White Horse Training Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01381199 (England and Wales)

WHITE HORSE TRAINING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2021

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

6

FIXED ASSETS

Intangible assets

3

2,100

3,661

Tangible assets

4

9,449

10,503

11,549

14,164

CURRENT ASSETS

Debtors

5

69,035

74,754

Cash at bank and in hand

244,737

216,489

313,772

291,243

CREDITORS

Amounts falling due within one year

6

61,358

46,674

NET CURRENT ASSETS

252,414

244,569

TOTAL ASSETS LESS CURRENT LIABILITIES

263,963

258,733

CAPITAL AND RESERVES

Called up share capital

8

21

21

Retained earnings

263,942

258,712

SHAREHOLDERS' FUNDS

263,963

258,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2022 and were signed on its behalf by:

Mrs M Wollaston - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total amounts derived from the provision of training services during the year , excluding Value Added Tax.

Website amortisation

Website costs are being amortised at 20% per annum on a straight line basis.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 6 ) .

3.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 October 2020

and 30 September 2021

11,336

AMORTISATION

At 1 October 2020

7,675

Amortisation for year

1,561

At 30 September 2021

9,236

NET BOOK VALUE

At 30 September 2021

2,100

At 30 September 2020

3,661

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2020

25,397

40,888

66,285

Additions

-

4,020

4,020

At 30 September 2021

25,397

44,908

70,305

DEPRECIATION

At 1 October 2020

18,781

37,001

55,782

Charge for year

1,513

3,561

5,074

At 30 September 2021

20,294

40,562

60,856

NET BOOK VALUE

At 30 September 2021

5,103

4,346

9,449

At 30 September 2020

6,616

3,887

10,503

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

12,138

16,307

Other debtors

48,605

50,550

60,743

66,857

2021

2020

£

£

Amounts falling due after more than one year:

Other debtors

8,292

7,897

Aggregate amounts

69,035

74,754

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

9,272

11,463

Taxation and social security

5,685

1,927

Other creditors

46,401

33,284

61,358

46,674

7.	FINANCIAL INSTRUMENTS

The Company's financial instruments may be analysed as follows:

2021

2020

£

£

Financial assets

Financial assets measured at fair value through profit or loss

8,292

7,897

Financial assets measured at amortised cost

256,875

241,719

265,167

249,616

2021

2020

£

Financial liabilities

Financial liabilities measured at fair value through profit or loss

-

-

Financial liabilities measured at amortised cost

18,907

30,655

18,907

30,655

Financial assets measured at amortised cost comprise of cash and bank balances, trade debtors and other debtors.

Financial assets measured at fair value comprise of long term other debtors.

Financial liabilities measured at amortised cost comprise of trade creditors, tax, and other creditors.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

21

Ordinary Shares

1

21

21

9.	RELATED PARTY DISCLOSURES

The company was initially founded jointly by a group of independent accounting firms to provide the member firms with continual professional development courses, and student training courses for professional examinations. The directors of White Horse Training Limited are mostly representatives of the member firms and as such meet the definition of a related party for the purpose of the Companies Act. Each member firm purchases training courses from the company, but all fees charged are at a normal commercial rate. The company also pays certain member firms, at a significantly discounted rate, for ad hoc services supplied by their representative director.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the board of directors, made up mostly from representatives of the member firms.