School Transfer Company Limited Company Accounts

School Transfer Company Limited Company Accounts

SCHOOL TRANSFER COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09498354
School Transfer Company Limited
Filleted Unaudited Financial Statements
31 March 2017
School Transfer Company Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3
School Transfer Company Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Current assets
Debtors
5
29,806
130,562
Cash at bank and in hand
308,904
181,319
---------
---------
338,710
311,881
Creditors: amounts falling due within one year
6
258,465
241,361
---------
---------
Net current assets
80,245
70,520
--------
--------
Total assets less current liabilities
80,245
70,520
--------
--------
Net assets
80,245
70,520
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
80,241
70,516
--------
--------
Members funds
80,245
70,520
--------
--------
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 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 comprehensive income has not been delivered.
For the year ending 31 March 2017 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 financial statements were approved by the board of directors and authorised for issue on 7 December 2017 , and are signed on behalf of the board by:
D C L Tregoning
Director
Company registration number: 09498354
School Transfer Company Limited
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 19 March 2015
–
–
–
Profit for the year
190,516
190,516
----
---------
---------
Total comprehensive income for the year
–
190,516
190,516
Issue of shares
4
–
4
Dividends paid and payable
–
( 120,000)
( 120,000)
----
---------
---------
Total investments by and distributions to owners
4
( 120,000)
( 119,996)
At 31 March 2016
4
70,516
70,520
Profit for the year
162,125
162,125
----
---------
---------
Total comprehensive income for the year
–
162,125
162,125
Dividends paid and payable
–
( 152,400)
( 152,400)
----
---------
---------
Total investments by and distributions to owners
–
( 152,400)
( 152,400)
----
---------
---------
At 31 March 2017
4
80,241
80,245
----
---------
---------
School Transfer Company Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 19 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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 2 (2016: 4 ).
5. Debtors
2017
2016
£
£
Trade debtors
1,000
130,562
Other debtors
28,806
–
--------
---------
29,806
130,562
--------
---------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
672
336
Trade creditors
12,103
–
Corporation tax
40,578
47,880
Social security and other taxes
–
18,150
Other creditors
205,112
174,995
---------
---------
258,465
241,361
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A S R Stanford-Tuck
( 1,746)
–
( 1,746)
D C L Tregoning
( 1,747)
–
( 1,747)
-------
----
-------
( 3,493)
–
( 3,493)
-------
----
-------
2016
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A S R Stanford-Tuck
–
( 1,746)
( 1,746)
D C L Tregoning
–
( 1,747)
( 1,747)
----
-------
-------
–
( 3,493)
( 3,493)
----
-------
-------
8. Related party transactions
The company was under the control of the Directors throughout the period. No transactions with related parties were undertaken such as are required to be disclosed.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 19 March 2015.
No transitional adjustments were required in equity or profit or loss for the period.