SSG Training & Consultancy Limited - Period Ending 2020-06-30

SSG Training & Consultancy Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

SSG Training & Consultancy Limited

Company Information

Directors

Mr M Salmon Dr J Hutt Ms D Maclean

Company secretary

Mrs S Salmon

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Torquay Devon TQ2 7FF

SSG Training & Consultancy Limited

Balance Sheet

30 June 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	134,208	100,519
Current assets
Stocks		25,000	25,000
Debtors	6	647,495	758,895
Cash at bank and in hand		562,438	716,532
		1,234,933	1,500,427
Creditors: Amounts falling due within one year	7	(518,377)	(827,516)
Net current assets		716,556	672,911
Total assets less current liabilities		850,764	773,430
Creditors: Amounts falling due after more than one year	7	(4,988)	(11,916)
Provisions for liabilities		(21,782)	(13,485)
Net assets		823,994	748,029
Capital and reserves
Called up share capital		60	60
Share premium reserve		26,980	26,980
Capital redemption reserve		40	40
Profit and loss account		796,914	720,949
Total equity		823,994	748,029

SSG Training & Consultancy Limited

Balance Sheet

30 June 2020

For the financial year ending 30 June 2020 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 5 January 2021 and signed on its behalf by:
 

......................................... Mr M Salmon Director

Company Registration Number: 03564008

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

1	General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Valley House
Valley Road
Plympton
Plymouth
Devon
PL7 1RF

These financial statements were authorised for issue by the Board on 5 January 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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. The company recognises revenue based on its value of the service provided to date.

Tax

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.

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

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.

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
Leasehold Property	20% straight line
Training Equipment	20% straight line
Furniture & Fixtures	20% straight line
Motor Vehicles	17% straight line
Office Equipment	33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line Over 5 years

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

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.

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 54 (2019 - 52).

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2019	71,057	71,057
At 30 June 2020	71,057	71,057
Amortisation
At 1 July 2019	71,057	71,057
At 30 June 2020	71,057	71,057
Carrying amount
At 30 June 2020	-	-
At 30 June 2019	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2019	29,286	225,118	67,609	47,437	369,450
Additions	5,238	65,721	-	27,431	98,390
At 30 June 2020	34,524	290,839	67,609	74,868	467,840
Depreciation
At 1 July 2019	22,428	186,286	21,260	38,957	268,931
Charge for the year	5,019	37,883	11,263	10,536	64,701
At 30 June 2020	27,447	224,169	32,523	49,493	333,632
Carrying amount
At 30 June 2020	7,077	66,670	35,086	25,375	134,208
At 30 June 2019	6,858	38,832	46,349	8,480	100,519

Included within the net book value of land and buildings above is £7,077 (2019 - £6,858) in respect of short leasehold land and buildings.
 

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

6

Debtors

	2020 £	2019 £
Trade debtors	316,433	467,701
Other debtors	325,006	285,000
Prepayments	6,056	6,194
	647,495	758,895

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	8	6,651	6,651
Trade creditors		45,403	50,800
Corporation tax		-	88,422
Social security and other taxes		175,291	155,124
Other creditors		14,398	16,366
Accruals and deferred income		276,634	510,153
		518,377	827,516

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	4,988	11,916

SSG Training & Consultancy Limited

Notes to the Financial Statements

Year Ended 30 June 2020

8	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Finance lease liabilities	4,988	11,916

	2020 £	2019 £
Current loans and borrowings
Finance lease liabilities	6,651	6,651

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	60	60	60	60

10	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 £26,224 (2019 - £81,208).