Green Cross Training Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC139237 (Scotland)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Green Cross Training Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G Benedetti

K Wilson

A O Ryall

SECRETARY:

G Benedetti

REGISTERED OFFICE:

10 Candymill Lane

Hamilton

Lanarkshire

ML3 OFD

REGISTERED NUMBER:

SC139237 (Scotland)

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

REVIEW OF BUSINESS

For the financial year ended 2016,the Directors are pleased to announce an increase in Sales and an

improvement in operational financial performance versus the prior year. Further financial improvements are

expected to be reported for the financial year end 2017.

During 2016 the company continued to invest significantly in IT further enhancing our GEMS feature (

Greencross External Management System), allowing our customers to access online real time management

information, download certificates and manage course bookings at their convenience.

The Directors believe GEMS will further strengthen trading relationships with existing customers and

facilitate further sales growth from new customers once they are introduced to the benefits that GEMS can

provide.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date

of this report.

G Benedetti

K Wilson

A O Ryall

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

G Benedetti - Secretary

28 September 2017

FIXED ASSETS

Intangible assets

4

105,133

179,344

Tangible assets

5

84,249

48,199

189,382

227,543

CURRENT ASSETS

Debtors

6

337,457

467,605

Cash at bank and in hand

8,393

398

345,850

468,003

CREDITORS

Amounts falling due within one year

7

1,053,200

1,040,680

NET CURRENT LIABILITIES

(707,350

)

(572,677

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(517,968

)

(345,134

)

CREDITORS

Amounts falling due after more than one year

8

28,855

4,319

NET LIABILITIES

(546,823

)

(349,453

)

CAPITAL AND RESERVES

Called up share capital

11

483,000

483,000

Share premium

26,500

26,500

Capital redemption reserve

72,000

72,000

Retained earnings

(1,128,323

)

(930,953

)

SHAREHOLDERS' FUNDS

(546,823

)

(349,453

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf by:

G Benedetti - Director

1.	STATUTORY INFORMATION

Green Cross Training Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 31st December 2016 the company had net liabilities of £546,823 (2015: £349,453). The company

receives support from the directors and debt factoring. The directors are confident the company has

sufficient ongoing funding to meet future requirements and consider it appropriate to prepare the

financial statements on a going concern basis. If the company were to be unable to continue in

operational existence for the foreseeable future, adjustments would have to be made to reduce the

balance sheet to recoverable amounts and to provide for liabilities which may arise.

The company has transitioned to FRS 102 from previously extant UK GAAP as at 01 January 2016.

The reported financial position and financial performance for the previous period are not affected by

the transition to FRS 102.

Turnover

Turnover represents the provision of first aid training and related supplies net of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

100% on cost

Taxation

Taxation for the yearyear comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to the income statement over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2015 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

371,056

AMORTISATION

At 1 January 2016

191,712

Amortisation for year

74,211

At 31 December 2016

265,923

NET BOOK VALUE

At 31 December 2016

105,133

At 31 December 2015

179,344

This represents the excess of the price paid over the net assets on the purchase of a training business

during the year. Goodwill is being amortised over a 5 year period.

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2016

32,030

242,681

43,680

318,391

Additions

5,693

61,003

17,704

84,400

Disposals

-

(141,404

)

-

(141,404

)

At 31 December 2016

37,723

162,280

61,384

261,387

DEPRECIATION

At 1 January 2016

12,968

223,748

33,476

270,192

Charge for year

14,727

21,316

12,307

48,350

Eliminated on disposal

-

(141,404

)

-

(141,404

)

At 31 December 2016

27,695

103,660

45,783

177,138

NET BOOK VALUE

At 31 December 2016

10,028

58,620

15,601

84,249

At 31 December 2015

19,062

18,933

10,204

48,199

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

303,442

450,389

Other debtors

-

250

Prepayments and accrued income

34,015

16,966

337,457

467,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 9)

19,808

7,977

Trade creditors

48,174

68,014

Tax

-

7,444

Social security and other taxes

16,515

15,891

VAT

109,661

112,921

Other creditors

289,254

401,870

Directors' current accounts

527,150

394,162

Accruals and deferred income

42,638

32,401

1,053,200

1,040,680

Other creditors at 31st December 2016 includes invoice discounting advances of £261,044 which are

secured against trade debtors.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 9)

28,855

4,319

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Net obligations repayable:

Within one year

19,808

7,977

Between one and five years

28,855

4,319

48,663

12,296

Non-cancellable

operating leases

2016

2015

£

£

Within one year

21,632

-

Between one and five years

21,632

-

43,264

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

48,663

12,296

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

483,000

Ordinary

£1

483,000

483,000

12.	RELATED PARTY DISCLOSURES

At 31 December 2016, the company owed a director £527,150 (2015: £394,162). This loan is

unsecured interest free and repayable on demand.

13.	FIRST YEAR ADOPTION

For all periods up to and including the year ended 31 December 2015, the Company prepared its

financial statements in accordance with previously exant United Kingdom generally accepted

accounting practice (UK GAAP). These financial statements, for the year ended 31 December 2016

are the first year the Company has prepared in accordance with FRS102. The significant accounting

policies in meeting those requirements are described in relevant notes.

In preparing these financial statements, the Company started from an opening balance sheet at the

Company's date of transition to FRS 102, and made those changes in accounting policies and other

restatements required for the first-time adoption of FRS102. There has been no material impact to the

Company's financial position, results or cashflows as a result of restating its financial statements.