Skegness College Of Vocational Training - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01731248

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2015

for

SKEGNESS COLLEGE OF VOCATIONAL

TRAINING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Director:

Mr D P Moffatt

Secretary:

Mr S C Thorold

Registered office:

2a Wilford Grove

Skegness

Lincolnshire

PE25 3EZ

Registered number:

01731248

Fixed assets

Tangible assets

2

499,776

512,896

Investments

3

-

1

499,776

512,897

Current assets

Stocks

3,370

3,028

Debtors

10,658

57,969

Cash at bank and in hand

202,328

152,013

216,356

213,010

Creditors

Amounts falling due within one year

293,836

360,478

Net current liabilities

(77,480

)

(147,468

)

Total assets less current liabilities

422,296

365,429

Provisions for liabilities

12,721

14,200

Net assets

409,575

351,229

Capital and reserves

Called up share capital

4

27,000

27,000

Profit and loss account

382,575

324,229

Shareholders' funds

409,575

351,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 September 2015 and were signed by:

Mr D P Moffatt - Director

1.	Accounting policies

Basis of preparing the financial statements

At the financial year end the company had net current liabilities of £77,480.00 (2014 £147,468.00)

The company purchased property in earlier year's and the company's cash reserves were used to finance the

acquisitions. The company expects to build the cash reserves back up in the medium term.

The Director continues to support the company and doesn't expect to withdraw from the Directors current

account balance of £54,650 in the short term. The Director therefore,feels that it is appropriate to prepare

these financial statements on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

1% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date where transactions or events have occurred at that date that will result in an obligation to

pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at

the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates

and laws enacted or substantively enacted at the balance sheet date

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are

held separately from those of the company.The annual contributions payable are charged to the profit and

loss account in the period to which they relate.

2.	Tangible fixed assets

Total

£

Cost

At 1 August 2014

617,627

Additions

4,595

Disposals

(19,197

)

At 31 July 2015

603,025

Depreciation

At 1 August 2014

104,731

Charge for year

14,117

Eliminated on disposal

(15,599

)

At 31 July 2015

103,249

Net book value

At 31 July 2015

499,776

At 31 July 2014

512,896

3.	Fixed asset investments

Investments

other than

loans

£

Cost

At 1 August 2014

1

Disposals

(1

)

At 31 July 2015

-

Net book value

At 31 July 2015

-

At 31 July 2014

1

4.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1,000

Ordinary

£1

1,000

1,000

25,000

Ordinary B shares

£1

25,000

25,000

1,000

Ordinary C shares

£1

1,000

1,000

27,000

27,000

5.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2015 and

31 July 2014:

2015

2014

£

£

Mr D P Moffatt

Balance outstanding at start of year

89,650

123,000

Amounts repaid

(35,300

)

(33,350

)

Balance outstanding at end of year

54,350

89,650