ORKNEY_TRAINING_GROUP - Accounts

ORKNEY TRAINING GROUP - Company Information

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Company Registration No. SC248560 (Scotland)

ORKNEY TRAINING GROUP

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

ORKNEY TRAINING GROUP

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ORKNEY TRAINING GROUP

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

14,559

18,708

Current assets

Debtors

4,973

8,678

Cash at bank and in hand

27,282

25,449

32,255

34,127

Creditors: amounts falling due within one year

(57,392)

(52,510)

Net current liabilities

(25,137)

(18,383)

Total assets less current liabilities

(10,578)

325

Accruals and deferred income

(14,527)

(18,697)

(25,105)

(18,372)

Capital and reserves

Profit and loss account

(25,105)

(18,372)

Shareholders' funds

(25,105)

(18,372)

For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 February 2017

K Harvey

Director

Company Registration No. SC248560

ORKNEY TRAINING GROUP

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

As at the balance sheet date the company had net liabilities of £25,105. The company's activities are financed with loans from Orkney Business Ring Limited. This source of finance is expected to remain available to the company for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the loan finance that has been provided by Orkney Business Ring Limited.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Tenant's improvements

Straight line over lease term

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance

ORKNEY TRAINING GROUP

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 December 2015

21,720

Disposals

(521)

At 30 November 2016

21,199

Depreciation

At 1 December 2015

3,012

On disposals

(433)

Charge for the year

4,061

At 30 November 2016

6,640

Net book value

At 30 November 2016

14,559

At 30 November 2015

18,708