Formative Education Limited Company Accounts

FORMATIVE EDUCATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08740113

FORMATIVE EDUCATION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 October 2017

FORMATIVE EDUCATION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

FORMATIVE EDUCATION LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1		1

CURRENT ASSETS

Debtors	6	10,184	11,132
Cash at bank and in hand		5,068	2,629
		--------	--------
		15,252	13,761

CREDITORS: amounts falling due within one year	7	15,123		13,684
		--------		--------
NET CURRENT ASSETS			129		77
			----		----
TOTAL ASSETS LESS CURRENT LIABILITIES			130		78
			----		----
NET ASSETS			130		78
			----		----

CAPITAL AND RESERVES

Called up share capital	10	10
Profit and loss account	120	68
	----	----
SHAREHOLDERS FUNDS	130	78
	----	----

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 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

FORMATIVE EDUCATION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 3 April 2018 , and are signed on behalf of the board by:

Mrs A Campbell-Mapplebeck
Director

Company registration number: 08740113

FORMATIVE EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 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 60 Scarcroft Hill, York, YO24 1DE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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. 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 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer equipment	-	33% straight line

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. TANGIBLE ASSETS

	Equipment	Total
	£	£
Cost
At 1 November 2016 and 31 October 2017	1,099	1,099
	-------	-------
Depreciation
At 1 November 2016 and 31 October 2017	1,098	1,098
	-------	-------
Carrying amount
At 31 October 2017	1	1
	-------	-------
At 31 October 2016	1	1
	-------	-------

6. DEBTORS

	2017	2016
	£	£
Trade debtors	–	465
Other debtors	10,184	10,667
	--------	--------
	10,184	11,132
	--------	--------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	12,869	11,106
Social security and other taxes	1,294	1,567
Other creditors	960	1,011
	--------	--------
	15,123	13,684
	--------	--------

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end there was an overdrawn directors' loan account of £7,686 (2016: £10,667). The maximum outstanding amount during the year was £10,667 (2016: £10,667), interest of 3% was charged on the balance.

9. RELATED PARTY TRANSACTIONS

The company was under the control of the director throughout the current year. During the year dividends of £43,000 were paid to the director (2016 £46,000).

10. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.