White Horse Training Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01381199 (England and Wales)

WHITE HORSE TRAINING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2018

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Intangible assets

3

5,975

2,119

Tangible assets

4

17,205

20,820

23,180

22,939

CURRENT ASSETS

Debtors

5

102,744

79,939

Cash at bank and in hand

225,600

169,102

328,344

249,041

CREDITORS

Amounts falling due within one year

6

83,409

55,196

NET CURRENT ASSETS

244,935

193,845

TOTAL ASSETS LESS CURRENT LIABILITIES

268,115

216,784

PROVISIONS FOR LIABILITIES

584

-

NET ASSETS

267,531

216,784

CAPITAL AND RESERVES

Called up share capital

9

21

21

Retained earnings

267,510

216,763

SHAREHOLDERS' FUNDS

267,531

216,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 29 April 2019 and were signed on its behalf by:

Mrs N Bevan BA (Hons) - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the total amounts derived from the provision of training services during the

year , excluding Value Added Tax.

Website amortisation

Website costs are being amortised at 50% per annum on a straight line basis.

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

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities,

including loans, are measured initially at fair value, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

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

at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

3.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 October 2017

3,533

Additions

5,703

At 30 September 2018

9,236

AMORTISATION

At 1 October 2017

1,414

Amortisation for year

1,847

At 30 September 2018

3,261

NET BOOK VALUE

At 30 September 2018

5,975

At 30 September 2017

2,119

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2017

24,720

30,672

55,392

Additions

-

5,056

5,056

At 30 September 2018

24,720

35,728

60,448

DEPRECIATION

At 1 October 2017

14,082

20,490

34,572

Charge for year

1,614

7,057

8,671

At 30 September 2018

15,696

27,547

43,243

NET BOOK VALUE

At 30 September 2018

9,024

8,181

17,205

At 30 September 2017

10,638

10,182

20,820

5.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

20,170

13,343

Other debtors

75,411

59,774

95,581

73,117

Amounts falling due after more than one year:

Other debtors

7,163

6,822

Aggregate amounts

102,744

79,939

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

25,486

8,579

Taxation and social security

14,987

6,835

Other creditors

42,936

39,782

83,409

55,196

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

8,400

8,400

Between one and five years

-

8,400

8,400

16,800

8.	FINANCIAL INSTRUMENTS

The Company's financial instruments may be analysed as follows:

2018

2017

£

£

Financial assets

Financial assets measured at fair value through profit or loss

7,163

6,822

Financial assets measured at amortised cost

257,670

191,020

264,833

197,842

2018

2017

£

Financial liabilities

Financial liabilities measured at fair value through profit or loss

-

-

Financial liabilities measured at amortised cost

33,271

19,028

33,271

19,028

Financial assets measured at amortised cost comprise of cash and bank balances, trade debtors

and other debtors.

Financial assets measured at fair value comprise of long term other debtors.

Financial liabilities measured at amortised cost comprise of trade creditors, tax, and other

creditors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

21

Ordinary Shares

1

21

21

10.	RELATED PARTY DISCLOSURES

The company was initially founded jointly by a group of independent accounting firms to provide

the member firms with continual professional development courses, and student training courses

for professional examinations. The directors of White Horse Training Limited are mostly

representatives of the member firms and as such meet the definition of a related party for the

purpose of the Companies Act. Each member firm purchases training courses from the company,

but all fees charged are at a normal commercial rate. The company also pays certain member

firms, at a significantly discounted rate, for ad hoc services supplied by their representative

director.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the board of directors, made up mostly from representatives of the

member firms.