International_Summer_School_for_Teens_Limited_30_Sep_2017_companies_house_set_of_accounts.html
International_Summer_School_for_Teens_Limited_30_Sep_2017_companies_house_set_of_accounts.html
Company registration number:
Chartered Accountants
9 Vennel Street, Stewarton, Kilmarnock, Ayrshire, KA3 5HL, United KingdomChartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of International Summer School for Teens Limited for the year ended 30 September 2017
Year ended 30 September 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of International Summer School for Teens Limited for the year ended 30 September 2017 which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of International Summer School for Teens Limited , as a body, in accordance with the terms of my engagement letter dated 15 January 2015. My work has been undertaken solely to prepare for your approval the financial statements of International Summer School for Teens Limited and state those matters that I have agreed to state to the Board of Directors of International Summer School for Teens Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than International Summer School for Teens Limited and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that International Summer School for Teens Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of International Summer School for Teens Limited . You consider that International Summer School for Teens Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
9 Vennel Street
Stewarton
Kilmarnock
Ayrshire
KA3 5HL
United Kingdom
Stewarton
Kilmarnock
Ayrshire
KA3 5HL
United Kingdom
Date:
22 June 2018
Statement of Financial Position
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Current assets | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current assets |
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| Total assets less current liabilities | 75,643 | 40,633 | |||
| Creditors: amounts falling due after more than one year | 8 |
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| Provision for liabilities | (607 | ) | (347 | ) | |
| Net assets |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 30 September 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 June 2018 , and are signed on behalf of the board by:
| Director | Director |
Company registration number:
09375335
Notes to the Financial Statements
Year ended 30 September 2017
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 20-22 Wenlock Road , London , N1 7GU , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
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.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Plant and machinery | |
| Office equipment |
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Provision for liabilities
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 in finance costs in profit or loss in the period it arises.
4 Average number of employees
The average number of persons employed by the company during the year was 21 (2016: 12 ).
5 Tangible assets
| Plant and machinery etc. | ||
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| Depreciation | ||
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| Carrying amount | ||
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| At 30 September 2016 |
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6 Debtors
| 2017 | 2016 | |||
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| £ | £ | |||
| Other debtors |
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7 Creditors: amounts falling due within one year
| 2017 | 2016 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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8 Creditors: amounts falling due after more than one year
| 2017 | 2016 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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9 Directors' advances, credit and guarantees
Mrs C Rowe: Opening credit balance (£2,541) - Payments £3,204 - Repayments £4,040 - Closing credit balance (£3,377)
Mr D Rowe: Payments £410 - Repayments £2,205 - Closing credit balance (£1,795)
Mr D Rowe: Payments £410 - Repayments £2,205 - Closing credit balance (£1,795)