Yogajo's Teacher Training Limited - Period Ending 2017-03-31

Registration number: SC494105

Yogajo's Teacher Training Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Sense Accounting & Bookkeeping Limited
Chartered Accountants
56 Marchmont Road
Edinburgh
EH9 1HS

Yogajo's Teacher Training Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Yogajo's Teacher Training Limited

Company Information

Directors

Craig Findlay Joanne Lockhart

Registered office

21 Thomson Drive Bearsden Glasgow G61 3PA

Accountants

Sense Accounting & Bookkeeping Limited Chartered Accountants 56 Marchmont Road Edinburgh EH9 1HS

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Yogajo's Teacher Training Limited

(Registration number: SC494105)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Current assets
Debtors	4	77,192	33,450
Cash at bank and in hand		1,792	-
		78,984	33,450
Creditors: Amounts falling due within one year	5	(48,860)	(7,000)
Total assets less current liabilities		30,124	26,450
Creditors: Amounts falling due after more than one year	5	(2,250)	-
Net assets		27,874	26,450
Capital and reserves
Called up share capital		100	-
Profit and loss account		27,774	26,450
Total equity		27,874	26,450

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 December 2017 and signed on its behalf by:
 

.........................................

Craig Findlay

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Yogajo's Teacher Training Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
21 Thomson Drive
Bearsden
Glasgow
G61 3PA

These financial statements were authorised for issue by the Board on 31 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The company has elected to adopt FRS 102, Section 1A with the effective date of transition being 1 April 2015.

Information on the impact of the first-time adoption of FRS 102 is given in note 8.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.

Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

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Yogajo's Teacher Training Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Trade debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.

Trade creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

4

Debtors

	2017 £	2016 £
Trade debtors	33,814	29,651
Other debtors	43,378	3,799
	77,192	33,450

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Yogajo's Teacher Training Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Trade creditors		424	-
Taxation and social security		2,956	-
Other creditors		45,480	7,000
		48,860	7,000

Creditors: amounts falling due after more than one year

	2017 £	2016 £
Due after one year
Other non-current financial liabilities	2,250	-

6	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7	Related party transactions

Other transactions with directors

As at 31 March 2017, the director, Joanne Lockhart, owed the company £1,925 (2016: £nil).

As at year end £34,658 (2016: £3,799) was due from Yoga Jo's Limited, a company with common directors.

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Yogajo's Teacher Training Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Transition to FRS 102

This is the first financial year that the company has presented its financial statements in accordance with FRS 102 ‘The Financial Reporting Framework applicable in the UK and Republic of Ireland’ (“FRS 102”). For financial years up to and including the year ending 31 March 2016, the company prepared its financial statements in accordance with previously extant UK GAAP.

The date of transition to FRS 102 is therefore 1 April 2015. In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions permitted by Section 35 Transition to this FRS.

There have been no changes to accounting policies or accounting treatments required to be made upon transition to FRS 102. Accordingly, the company’s opening equity position as at the 1 April 2015 and its financial position and performance for the year ended 31 March 2016 are unchanged from that previously presented under previously extant UK GAAP.

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