GHQ Training Limited - Period Ending 2017-11-30

GHQ Training Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2017

Registration number: 04599425

GHQ Training Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8
Accountants' Report	9

GHQ Training Limited

Balance Sheet

30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	59,557	71,067
Current assets
Stocks		4,180	9,158
Debtors	5	92,820	129,238
Cash at bank and in hand		79,868	36,232
		176,868	174,628
Creditors: Amounts falling due within one year	6	(90,218)	(111,866)
Net current assets		86,650	62,762
Total assets less current liabilities		146,207	133,829
Provisions for liabilities		(7,827)	(4,028)
Net assets		138,380	129,801
Capital and reserves
Called up share capital		100	100
Profit and loss account		138,280	129,701
Total equity		138,380	129,801

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

GHQ Training Limited

Balance Sheet

30 November 2017

For the financial year ending 30 November 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2018 and signed on its behalf by:
 

......................................... Mr C J Rogers Company secretary and director

......................................... Mrs J S Rogers Director

Company Registration Number: 04599425

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Elizabeth Court
Whimple Street
Plymouth
PL1 2DH

These financial statements were authorised for issue by the Board on 23 August 2018.

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.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2016 - 47).

Page 5

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2016	209,300	16,474	225,774
Additions	2,416	-	2,416
At 30 November 2017	211,716	16,474	228,190
Depreciation
At 1 December 2016	140,803	13,904	154,707
Charge for the year	13,283	643	13,926
At 30 November 2017	154,086	14,547	168,633
Carrying amount
At 30 November 2017	57,630	1,927	59,557
At 30 November 2016	68,497	2,570	71,067

5

Debtors

	Note	2017  £	2016  £
Trade debtors		60,647	80,039
Amounts due from group undertakings		31,418	33,067
Other debtors		-	11,874
Prepayments		755	4,258
		92,820	129,238

Page 6

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

6

Creditors

Creditors: amounts falling due within one year

	2017  £	2016  £
Due within one year
Trade creditors	24,645	19,748
Social security and other taxes	14,874	6,585
Outstanding defined contribution pension costs	378	373
Other creditors	28,021	53,731
Accrued expenses	22,300	31,429
	90,218	111,866

7	Share capital

Allotted, called up and fully paid shares

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

Page 7

GHQ Training Limited

Notes to the Financial Statements

Year Ended 30 November 2017

8	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 December 2015.

There were changes to the previously stated equity as at 1 December 2015 and 30 November 2016 and the profit for the year ended 30 November 2016 as a result of transition to FRS102 as outlined below.

Reconciliation of Equity at 1 December 2015
			£
Funds attributable to members at 1 December 2015 under previous UK GAAP			248,186
Holiday Pay Accrual			(19,094)
Funds attributable to members at 1 December 2015 under FRS 102			229,092

Reconciliation of Equity at 30 November 2016
			£
Funds attributable to members at 30 November 2016 under previous UK GAAP			148,660
Holiday Pay Accrual			(18,959)
Funds attributable to members at 30 November 2016 under FRS 102			129,701

Reconciliation of Profit and Loss at 30 November 2016
			£
Loss for the year ended 30 November 2016 under previous UK GAAP			(63,526)
Holiday Pay Accrual			135
Loss for the year ended 30 November 2016 under FRS 102			(63,391)

Page 8

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GHQ Training Limited

Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GHQ Training Limited for the year ended 30 November 2017 as set out on pages 1 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/membership/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of GHQ Training Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2017. Our work has been undertaken solely to prepare for your approval the accounts of GHQ Training Limited and state those matters that we have agreed to state to the Board of Directors of GHQ Training Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GHQ Training Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GHQ Training Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GHQ Training Limited. You consider that GHQ Training Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GHQ Training Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Francis Clark LLP
Chartered Accountants
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

23 August 2018

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