White Horse Training Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01381199 (England and Wales)

WHITE HORSE TRAINING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2017

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Intangible assets

3

2,119

2,826

Tangible assets

4

20,820

23,537

22,939

26,363

CURRENT ASSETS

Debtors

5

79,939

63,604

Cash at bank and in hand

169,102

148,765

249,041

212,369

CREDITORS

Amounts falling due within one year

6

55,196

60,264

NET CURRENT ASSETS

193,845

152,105

TOTAL ASSETS LESS CURRENT LIABILITIES

216,784

178,468

CAPITAL AND RESERVES

Called up share capital

21

21

Retained earnings

216,763

178,447

SHAREHOLDERS' FUNDS

216,784

178,468

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 15 May 2018 and were signed on its behalf by:

Mrs N Bevan BA (Hons) - Director

1.	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.

First year adoption of Financial Reporting Standard 102 (FRS 102) Section 1A

These financial statements for the year ended 30 September 2017 are the first that are prepared

in accordance with FRS 102 Section 1A. The previous financial statements were prepared in

accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 October 2015.

The effect of transition can be found in note 11 to these financial statements

Turnover

Turnover represents the total amounts derived from the provision of training services during the

year , excluding Value Added Tax.

Website amortisation

Website costs are being amortised at 50% per annum on a straight line basis.

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

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities,

including loans, are measured initially at fair value, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

Taxation

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

Statement, 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 statement of financial position date.

Deferred tax

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

at the statement of financial position 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

3.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 October 2016

and 30 September 2017

3,533

AMORTISATION

At 1 October 2016

707

Amortisation for year

707

At 30 September 2017

1,414

NET BOOK VALUE

At 30 September 2017

2,119

At 30 September 2016

2,826

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2016

24,284

26,416

50,700

Additions

436

4,256

4,692

At 30 September 2017

24,720

30,672

55,392

DEPRECIATION

At 1 October 2016

12,468

14,695

27,163

Charge for year

1,614

5,795

7,409

At 30 September 2017

14,082

20,490

34,572

NET BOOK VALUE

At 30 September 2017

10,638

10,182

20,820

At 30 September 2016

11,816

11,721

23,537

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

13,343

15,745

Other debtors

8,575

6,875

Accrued income

38,409

11,804

Prepayments

12,790

22,682

73,117

57,106

Amounts falling due after more than one year:

Other debtors

6,822

6,498

Aggregate amounts

79,939

63,604

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

8,579

33,227

Corporation tax

2,201

-

VAT

4,634

3,380

Other creditors

5,815

559

Accruals and deferred income

33,967

23,098

55,196

60,264

7.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

8,400

8,400

Between one and five years

8,400

16,800

16,800

25,200

8.	FINANCIAL INSTRUMENTS

The Company's financial instruments may be analysed as follows:

2017

2016

£

£

Financial assets

Financial assets measured at fair value through profit or loss

6,822

6,498

Financial assets measured at amortised cost

191,020

57,106

197,842

63,604

2017

2016

£

Financial liabilities

Financial liabilities measured at fair value through profit or loss

-

-

Financial liabilities measured at amortised cost

19,028

37,166

19,028

37,166

Financial assets measured at amortised cost comprise of cash and bank balances, trade debtors

and other debtors.

Financial assets measured at fair value comprise of long term other debtors.

Financial liabilities measured at amortised cost comprise of trade creditors, tax, and other

creditors.,

9.	RELATED PARTY DISCLOSURES

The company was initially founded jointly by a group of independent accounting firms to provide

the member firms with continual professional development courses, and student training courses

for professional examinations. The directors of White Horse Training Limited are mostly

representatives of the member firms and as such meet the definition of a related party for the

purpose of the Companies Act. Each member firm purchases training courses from the company,

but all fees charged are at a normal commercial rate. The company also pays certain member

firms, at a significantly discounted rate, for ad hoc services supplied by their representative

director.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the board of directors, made up mostly from representatives of the

member firms.

11.	FIRST YEAR ADOPTION

1. FRS 102 is mandatory for accounting periods beginning on or after 1 January 2016 for "Small

Entities", therefore this is being implemented for the first time in these financial statements. The

directors have considered the impact of the first year adoption of this standard and they have

concluded that a fair value adjustment needed to be applied to reflect the long term monetary

value of the rent deposit paid which isn't due to be returned until the end of the lease term in

2025.

2. The statement of income and retained reserves is credited with the fair value adjustment to

reflect the unwinding of the restated long term debtor during the period.