NAPIT_TRAINING_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

NAPIT Training Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Gardeners Lodge, Pleasley Vale Business Park, Mansfield, Notts, NG19 8RL.

On 31 July 2020 the company changed its name from Premier Training Academy Limited to NAPIT Training Limited.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is part of the NAPIT Group of companies, whose ultimate parent undertaking is NAPIT Holdings Limited. The activities of the group are managed on a group basis as each company in the group is dependent on support and trading with fellow group companies. As such the finances and cash resources of the group are managed on a group wide basis. true

At the time of approving the financial statements the directors, who are also directors of NAPIT Holdings Limited, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for goods and services supplied during the year net of VAT and trade discounts.

Revenue for the provision of services is recognised in the period in which the service is provided.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over its estimated useful economic life.

Goodwill - over 10 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents include cash in hand and deposits held at call with banks.

The company only has financial instruments that are classified as basic financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors, loans from group companies, cash and bank balances, are initially measured at transaction price and subsequently carried at amortised cost less impairment.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price and subsequently measured at amortised cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company is also party to a cross guarantee with Napit Holdings Limited and fellow subsidiaries in relation to finance borrowings of Napit Holdings Limited which at the year end totalled £1,465,454 (2019: £1,117,737).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Since the year end, the spread of COVID-19 has severely impacted many economies. Many businesses are being forced to cease or limit operations for long or indefinite periods of time. The company has been fortunate enough to be able to postpone some of its non-essential contract delivery whilst continuing to provide its services remotely

Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions and the group has utilised the furlough measures introduced by the Government.

The company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 March 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods.

The following amounts were outstanding at the reporting end date:

Amounts due to/from related parties are interest free and repayable on demand.

The following amounts were outstanding at the reporting end date:

Amounts due to/from related parties are interest free and repayable on demand.

The parent company of NAPIT Training Limited is The NAPIT Group Limited and its registered office is The Gardeners Lodge, Pleasley Vale Business Park, Mansfield, Nottingham NG19 8RL.

The ultimate holding company is NAPIT Holdings Limited.

The largest and smallest group within which the company belongs and for which group financial statements are prepared is headed by The NAPIT Group Limited. The Registered Office of The NAPIT Group Limited is The Gardeners Lodge, Pleasley Vale Business Park, Mansfield, Nottingham NG19 8RL. Group financial statements are available from the Registrar of Companies.