PAB Languages Centre Limited Filleted accounts for Companies House (small and micro)

PAB LANGUAGES CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08951055

PAB Languages Centre Limited

Filleted Unaudited Financial Statements

31 March 2021

PAB Languages Centre Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

PAB Languages Centre Limited

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	6,806	4,067

Current assets

Debtors	6	111,267	32,930
Cash at bank and in hand		22,850	423
		---------	--------
		134,117	33,353

Creditors: amounts falling due within one year	7	81,642	81,883
		---------	--------
Net current assets/(liabilities)		52,475	( 48,530)
		--------	--------
Total assets less current liabilities		59,281	( 44,463)

Creditors: amounts falling due after more than one year	8	41,667	6,211
		--------	--------
Net assets/(liabilities)		17,614	( 50,674)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	17,514	( 50,774)
	--------	--------
Shareholder funds/(deficit)	17,614	( 50,674)
	--------	--------

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 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 .

PAB Languages Centre Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 28 March 2022 , and are signed on behalf of the board by:

Miss I J Lebiedowicz
Director

Company registration number: 08951055

PAB Languages Centre Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 145 High Street, Colchester, Essex, CO1 1PG.

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.

Going concern

The Director has considered the basis of the preparation of the accounts and is satisfied that the accounts should be prepared on a going concern basis. The Director has confirmed that they will continue to provide financial support for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Fixtures and fittings	-	20% Straight Line
Equipment	-	20% 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 16 (2020: 9 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2020	1,014	8,747	9,761
Additions	–	5,295	5,295
	-------	--------	--------
At 31 March 2021	1,014	14,042	15,056
	-------	--------	--------
Depreciation
At 1 April 2020	556	5,138	5,694
Charge for the year	203	2,353	2,556
	-------	--------	--------
At 31 March 2021	759	7,491	8,250
	-------	--------	--------
Carrying amount
At 31 March 2021	255	6,551	6,806
	-------	--------	--------
At 31 March 2020	458	3,609	4,067
	-------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	82,741	25,926
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,900	–
Other debtors	23,626	7,004
	---------	--------
	111,267	32,930
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,333	16,498
Trade creditors	48,988	32,054
Social security and other taxes	14,354	25,259
Other creditors	9,967	8,072
	--------	--------
	81,642	81,883
	--------	--------

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

	2021	2020
	£	£
Bank loans and overdrafts	41,667	6,211
	--------	-------

9. Director's advances, credits and guarantees

At the year end, the director owed the company £7,962 (2020: The company owed the director £138). During the year, the director made advances of £13,050 (2020: £3,392) and repayments of £4,950 (2020: £2,460).

10. Related party transactions

At the year end, the company was owed £4,900 (2020: £Nil) by a company related by common control.

11. Controlling party

The company's parent company is PAB International Limited, a company incorporated in England and Wales. PAB International Limited's registered address is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom CT1 3DN.