Transitions (Support Specialists) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08624689

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

FOR

TRANSITIONS (SUPPORT SPECIALISTS) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A M Fletcher

Miss M Stocks

REGISTERED OFFICE:

St Andrews House

11 Dalton Court

Commercial Road

Darwen

Lancashire

BB3 0DG

REGISTERED NUMBER:

08624689

ACCOUNTANTS:

Hayes & Co

Chartered Accountants

St Andrews House

11 Dalton Ct,Commercial Rd

Blackburn Interchange

Darwen

Lancashire

BB3 0DG

FIXED ASSETS

Intangible assets

4

72,000

84,000

Tangible assets

5

352,873

347,761

424,873

431,761

CURRENT ASSETS

Debtors

6

15,491

14,183

Cash at bank

25,779

-

41,270

14,183

CREDITORS

Amounts falling due within one year

7

52,533

63,222

NET CURRENT LIABILITIES

(11,263

)

(49,039

)

TOTAL ASSETS LESS CURRENT LIABILITIES

413,610

382,722

CREDITORS

Amounts falling due after more than one year

8

(209,918

)

(227,237

)

PROVISIONS FOR LIABILITIES

(7,372

)

(6,168

)

NET ASSETS

196,320

149,317

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

196,317

149,314

196,320

149,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2021 and were signed on its behalf by:

Mrs A M Fletcher - Director

1.	STATUTORY INFORMATION

Transitions (Support Specialists) Ltd is a private company limited by shares incorporated in England and Wales. The registered number is 08624689 and the registered office is St Andrews House, 11 Dalton Court, Commercial Road, Darwen, Lancashire, BB3 0DG.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 FRS102 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.

Significant judgements and estimates

In the application of the company's accounting polices, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience that the directors have and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

1% on cost

Plant and machinery etc

-

50% on cost, 25% on cost and 15% on reducing balance

Fixed assets are initially recorded at cost.

Financial instruments

The company has elected to apply the provisions of section 11 ' Basic Financial Instruments' and section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade receivable, cash and bank balances and loans to fellow group companies are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company has no financial instruments that are classified as other financial assets.

Impairment of financial assets

Financial assets, other than those held at fair value through the income statement, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result if one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows have been affected. If an assets is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no financial instruments that are classified as other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

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

Taxation

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

Current taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expenses 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

Deferred tax liabilities are generally recognised for all the timing differences,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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank.

Employee benefits

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.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

120,000

AMORTISATION

At 1 August 2019

36,000

Charge for year

12,000

At 31 July 2020

48,000

NET BOOK VALUE

At 31 July 2020

72,000

At 31 July 2019

84,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2019

325,158

46,618

371,776

Additions

-

22,409

22,409

At 31 July 2020

325,158

69,027

394,185

DEPRECIATION

At 1 August 2019

9,859

14,156

24,015

Charge for year

3,251

14,046

17,297

At 31 July 2020

13,110

28,202

41,312

NET BOOK VALUE

At 31 July 2020

312,048

40,825

352,873

At 31 July 2019

315,299

32,462

347,761

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

15,491

14,183

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

3,476

Trade creditors

64

-

Taxation and social security

18,635

23,322

Other creditors

33,834

36,424

52,533

63,222

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

209,918

227,237

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

104,988

122,307

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

236,151

253,470

The bank loan is secured over a charge on the property and the assets of the business.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A M Fletcher and Miss M Stocks.