Procurement Courses Limited Filleted accounts for Companies House (small and micro)

PROCUREMENT COURSES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07694017

Procurement Courses Limited

Filleted Unaudited Financial Statements

31 July 2020

Procurement Courses Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,828	2,692

Current assets

Debtors	6	30,483	25,263
Cash at bank and in hand		28,783	19,323
		--------	--------
		59,266	44,586

Creditors: amounts falling due within one year	7	56,619		41,847
		--------		--------
Net current assets			2,647	2,739
			-------	-------
Total assets less current liabilities			5,475	5,431

Provisions

Taxation including deferred tax	537	511
	-------	-------
Net assets	4,938	4,920
	-------	-------

Capital and reserves

Called up share capital	4,100	4,100
Profit and loss account	838	820
	-------	-------
Shareholder funds	4,938	4,920
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Procurement Courses Limited

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 3 November 2020 , and are signed on behalf of the board by:

Dr D R Morton
Director

Company registration number: 07694017

Procurement Courses Limited

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.

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.

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. Payments received in advance of the service being provided are recognised as liabilities until such time as the company commences to provide the services to which they relate, at which point they are recognised as turnover.

Taxation

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Equipment	-	25% reducing balance

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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 August 2019	5,602	5,602
Additions	865	865
	-------	-------
At 31 July 2020	6,467	6,467
	-------	-------
Depreciation
At 1 August 2019	2,910	2,910
Charge for the year	729	729
	-------	-------
At 31 July 2020	3,639	3,639
	-------	-------
Carrying amount
At 31 July 2020	2,828	2,828
	-------	-------
At 31 July 2019	2,692	2,692
	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	24,700	9,001
Other debtors	5,783	16,262
	--------	--------
	30,483	25,263
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	6,998	5,472
Social security and other taxes	6,464	–
Other creditors	43,157	36,375
	--------	--------
	56,619	41,847
	--------	--------

8. Director's advances, credits and guarantees

During the year an advance of £20,881 was paid to the director of which £ 4,935 remained outstanding at 31 July 2019. This was interest free, unsecured and repayable on demand. The advance was repaid in full within nine months of the year end .