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Registration number: 03199479

South West Regional Assessment Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

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Chartered Accountants

 

South West Regional Assessment Centre Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

South West Regional Assessment Centre Limited

Company Information

Director

Mr A Gunner

Company secretary

Mr A Gunner

Registered office

Suite 3 Merley House
Merley House Lane
Wimborne
Dorset
BH21 3AA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
South West Regional Assessment Centre Limited
for the Year Ended 28 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South West Regional Assessment Centre Limited for the year ended 28 February 2018 as set out on pages 3 to 7 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/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of South West Regional Assessment Centre Limited, as a body, in accordance with the terms of our engagement letter dated 12 May 2010. Our work has been undertaken solely to prepare for your approval the accounts of South West Regional Assessment Centre Limited and state those matters that we have agreed to state to the Board of Directors of South West Regional Assessment Centre 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 South West Regional Assessment Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that South West Regional Assessment Centre 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 South West Regional Assessment Centre Limited. You consider that South West Regional Assessment Centre 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 South West Regional Assessment Centre 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.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

8 November 2018

 

South West Regional Assessment Centre Limited

(Registration number: 03199479)
Balance Sheet as at 28 February 2018

Note

2018
 

2017
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

64,657

 

16,084

Current assets

   

 

Debtors

5

267,991

 

171,698

 

Cash at bank and in hand

 

62,883

 

28,387

 

 

330,874

 

200,085

 

Creditors: Amounts falling due within one year

6

(82,247)

 

(68,636)

 

Net current assets

   

248,627

 

131,449

Total assets less current liabilities

   

313,284

 

147,533

Creditors: Amounts falling due after more than one year

6

 

(27,684)

 

-

Net assets

   

285,600

 

147,533

Capital and reserves

   

 

Profit and loss account

285,600

 

147,533

 

Total equity

   

285,600

 

147,533

For the financial year ending 28 February 2018 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 for issue by the director on 29 October 2018
 


Mr A Gunner
Company secretary and director

   
 

South West Regional Assessment Centre Limited

Notes to the Financial Statements
for the Year Ended 28 February 2018

1

General information

The company is a company limited by guarantee incorporated in England.

The address of its registered office is:
Suite 3 Merley House
Merley House Lane
Wimborne
Dorset
BH21 3AA

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.

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, fittings and equipment

3 years straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

South West Regional Assessment Centre Limited

Notes to the Financial Statements
for the Year Ended 28 February 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2017 - 22).

 

South West Regional Assessment Centre Limited

Notes to the Financial Statements
for the Year Ended 28 February 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

195,271

51,613

246,884

Additions

7,467

68,193

75,660

Disposals

-

(14,700)

(14,700)

At 28 February 2018

202,738

105,106

307,844

Depreciation

At 1 March 2017

193,499

37,300

230,799

Charge for the year

4,171

19,865

24,036

Eliminated on disposal

-

(11,648)

(11,648)

At 28 February 2018

197,670

45,517

243,187

Carrying amount

At 28 February 2018

5,068

59,589

64,657

At 28 February 2017

1,772

14,312

16,084

5

Debtors

2018
£

2017
£

Trade debtors

161,879

65,273

Other debtors

106,112

106,425

267,991

171,698

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

20,721

46,063

Taxation and social security

 

20,047

13,620

Other creditors

 

30,484

8,953

Finance lease liabilities

 

10,995

-

 

82,247

68,636

Due after one year

 

Loans and borrowings

7

27,684

-

7

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

27,684

-

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

10,995

-

 

South West Regional Assessment Centre Limited

Notes to the Financial Statements
for the Year Ended 28 February 2018

8

Related party transactions

Summary of transactions with other related parties

Merley House Events Ltd (MHE) and Worldwide Waste Wise Ltd (WWW)
 Director and member Mr A Gunner is also a director and shareholder of MHE and WWW.

Income has been included of £nil (2017 £36,000) for recharge of rent, rates and insurance. MHE invoiced SWRAC for room hire and refreshments during the period of £7,438 (2017 £4,436). At the balance sheet date the amount due from MHE was £92,723 (2017 £74,611).

Income has been included of £36,000 (2017 £36,000) for recharge of rent, rates and insurance. The company was charged for services performed by WWW amounting to £2,996 (2017 £37,020). At the balance sheet date the amount due to WWW was £6,256 (2017 £20,940 due from WWW).