Independent Schools Teacher Induction Pa - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07755948 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

INDEPENDENT SCHOOLS TEACHER INDUCTION

PANEL

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C E Bell

Mrs J E Carroll

P W Durgan

D P Hanson

I Power

C J Rickart

Ms C Robinson

N Manani

SECRETARY:

Miss J E Fenn

REGISTERED OFFICE:

Second Floor, Kestrel House

Falconry Court

Bakers Lane

Epping

Essex

CM16 5BD

REGISTERED NUMBER:

07755948 (England and Wales)

AUDITORS:

Warrener Stewart

Harwood House

43 Harwood Road

London

SW6 4QP

FIXED ASSETS

Tangible assets

4

18,819

263

CURRENT ASSETS

Debtors

5

136,542

67,794

Cash at bank

644,758

672,035

781,300

739,829

CREDITORS

Amounts falling due within one year

6

229,000

204,669

NET CURRENT ASSETS

552,300

535,160

TOTAL ASSETS LESS CURRENT LIABILITIES

571,119

535,423

PROVISIONS FOR LIABILITIES

3,576

53

NET ASSETS

567,543

535,370

RESERVES

Income and expenditure account

8

567,543

535,370

567,543

535,370

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2017 and were signed on its behalf by:

I Power - Director

1.	STATUTORY INFORMATION

Independent Schools Teacher Induction Panel is a private company, limited by guarantee , registered

in England and Wales. The company's registered number and registered office address can be found

on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2016

2,018

4,854

6,872

Additions

1,266

19,362

20,628

At 31 August 2017

3,284

24,216

27,500

DEPRECIATION

At 1 September 2016

1,755

4,854

6,609

Charge for year

296

1,776

2,072

At 31 August 2017

2,051

6,630

8,681

NET BOOK VALUE

At 31 August 2017

1,233

17,586

18,819

At 31 August 2016

263

-

263

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Advanced billing

123,446

56,620

Other debtors

3,698

3,622

Prepayments

9,398

7,552

136,542

67,794

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Deferred income

198,698

158,610

Trade creditors

3,739

5,768

Tax

4,470

16,395

Social security and other taxes

4,756

4,743

Other creditors

280

280

Wages control

5

-

Accrued expenses

17,052

18,873

229,000

204,669

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

6,840

6,645

8.

RESERVES

Income

and

expenditure

account

£

At 1 September 2016

535,370

Surplus for the year

32,173

At 31 August 2017

567,543

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Morgan (Senior Statutory Auditor)

for and on behalf of Warrener Stewart

10.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under the Financial

Reporting Standard 102. The transition to this new reporting standard has not had any effect on the

amounts disclosed in either the current or preceding accounting periods.