January 2022 |
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Carrying amount |
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At 31 January 2022 |
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At 31 January 2021 |
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Investment properties |
2022 |
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At 1 February |
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Additions |
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At 31 January |
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The directors have considered the fair value of the properties and have formed the opinion that the valuation of the properties held is in line with costs and that no revaluation is required.
There has been no valuation of investment property by an independent valuer.
Debtors |
2022 |
2021 |
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Other debtors |
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- |
Foundation Skills Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022
Creditors |
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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- |
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Amounts owed to related parties |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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2,253,200 |
2,169,387 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Other borrowings |
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Foundation Skills Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022
Bank borrowings
The carrying amount of Fixed and floating charge by way of legal mortgage all legal interest in the property known as Tamarisks Inner Hope Cove Kingsbridge, South Devon TQ7 3HH and registered at the Land Registry under title numbers DN501465, DN481084, and DN624272. Dated 24/11/17. |
Other borrowings
The carrying amount of Related Parties at year end is £236,000 (2021 - £121,000). Other borrowings are from related parties. |