Hands On Skills Training Limited Company Accounts

HANDS ON SKILLS TRAINING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06030612

Hands On Skills Training Limited

Unaudited Financial Statements

31 March 2017

Hands On Skills Training Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	12

Hands On Skills Training Limited

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2017 .

Directors

The directors who served the company during the year were as follows:

P J Dunckley
A L Galway
D L Galway

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 19 December 2017 and signed on behalf of the board by:

A L Galway

Director

Registered office:

The Old Wheel House

31/37 Church Street

Reigate

Surrey

RH2 0AD

Hands On Skills Training Limited

Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Turnover	840,807	614,460

Cost of sales	440,890	167,938
	---------	---------
Gross profit	399,917	446,522

Administrative expenses	474,768	372,530
Other operating income	–	3,596
	---------	---------
Operating (loss)/profit	( 74,851)	77,588

Interest payable and similar expenses		81	–
		---------	---------
(Loss)/profit before taxation	5	( 74,932)	77,588

Tax on (loss)/profit	4,138	10,820
	--------	--------
(Loss)/profit for the financial year and total comprehensive income	( 79,070)	66,768
	--------	--------

Dividends paid and payable	–	( 20,000)

Retained earnings at the start of the year	166,290	119,522
	---------	---------
Retained earnings at the end of the year	87,220	166,290
	---------	---------

All the activities of the company are from continuing operations.

Hands On Skills Training Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	7		111,347	3,660

Current assets

Debtors	8	160,116	114,290
Cash at bank and in hand		49,733	106,669
		---------	---------
		209,849	220,959

Creditors: amounts falling due within one year	9	218,918		58,229
		---------		---------
Net current (liabilities)/assets			( 9,069)	162,730
			---------	---------
Total assets less current liabilities			102,278	166,390

Provisions

Taxation including deferred tax	14,958	–
	---------	---------
Net assets	87,320	166,390
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	87,220	166,290
	--------	---------
Shareholders funds	87,320	166,390
	--------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Hands On Skills Training Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:

A L Galway

Director

Company registration number: 06030612

Hands On Skills Training Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Wheel House, 31/37 Church Street, Reigate, Surrey, RH2 0AD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised to the extent the course or service has been delivered during the period. Amounts invoiced for services after the balance sheet date are deferred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	In year of purchase

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% straight line
Motor Vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2016: 7 ).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	25,401	3,241
	--------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	29,999
	--------
Amortisation
At 1 April 2016 and 31 March 2017	29,999
	--------
Carrying amount
At 31 March 2017	–
	--------
At 31 March 2016	–
	--------

7. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	41,364	29,188	19,322	89,874
Additions	133,088	–	–	133,088
Transfers	19,322	–	( 19,322)	–
	---------	--------	--------	---------
At 31 March 2017	193,774	29,188	–	222,962
	---------	--------	--------	---------
Depreciation
At 1 April 2016	39,194	29,188	17,832	86,214
Charge for the year	25,401	–	–	25,401
Transfers	17,832	–	( 17,832)	–
	---------	--------	--------	---------
At 31 March 2017	82,427	29,188	–	111,615
	---------	--------	--------	---------
Carrying amount
At 31 March 2017	111,347	–	–	111,347
	---------	--------	--------	---------
At 31 March 2016	2,170	–	1,490	3,660
	---------	--------	--------	---------

8. Debtors

	2017	2016
	£	£
Trade debtors	108,077	43,756
Amounts owed by group undertakings and undertakings in which the company has a participating interest	12,814	10,913
Other debtors	39,225	59,621
	---------	---------
	160,116	114,290
	---------	---------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	18,093	8,567
Amounts owed to group undertakings and undertakings in which the company has a participating interest	78,911	–
Corporation tax	81	10,820
Social security and other taxes	59,740	21,860
Other creditors	62,093	16,982
	---------	--------
	218,918	58,229
	---------	--------

EDF Energy PLC holds a charge against Hands On SKills Training Limited (previously Capital (Wimbledon) Ltd) in the form of a rent deposit deed.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	14,958	–
	--------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	14,958	–
	--------	----

The company has carried forward tax losses of £96,164 which have arisen during the current year. At the 2018 corporation tax rate of 19%, these will generate a potential tax saving of £18,271. No deferred tax asset has been recognised due to the uncertain timing at which sufficient future profits will be generated to utilise the losses.

11. Related party transactions

The company was under the control of Mr A Galway throughout the period. The company was owed £ 12,814 (2016 - £10,913) by Capital Engineering Group Holdings Limited and its subsidiaries at 31 March 2017. Capital Engineering Group Holdings Limited owns 49% of the issued share capital of the company. Capital Engineering Group Holdings Limited is controlled by Mr D L Galway , a company director. Separately the company owed £ 78,911 (2016 - £nil) to Capital Training Group Limited , a wholly owned subsidiary of Capital Engineering Group Holdings Limited. This was in relation to interest free loans advanced to the company during the year. During the year, the company paid management charges of £12,000 (2016 - £8,496) to Capital Engineering Personnel Limited . A balance of £ 3,000 (2016 - £nil) was outstanding at the year end in respect of these charges.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Hands On Skills Training Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

Hands On Skills Training Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Hands On Skills Training Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hands On Skills Training Limited for the year ended 31 March 2017, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

COVENEY NICHOLLS LIMITED Chartered accountant

The Old Wheel House 31/37 Church Street Reigate Surrey RH2 0AD

19 December 2017