ACCOUNTS - Final Accounts

CENTRAL CITY TRAINING VENUES LTD - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2017-12-312017-12-312017-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.trueNo description of principal activitytruefalse 05237921 2017-01-01 2017-12-31 05237921 2016-01-01 2016-12-31 05237921 2017-12-31 05237921 2016-12-31 05237921 2016-01-01 05237921 c:Director1 2017-01-01 2017-12-31 05237921 d:Buildings d:ShortLeaseholdAssets 2017-01-01 2017-12-31 05237921 d:Buildings d:ShortLeaseholdAssets 2017-12-31 05237921 d:Buildings d:ShortLeaseholdAssets 2016-12-31 05237921 d:FurnitureFittings 2017-01-01 2017-12-31 05237921 d:FurnitureFittings 2017-12-31 05237921 d:FurnitureFittings 2016-12-31 05237921 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 05237921 d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 05237921 d:CurrentFinancialInstruments 2017-12-31 05237921 d:CurrentFinancialInstruments 2016-12-31 05237921 d:Non-currentFinancialInstruments 2017-12-31 05237921 d:Non-currentFinancialInstruments 2016-12-31 05237921 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 05237921 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 05237921 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-31 05237921 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 05237921 d:UKTax 2017-01-01 2017-12-31 05237921 d:UKTax 2016-01-01 2016-12-31 05237921 d:ShareCapital 2017-12-31 05237921 d:ShareCapital 2016-12-31 05237921 d:ShareCapital 2016-01-01 05237921 d:SharePremium 2017-12-31 05237921 d:SharePremium 2016-12-31 05237921 d:SharePremium 2016-01-01 05237921 d:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 05237921 d:RetainedEarningsAccumulatedLosses 2017-12-31 05237921 d:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 05237921 d:RetainedEarningsAccumulatedLosses 2016-12-31 05237921 d:RetainedEarningsAccumulatedLosses 2016-01-01 05237921 d:AcceleratedTaxDepreciationDeferredTax 2017-12-31 05237921 d:AcceleratedTaxDepreciationDeferredTax 2016-12-31 05237921 c:OrdinaryShareClass1 2017-01-01 2017-12-31 05237921 c:OrdinaryShareClass1 2017-12-31 05237921 c:OrdinaryShareClass2 2017-01-01 2017-12-31 05237921 c:OrdinaryShareClass2 2017-12-31 05237921 c:OrdinaryShareClass3 2017-01-01 2017-12-31 05237921 c:OrdinaryShareClass3 2017-12-31 05237921 c:FRS102 2017-01-01 2017-12-31 05237921 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 05237921 c:FullAccounts 2017-01-01 2017-12-31 05237921 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05237921

CENTRAL CITY TRAINING VENUES LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

CENTRAL CITY TRAINING VENUES LTD

CONTENTS

	Page
Balance sheet	1 - 2
Statement of changes in equity	3
Notes to the financial statements	4 - 12

CENTRAL CITY TRAINING VENUES LTD

REGISTERED NUMBER: 05237921

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		1,678,301		2,028,181
Current assets
Stocks	6	6,083		10,471
Debtors: amounts falling due within one year	7	2,560,993		2,575,032
Cash at bank and in hand	8	388,904		173,451
		2,955,980		2,758,954
Creditors: amounts falling due within one year	9	(2,080,625)		(1,967,132)
Net current assets			875,355		791,822
Total assets less current liabilities			2,553,656		2,820,003
Creditors: amounts falling due after one year	10		(1,110,692)		(1,411,753)
Provisions for liabilities
Deferred tax	11		(125,180)		(148,080)
Net assets			1,317,784		1,260,170

Capital and reserves
Called up share capital	12	360,210	360,210
Share premium account		29,790	29,790
Profit and loss account		927,784	870,170
Total equity		1,317,784	1,260,170

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Page 1

CENTRAL CITY TRAINING VENUES LTD

REGISTERED NUMBER: 05237921

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

C Bull

Director

Date: 9 August 2018

The notes on pages 4 to 12 form part of these financial statements.

Page 2

CENTRAL CITY TRAINING VENUES LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2017

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2016	360,210	29,790	756,440	1,146,440
Comprehensive income for the year
Profit for the year	-	-	213,730	213,730
Total comprehensive income for the year	-	-	213,730	213,730
Dividends: Equity capital	-	-	(100,000)	(100,000)

At 1 January 2017	360,210	29,790	870,170	1,260,170
Comprehensive income for the year
Profit for the year	-	-	117,614	117,614
Total comprehensive income for the year	-	-	117,614	117,614
Dividends: Equity capital	-	-	(60,000)	(60,000)
At 31 December 2017	360,210	29,790	927,784	1,317,784

The notes on pages 4 to 12 form part of these financial statements.

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

Central City Training Venues Ltd is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information Page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Land and buildings leasehold	-	Straight line over the life of the lease
				Fixtures, fittings and equipment	-	Straight line over 5 to 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

2.6

Debtors

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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 75 (2016 - 72).

4.	Taxation

		2017	2016
		£	£

Corporation tax
Current tax on profits for the year	73,017	58,829
Total current tax	73,017	58,829

Deferred tax
Origination and reversal of timing differences	(22,900)	16,071
Changes to tax rates	-	(7,765)
Total deferred tax	(22,900)	8,306


	Taxation on profit on ordinary activities	50,117	67,135

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.Taxation (continued)

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2016 - higher than) the standard rate of corporation tax in the UK of 19.25% (2016 - 20.00%). The differences are explained below:
	2017	2016
	£	£

Profit on ordinary activities before tax

167,731

280,865

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.25% (2016 - 20.00%)	32,282	56,173
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,206	2,922
Depreciation for year in excess of capital allowances	13,603	18,642
Deferred tax movement	3,026	(10,602)
Total tax charge for the year	50,117	67,135

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2017	2,684,651	1,539,712	4,224,363
Additions	35,446	34,599	70,045
Disposals	(657,451)	(310,380)	(967,831)
At 31 December 2017	2,062,646	1,263,931	3,326,577
Depreciation
At 1 January 2017	1,313,557	882,625	2,196,182
Charge for the year on owned assets	287,179	127,792	414,971
Disposals	(657,451)	(305,426)	(962,877)
At 31 December 2017	943,285	704,991	1,648,276
Net book value
At 31 December 2017	1,119,361	558,940	1,678,301
At 31 December 2016	1,371,094	657,087	2,028,181

6.	Stocks
		2017	2016
		£	£

	Finished goods and goods for resale	6,083	10,471

Debtors

					2017	2016
					£	£


Trade debtors	915,472	1,021,020
Other debtors	483,211	492,674
Prepayments and accrued income	1,162,310	1,061,338
	2,560,993	2,575,032

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

8.	Cash and cash equivalents
		2017	2016
		£	£

	Cash at bank and in hand	388,904	173,451

9.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank Loans	33,333	33,333
Other loans	138,524	-
Trade creditors	243,957	570,611
Corporation tax	73,017	58,829
Other taxation and social security	229,265	134,400
Obligations under finance lease and hire purchase contracts	35,067	37,316
Other creditors	43,039	43,415
Accruals and deferred income	1,284,423	1,089,228
	2,080,625	1,967,132

The following liabilities were secured:
	2017	2016
	£	£


Bank Loans	33,333	33,333
Obligations under finance lease and hire purchase contracts	35,067	37,316
	68,400	70,649

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

10.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	38,889	72,223
Other loans	415,571	554,095
Obligations under finance leases and hire purchase contracts	16,496	51,563
Other creditors	639,736	733,872
	1,110,692	1,411,753

The following liabilities were secured:
	2017	2016
	£	£


Bank loans	38,889	72,223
Obligations under finance leases and hire purchase contracts	16,496	51,563
	55,385	123,786

Details of security provided:

The hire purchase loans are secured over the assets to which they relate.
The bank loan is secured by way of a £75,000 personal guarantee from Caroline Bull and a debenture over the assets of the Company.

11.	Deferred taxation

	2017	2016
	£	£

At beginning of year	(148,080)	(139,774)
Charged to the profit or loss	22,900	(8,306)
At end of year	(125,180)	(148,080)

The provision for deferred taxation is made up as follows:
	2017	2016
	£	£

Accelerated capital allowances

(125,180)

(148,080)

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CENTRAL CITY TRAINING VENUES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

12.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

185 Ordinary shares of £1 each	185	185
325 Ordinary A shares of £1 each	325	325
359,700 Ordinary B shares of £1 each	359,700	359,700

	360,210	360,210

13.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,642 (2016: £10,217). Contributions totalling £1,518 (2016: £494) were payable to the fund at the balance sheet date

14.

Related party transactions

A Director, with shares in the company, was awarded dividends of £60,000 (2016: £63,725) during the year. At the year end this Director was owed £5,000 (2016: £4,623) by the Company in respect of a current account balance and £203,284 (2016: £203,284) in respect of a loan which accrues interest at 3%.
During the year the Company made sales of £400 (2016: £nil) to a company under common control of one of the Directors.
At the year end the Company owed another company, which is under the control of one of the Directors, £217,970 (2016: £217,970) in respect of a loan which accrues interest at 3%.

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