PROGRESS_TO_EXCELLENCE_GR - Accounts

TRAINING AND EDUCATION GROUP LTD - Company Information

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Company Registration No. 07850344 (England and Wales)

PROGRESS TO EXCELLENCE GROUP LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

PROGRESS TO EXCELLENCE GROUP LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

PROGRESS TO EXCELLENCE GROUP LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Investments

1,114,723

100

Current assets

Debtors

297,620

Creditors: amounts falling due within one year

(18,870)

(10,535)

Net current assets/(liabilities)

278,750

(10,535)

Total assets less current liabilities

1,393,473

(10,435)

Capital and reserves

Called up share capital

1,387,683

100

Profit and loss account

5,790

(10,535)

Shareholders' funds

1,393,473

(10,435)

For the financial year ended 31 March 2016 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 14 November 2016

O Barkes

Director

Company Registration No. 07850344

PROGRESS TO EXCELLENCE GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.5

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Fixed assets

Investments

Cost

At 1 April 2015

100

Additions

1,114,623

At 31 March 2016

1,114,723

At 31 March 2015

100

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Progress to Excellence Ltd

England and Wales

Ordinary

100.00

Veritas Safety (UK) Limited

England and Wales

Ordinary

100.00

Progress Schools Limited

England and Wales

Ordinary

100.00

PROGRESS TO EXCELLENCE GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

Fixed assets

(Continued)

- 3 -

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Progress to Excellence Ltd

Provision of life skills courses

991,884

582,665

Veritas Safety (UK) Limited

Provision of training and assessments within the construction industry

(205,046)

(57,377)

Progress Schools Limited

Provision of life skills courses

During the year, the company acquired Caredus Group Limited by virtue of a share for share exchange plus loan notes to the value of £127,000 which were mainly settled this year. As a result of this, the company also acquired EYS Group Limited, a wholly owned subsidiary of Caredus Group Limited. Subsequent to the acquisition, Caredus Group Limited was dissolved and EYS Group Limited entered liquidation.

Progress Schools Limited was incorporated on 16 November 2015 and are therefore not yet required to file financial statements.

Share capital

2016

2015

Allotted, called up and fully paid

400,000 Ordinary share capital of £1 each

400,000

100

175,000 A Preference shares of £1 each

175,000

311,986 B Preference shares of £1 each

311,986

278,623 C Preference shares of £1 each

278,623

103,480 D Preference shares of £1 each

103,480

118,594 E Preference shares of £1 each

118,594

1,387,683

100

During this year £399,900 of shares were issued by way of a bonus issue and £987,683 were issued as a result of the share for share exchange to acquire Caredus Group Limited.

The holders of the Ordinary shares shall be entitled to attend, speak and vote at all meetings of the company and are entitled to receive a dividend and to participate in a distribution (including a winding up) but are not capable of redemption.

The holders of the Preference shares A, B, C, D, E are only entitled to a fixed cumulative dividend at an annual rate of 1% of the issue price but shall be capable of redemption.

PROGRESS TO EXCELLENCE GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Ultimate parent company

The majority shareholder is A2E Capital Partners Limited a company controlled by S.A Amiri by the virtue of his 100% shareholding.