Gateway HR and Training Limited Filleted accounts for Companies House (small and micro)

GATEWAY HR AND TRAINING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05782843

GATEWAY HR AND TRAINING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2020

GATEWAY HR AND TRAINING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	7		6,663	6,413

Current assets

Debtors	8	20,518	27,004
Cash at bank and in hand		136,529	99,461
		---------	---------
		157,047	126,465

Creditors: amounts falling due within one year	9	31,842		45,984
		---------		---------
Net current assets			125,205	80,481
			---------	--------
Total assets less current liabilities			131,868	86,894

Creditors: amounts falling due after more than one year	10		50,000	–

Provisions

Taxation including deferred tax	1,265	570
	---------	--------
Net assets	80,603	86,324
	---------	--------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		80,503	86,224
		--------	--------
Shareholders funds		80,603	86,324
		--------	--------

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 December 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 members have 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GATEWAY HR AND TRAINING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 15 March 2021 , and are signed on behalf of the board by:

Mrs E L Wynne
Director

Company registration number: 05782843

GATEWAY HR AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 4 Brisbane House, Corby Gate Business Park, Corby, NN17 5JG.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

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

	Website	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold improvements	-	33% straight line
Fixtures & fittings	-	25% straight line
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2019: 7 ).

5. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	10,071	10,929

Deferred tax:

Origination and reversal of timing differences	697	( 726)
	--------	--------
Tax on profit	10,768	10,203
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

	2020	2019
	£	£
Profit on ordinary activities before taxation	53,113	52,936
	--------	--------
Profit on ordinary activities by rate of tax	10,091	10,058
Effect of expenses not deductible for tax purposes	28	–
Effect of capital allowances and depreciation	( 48)	871
Deferred Tax movement	697	( 726)
	--------	--------
Tax on profit	10,768	10,203
	--------	--------

6. Intangible assets

	Development costs
	£
Cost
At 1 January 2020	3,415
Additions	–
Disposals	( 3,415)
	-------
At 31 December 2020	–
	-------
Amortisation
At 1 January 2020	3,415
Charge for the year	–
Disposals	( 3,415)
	-------
At 31 December 2020	–
	-------
Carrying amount
At 31 December 2020	–
	-------
At 31 December 2019	–
	-------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	9,478	4,001	17,945	31,424
Additions	–	6,689	1,419	8,108
	-------	--------	--------	--------
At 31 December 2020	9,478	10,690	19,364	39,532
	-------	--------	--------	--------
Depreciation
At 1 January 2020	6,287	3,573	15,151	25,011
Charge for the year	3,191	1,887	2,780	7,858
	-------	--------	--------	--------
At 31 December 2020	9,478	5,460	17,931	32,869
	-------	--------	--------	--------
Carrying amount
At 31 December 2020	–	5,230	1,433	6,663
	-------	--------	--------	--------
At 31 December 2019	3,191	428	2,794	6,413
	-------	--------	--------	--------

8. Debtors

	2020	2019
	£	£
Trade debtors	11,464	18,539
Other debtors	9,054	8,465
	--------	--------
	20,518	27,004
	--------	--------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	6,762	6,544
Corporation tax	10,071	10,928
Social security and other taxes	12,214	24,075
Other creditors	2,795	4,437
	--------	--------
	31,842	45,984
	--------	--------

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
	--------	----

11. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	2,703	2,703
Later than 1 year and not later than 5 years	676	3,378
	-------	-------
	3,379	6,081
	-------	-------