The Skills Group Ltd - Period Ending 2019-12-31
The Skills Group Ltd - Period Ending 2019-12-31
Registration number:
The Skills Group Ltd
previously trading as
for the Year Ended 31 December 2019
The Skills Group Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Skills Group Ltd
(Registration number: 03302677)
Balance Sheet as at 31 December 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
The Skills Group Ltd
(Registration number: 03302677)
Balance Sheet as at 31 December 2019
.........................................
Director
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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. The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Group accounts not prepared
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Going concern
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the company’s ability to act as a going concern.
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
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 sales/value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current 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. Current and deferred tax assets and liabilities are not discounted.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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On 20 May 2020, the investment in Wheale Thomas Hodgins Limited was transferred to WTH Group Limited, a company under common control.
Debtors |
2019 |
2018 |
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Amounts owed by related parties |
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Other debtors |
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- |
Prepayments and accrued income |
1,412 |
4,945 |
Less non-current portion |
( |
- |
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Details of non-current trade and other debtors
£196,357 (2018 -£Nil) of amounts owed by related parties is classified as non current.
The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
- |
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Taxation and social security |
- |
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Other creditors |
- |
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Accruals and deferred income |
7,047 |
4,950 |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Amounts owed to related parties |
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- |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2018 - £
Related party transactions |
The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with any wholly owned subsidiary undertaking of the group.
Summary of transactions with key management
The directors, who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.
Loans from related parties
2019 |
Key management |
Total |
At start of period |
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Advanced |
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At end of period |
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The Skills Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
2018 |
Key management |
Total |
Advanced |
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Non adjusting events after the financial period |
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