ACCOUNTS - Final Accounts

BTCT TRADING LIMITED - Company Information

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Registered number: 09174224

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

REGISTERED NUMBER:09174224

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2019

		2019		2018
Note		£		£


Current assets
Stocks	5	390		322
Debtors: amounts falling due within one year	6	13,508		6,333
Cash at bank and in hand		11,725		21,626
		25,623		28,281
Creditors: amounts falling due within one year	7	(25,622)		(19,774)
Net current assets			1		8,507
Total assets less current liabilities			1		8,507

Net assets			1		8,507

Capital and reserves
Called up share capital	1	1
Profit and loss account	-	8,506
	1	8,507

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

N Mould

Director

Date: 27 July 2020

The notes on pages 2 to 5 form part of these financial statements.

Page 1

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

1.ACCOUNTING POLICIES

1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The directors have considered the outbreak of COVID-19 in early 2020 and what impact it will have on the ongoing operations of the business. The Company generates income throught the operation of leisure centres. These are currently closed and it is unclear as to when they will be able to re-open. The closure of these sites will have a significant impact on the ability of the Company to effectively operate.

The directors have taken steps to reduce the Company's cost base and are confident that the Company will be able to re-commence trading once restrictions are lifted. In light of this, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.
The directors’ assumptions and outlook assumes that COVID-19 causes no other material unanticipated changes to the business model. The financial statements do not reflect the adjustments that would be necessary should the ability of the Company to trade be jeopardised or if the restrictions relating to COVID-19 are in place longer than anticipated. As such there is a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, whether it will be able to realise its assets and discharge its liabilities.

1.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.4

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 2

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

1.ACCOUNTING POLICIES (continued)

1.5

DEBTORS

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.

1.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8

TAXATION

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.	AUDITORS' INFORMATION

These financial statements have been audited by Bishop Fleming Chartered Accountants & Statutory Auditors. The report includes the following modification relating to a material uncertainty over going concern:
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
We draw attention to the Directors’ report and the disclosures made in note 1.2 in the financial statements, which refers to the significant challenges and uncertainties caused by the current Coronavirus (COVID-19) pandemic. As stated in note 1.2, the significant challenges and uncertainty caused by this pandemic may result in circumstances which are not forecast, and therefore indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The audit report was signed by Tim Borton FCA as senior statutory auditor on 28/07/2020.
In accordance with the provisions applicable to companies subject to the small companies' regime and
s444 of the Companies Act 2006, this audit report has not been filed.

Page 3

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

3.	GENERAL INFORMATION

Bridgwater College Academy Trading Limited is a member limited lability company incorporated in the United Kingdom. The registered office of the company is Bridgwater College Academy, Bridgwater, Somerset, TA6 4QY. They provide lettings services of sports facilities.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2018: 4).

5.	STOCKS
		2019	2018
		£	£

Goods for resale	390	322
	390	322

DEBTORS

					2019	2018
					£	£


Trade debtors	8,020	4,600
Amounts owed by group undertakings	5,488	-
Prepayments and accrued income	-	1,733
	13,508	6,333

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£

Trade creditors	674	25
Amounts owed to group undertakings	16,819	14,664
Other taxation and social security	3,920	1,943
Accruals and deferred income	4,209	3,142
	25,622	19,774

Page 4

BRIDGWATER COLLEGE ACADEMY TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

8.	SHARE CAPITAL
		2019	2018
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2018: 1) Ordinary share of £1.00	1	1

9.	CONTROLLING PARTY

The company is controlled by Bridgwater & Taunton College Trust by virtue of its ownership of 100% of the share capital.
Bridgwater & Taunton College Trust is the only group in which the results are consolidated. The consolidated financial statements of Bridgwater College Trust are available to the public and may be obtained from the Registrar of Companies, Crown Way, Maindy, Cardiff.

Page 5