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COMPANY REGISTRATION NUMBER: SC276569
MGT Training Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2022
MGT Training Ltd
Abridged Financial Statements
Year ended 31 March 2022
Contents
Page
Officers and professional advisers
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
MGT Training Ltd
Officers and Professional Advisers
The board of directors
Mrs M. Menzies-Batt
Mrs P. Middleton
Company secretary
Mrs P. Midldeton
Registered office
12 Clayhills Drive
Dundee
DD2 1SX
Accountants
FourM Limited
Chartered Accountants
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Bankers
Bank of Scotland plc
65-69 Murraygate
Dundee
DD1 2EA
MGT Training Ltd
Abridged Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
4
965
Current assets
Debtors
10,968
117,026
Cash at bank and in hand
163,066
92,396
---------
---------
174,034
209,422
Creditors: amounts falling due within one year
69,934
159,108
---------
---------
Net current assets
104,100
50,314
---------
--------
Total assets less current liabilities
104,104
51,279
---------
--------
Net assets
104,104
51,279
---------
--------
MGT Training Ltd
Abridged Statement of Financial Position (continued)
31 March 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
8
104,004
51,179
---------
--------
Shareholders funds
104,104
51,279
---------
--------
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
Mrs P Middleton Director
Company registration number: SC276569
MGT Training Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 12 Clayhills Drive, Dundee, DD2 1SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Going concern
The directors have reviewed the company's current and forecast financial situation and have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned in respect of training delivered during the year. The company is not registered for VAT.
Corporation and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Fixtures, fittings and equipment
-
25% - 50% Straight Line
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2021: 18 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
40,275
18,587
--------
--------
Tax on profit
40,275
18,587
--------
--------
6. Tangible assets
£
Cost
At 1 April 2021 and 31 March 2022
5,023
-------
Depreciation
At 1 April 2021
4,058
Charge for the year
961
-------
At 31 March 2022
5,019
-------
Carrying amount
At 31 March 2022
4
-------
At 31 March 2021
965
-------
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Directors' advances, credits and guarantees
The company was under the control of the directors throughout the current and previous year. The directors and their close relatives received dividends of £120,000 (2021 - £72,000) during the year. In the normal course of business, the directors have purchased and paid for goods and services on behalf of the company and have benefitted from the company reimbursing them as well as making payments on behalf of the directors personally. As a result of these transactions, there was an amount due by the company to the directors of £2,293 at the year-end (2021 - £4,004). The amount due to the directors is included within Debtors: amounts falling due within one year in the Abridged statement of financial position. The amount is repayable on demand and free from interest.