GHQ Training Limited - Period Ending 2020-11-30

GHQ Training Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

GHQ Training Limited

Balance Sheet

30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	40,145	49,225
Current assets
Stocks		4,017	15,228
Debtors	5	192,528	110,845
Cash at bank and in hand		36,970	20,580
		233,515	146,653
Creditors: Amounts falling due within one year	6	(100,504)	(96,215)
Net current assets		133,011	50,438
Total assets less current liabilities		173,156	99,663
Creditors: Amounts falling due after more than one year	6	(45,000)	-
Provisions for liabilities		(7,628)	(4,823)
Net assets		120,528	94,840
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		120,428	94,740
Total equity		120,528	94,840

GHQ Training Limited

Balance Sheet

30 November 2020

For the financial year ending 30 November 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 13 July 2021 and signed on its behalf by:
 

Mr C J Rogers Director

Mrs J S Rogers Director

Company Registration Number: 04599425

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2020

1	General information

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

The address of its registered office is:
2 Elizabeth Court
Whimple Street
Plymouth
PL1 2DH

These financial statements were authorised for issue by the Board on 13 July 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Furniture, fittings and equipment	15-25% reducing balance
Motor vehicles	25% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2020

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 24 (2019 - 45).

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2019	224,003	16,474	240,477
At 30 November 2020	224,003	16,474	240,477
Depreciation
At 1 December 2019	175,862	15,390	191,252
Charge for the year	8,809	271	9,080
At 30 November 2020	184,671	15,661	200,332
Carrying amount
At 30 November 2020	39,332	813	40,145
At 30 November 2019	48,141	1,084	49,225

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2020

5

Debtors

	2020 £	2019 £
Trade debtors	17,097	76,251
Amounts due from group undertakings	31,438	31,438
Other debtors	141,146	-
Prepayments	2,847	3,156
	192,528	110,845

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	5,000	-
Trade creditors		18,614	26,576
Taxation and social security		62,552	19,521
Accruals and deferred income		13,194	17,706
Other creditors		1,144	32,412
		100,504	96,215

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	45,000	-

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	45,000	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	5,000	-

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2020

8	Share capital

Allotted, called up and fully paid shares

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