Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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#NAME? | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Provisions for liabilities | - | ( |
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#NAME? | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholder's funds | |||||||
Mark Harrington | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Plant and machinery | over 10 years | |||||||
Fixtures, fittings, tools and equipment | over 10 years | |||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Pensions | ||||||||
2 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 February 2022 | ||||||||
At 31 January 2023 | ||||||||
Depreciation | ||||||||
At 1 February 2022 | ||||||||
Charge for the year | ||||||||
At 31 January 2023 | ||||||||
Net book value | ||||||||
At 31 January 2023 | ||||||||
At 31 January 2022 | ||||||||
5 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by related parties | ||||||||
Deferred tax asset | - | |||||||
Other debtors | ||||||||
Prepayments and accrued income | 70,597 | 49,483 | ||||||
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 | ||||||||
Trade creditors | ||||||||
Amounts owed to related parties | - | |||||||
Taxation and social security costs | - | |||||||
Other creditors | ||||||||
Accruals and deferred income | 32,984 | 14,481 | ||||||
7 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
8 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases within one year | ||||||||
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 | ||||
£ | £ | £ | £ | |||||
( |
- | |||||||
(10) | 15,000 | - | 14,990 | |||||
The loan was repaid in February 2023 together with interest of £150 | ||||||||
10 | Related party transactions | |||||||
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 | |||||||
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. |
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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 |