Registered number
07505626
International Business College Manchester Limited
Filleted Accounts
31 January 2023
International Business College Manchester Limited
Registered number: 07505626
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 14,036 16,513
Current assets
Debtors 5 260,237 264,650
Cash at bank and in hand 212,103 10,496
472,340 275,146
Creditors: amounts falling due within one year 6 (445,995) (198,849)
#NAME? 26,345 76,297
Total assets less current liabilities 40,381 92,810
Creditors: amounts falling due after more than one year 7 (22,500) (32,500)
Provisions for liabilities - (2,429)
#NAME? 17,881 57,881
Capital and reserves
Called up share capital 1 1
Profit and loss account 17,880 57,880
Shareholder's funds 17,881 57,881
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark Harrington
Director
Approved by the board on 20 September 2023
International Business College Manchester Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the services rendered. The stage of completion of the services rendered is measured by the dates when such services were rendered on a time apportionment.
Intangible fixed assets
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: H Davies
Firm: Accounts & Business Solutions Limited
Date of audit report: 20 September 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 6
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 28,034
At 31 January 2023 28,034
Depreciation
At 1 February 2022 11,521
Charge for the year 2,477
At 31 January 2023 13,998
Net book value
At 31 January 2023 14,036
At 31 January 2022 16,513
5 Debtors 2023 2022
£ £
Trade debtors 10,108 105,000
Amounts owed by related parties 161,344 109,807
Deferred tax asset 3,198 -
Other debtors 14,990 360
Prepayments and accrued income 70,597 49,483
260,237 264,650
The director Mark Harrington has given a personal guarantee in respect of the amounts due from the related party.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 392,780 51,886
Amounts owed to related parties - 114,100
Taxation and social security costs 1,399 -
Other creditors 8,832 8,382
Accruals and deferred income 32,984 14,481
445,995 198,849
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases within one year 86,328 86,328
within two and five years 345,312 345,312
in over five years 647,460 690,624
1,079,100 1,122,264
The lease is in the company name but the premises are shared with a related Company Orient Direct Limited. As such the rental charges are shared between the parties. Orient Direct Limited has cross guaranteed the lease. The property is also subject to service charges.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mark Harrington
Loans to director (10) 15,000 - 14,990
(10) 15,000 - 14,990
The loan was repaid in February 2023 together with interest of £150
10 Related party transactions
The director of the company is also a director and shareholder of Orient Direct Limited and Apex Training Services Limited and a director and 50% shareholder of Choices International Limited
During the year the company repaid its loan from Apex Training Services Limited and provided Orient Orient Direct Limited with additional funding of £51,537.
The amount outstanding from and (to)the companies is a follows.
2023 2022
£ £
Orient Direct Limited 161,344 109,807
Apex Training Services Limited - (114,100)
Choices International Limited Nil Nil
11 Controlling party
The company is under the control of Mark Harrington
12 Going Concern
International Business College Manchester has made strong progress over the past 3 years with gross revenues increasing from £56,000 in 2020 to £283,000 in 2022 and £298,000 in 2023 and forecasted revenues in excess of £650,000 in 2024. Our strategy has been based on a commitment to delivery of high-quality education and an expansion of the portfolio of qualifications to include qualifications which provide our students with good career prospects in growth business sectors.

It is unfortunate that the advent of the covid pandemic severely impacted the sector, due to the lack of movement of the international student sector, just at the time of the company's expension program made possible through its extensive marketing procedures. However the company's resilience has paid off and it is seeing a continued growth pattern as noted above. The recent success in the achievement of Office For Student registration has allowed , for the first time, the recruitment of UK students funded by UK student -finance from 2023 onwards and this provides a foundation for further robust growth through recruitment of UK students, in addition to continuing growth of our International student base.

Specific mention should also be made of the success of our professional training programmes in areas such ILM Leadership and Management and our continuing collaboration with our sister-company - Choices International Limited , a provider of high-value sports plus education programmes. These initiatives have allowed additional revenue streams to complement the core delivery of regulated qualifications.

Our strategy of expanding our portfolio to deliver qualifications which provide our students with rewarding careers in growth sectors, while committing to quality delivery, will continue to provide robust growth over the coming 3 year period.

The director is extremly confident that the company will meet all its objectives and has therefore guaranteed the outstanding loans made to related parties . Consequently the accounts have been prepared under the going concern basis.
13 Other information
International Business College Manchester Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 Portland Street
Minshull Street Entrance
Manchester
M1 3HU
International Business College Manchester Limited 07505626 false 2022-02-01 2023-01-31 2023-01-31 VT Final Accounts October 2023 Mark Harrington No description of principal activity 07505626 2021-02-01 2022-01-31 07505626 core:WithinOneYear 2022-01-31 07505626 core:AfterOneYear 2022-01-31 07505626 core:ShareCapital 2022-01-31 07505626 core:RetainedEarningsAccumulatedLosses 2022-01-31 07505626 core:AllPeriods 2022-01-31 07505626 2022-02-01 2023-01-31 07505626 bus:EntityNoLongerTradingButTradedInPast 2022-02-01 2023-01-31 07505626 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 07505626 bus:Audited 2022-02-01 2023-01-31 07505626 bus:Director40 2022-02-01 2023-01-31 07505626 1 2022-02-01 2023-01-31 07505626 2 2022-02-01 2023-01-31 07505626 core:PlantMachinery 2022-02-01 2023-01-31 07505626 bus:Director1 2022-02-01 2023-01-31 07505626 bus:Director1 1 2022-02-01 2023-01-31 07505626 countries:England 2022-02-01 2023-01-31 07505626 bus:FRS102 2022-02-01 2023-01-31 07505626 bus:FullAccounts 2022-02-01 2023-01-31 07505626 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 07505626 2023-01-31 07505626 core:WithinOneYear 2023-01-31 07505626 core:AfterOneYear 2023-01-31 07505626 core:ShareCapital 2023-01-31 07505626 core:RetainedEarningsAccumulatedLosses 2023-01-31 07505626 core:PlantMachinery 2023-01-31 07505626 core:AllPeriods 2023-01-31 07505626 bus:Director1 1 2023-01-31 07505626 2022-01-31 07505626 core:PlantMachinery 2022-01-31 07505626 bus:Director1 1 2022-01-31 iso4217:GBP xbrli:pure