| Chairman Mentors International Limited |
| Registered number: |
07947858 |
| Balance Sheet |
| as at 31 December 2016 |
|
|
|
|
|
|
As restated |
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,251 |
|
|
3,464 |
|
| Current assets |
| Debtors |
4 |
|
816,576 |
|
|
763,134 |
| Cash at bank and in hand |
|
|
1,530,903 |
|
|
804,173 |
|
|
|
2,347,479 |
|
|
1,567,307 |
|
| Creditors: amounts falling due within one year |
5 |
|
(1,234,950) |
|
|
(994,097) |
|
| Net current assets |
|
|
|
1,112,529 |
|
|
573,210 |
|
| Total assets less current liabilities |
|
|
|
1,113,780 |
|
|
576,674 |
|
|
| Provisions for liabilities |
|
|
|
(287) |
|
|
(692) |
|
|
| Net assets |
|
|
|
1,113,493 |
|
|
575,982 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
1,113,492 |
|
|
575,981 |
|
| Shareholders' funds |
|
|
|
1,113,493 |
|
|
575,982 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr K Svensson |
| Director |
| Approved by the board on 22 September 2017 |
|
| Chairman Mentors International Limited |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 4 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
| 1 |
Accounting policies (cont'd) |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2016 |
|
2015 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2016 |
16,784 |
|
At 31 December 2016 |
16,784 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2016 |
13,320 |
|
Charge for the year |
2,213 |
|
At 31 December 2016 |
15,533 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2016 |
1,251 |
|
At 31 December 2015 |
3,464 |
|
|
| 4 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
816,576 |
|
752,100 |
|
Other debtors |
- |
|
11,034 |
|
|
|
|
|
|
816,576 |
|
763,134 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
As restated |
|
|
|
|
|
|
2016 |
|
2015 |
| £ |
£ |
|
|
Trade creditors |
209,363 |
|
190,232 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
204,189 |
|
133,260 |
|
Corporation tax |
233,189 |
|
188,644 |
|
Other taxes and social security costs |
33,114 |
|
11,131 |
|
Other creditors |
555,095 |
|
470,830 |
|
|
|
|
|
|
1,234,950 |
|
994,097 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Prior Year Adjustments |
|
|
Following a review of the tax treatment of certain items of expenditure additional tax became due relating to earlier periods. The tax has been adjusted in the comparative periods as follows: |
|
|
For the year ended 30 November 2013, period ended 31 December 2014 and year ended 31 December 2015 additional corporation tax of £71,488 was payable. This has resulted in an increase in the corporation tax creditor of £71,488, together with a reduction in the brought forward profit and loss reserve of £61,722 and an increase in the 2015 corporation tax charge of £12,466.
Additional VAT totalling £9,278 became payable for the period to 30 November 2014. This has resulted in an increase in the VAT creditor and a reduction in the brought forward profit and loss reserve.
Costs associated with the additional tax totalling £10,650 have been included in the accounts. These have been recorded within other creditors, with a reduction in the brought forward profit and loss reserve of £7,413 and the inclusion of 2015 costs of £3,237 within administrative expenses. |
|
|
The comparative figures had included an estimated provision of £18,795 for additional taxes. Following the completion of the review the estimated provision has been removed. Accordingly a reduction in the corporation tax creditor and reduction to the 2015 corporation tax charge of £18,795 has been made. |
|
|
As a result of the adoption of FRS102 an adjustment was required relating to recognition of revenue. The revision has resulted in an increase of £110,334 to turnover and a equal increase to cost of sales. This adjustment has no impact on the profit for the year. |
|
|
| 7 |
Controlling party |
|
|
Castle Holdings Limited, a company incorporated in the Isle of Man, is the company's controlling related party by virtue of its shareholding in the company. |
|
|
| 8 |
Other information |
|
|
Chairman Mentors International Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Bury Lodge |
|
Bury Road |
|
Stowmarket |
|
Suffolk |
|
IP14 1JA |
