GHQ Training Limited - Period Ending 2019-11-30

GHQ Training Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2019

Registration number: 04599425

GHQ Training Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

GHQ Training Limited

Balance Sheet

30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	49,225	50,912
Current assets
Stocks		15,228	6,563
Debtors	5	110,845	70,632
Cash at bank and in hand		20,580	55,735
		146,653	132,930
Creditors: Amounts falling due within one year	6	(96,215)	(64,505)
Net current assets		50,438	68,425
Total assets less current liabilities		99,663	119,337
Provisions for liabilities		(4,823)	(4,768)
Net assets		94,840	114,569
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		94,740	114,469
Total equity		94,840	114,569

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

GHQ Training Limited

Balance Sheet

30 November 2019

For the financial year ending 30 November 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2020 and signed on its behalf by:
 

......................................... Mr C J Rogers Director

......................................... Mrs J S Rogers Director

Company Registration Number: 04599425

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Elizabeth Court
Whimple Street
Plymouth
PL1 2DH

These financial statements were authorised for issue by the Board on 28 July 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	15-25% reducing balance
Motor vehicles	25% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2018 - 40).

Page 5

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2018	215,062	16,474	231,536
Additions	8,941	-	8,941
At 30 November 2019	224,003	16,474	240,477
Depreciation
At 1 December 2018	165,595	15,029	180,624
Charge for the year	10,267	361	10,628
At 30 November 2019	175,862	15,390	191,252
Carrying amount
At 30 November 2019	48,141	1,084	49,225
At 30 November 2018	49,467	1,445	50,912

5

Debtors

	Note	2019 £	2018 £
Trade debtors		76,251	36,383
Amounts due from group undertakings		31,438	31,438
Prepayments		3,156	2,811
		110,845	70,632

Page 6

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2019

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Trade creditors	26,576	15,308
Social security and other taxes	19,521	25,055
Outstanding defined contribution pension costs	1,191	907
Other creditors	31,221	5,912
Accrued expenses	17,706	17,323
	96,215	64,505

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 7