24 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 220,122 31,612 251,734 157,316 31,473 188,789 62,945 62,806 xbrli:pure xbrli:shares iso4217:GBP SC267785 2022-06-01 2023-05-31 SC267785 2023-05-31 SC267785 2022-05-31 SC267785 2021-06-01 2022-05-31 SC267785 2022-05-31 SC267785 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 SC267785 core:FurnitureFittings 2022-06-01 2023-05-31 SC267785 core:MotorVehicles 2022-06-01 2023-05-31 SC267785 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC267785 bus:Director1 2022-06-01 2023-05-31 SC267785 bus:Director2 2022-06-01 2023-05-31 SC267785 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 SC267785 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 SC267785 core:FurnitureFittings 2022-05-31 SC267785 core:MotorVehicles 2022-05-31 SC267785 core:FurnitureFittings 2023-05-31 SC267785 core:MotorVehicles 2023-05-31 SC267785 core:WithinOneYear 2023-05-31 SC267785 core:WithinOneYear 2022-05-31 SC267785 core:ShareCapital 2023-05-31 SC267785 core:ShareCapital 2022-05-31 SC267785 core:CapitalRedemptionReserve 2023-05-31 SC267785 core:CapitalRedemptionReserve 2022-05-31 SC267785 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC267785 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC267785 core:BetweenOneFiveYears 2023-05-31 SC267785 core:BetweenOneFiveYears 2022-05-31 SC267785 core:MoreThanFiveYears 2022-05-31 SC267785 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 SC267785 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 SC267785 core:AcceleratedTaxDepreciationDeferredTax 2022-05-31 SC267785 core:FurnitureFittings 2022-05-31 SC267785 core:MotorVehicles 2022-05-31 SC267785 bus:SmallEntities 2022-06-01 2023-05-31 SC267785 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC267785 bus:FullAccounts 2022-06-01 2023-05-31 SC267785 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC267785 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC267785 bus:OrdinaryShareClass1 2023-05-31 SC267785 bus:OrdinaryShareClass1 2022-05-31 SC267785 core:ComputerEquipment 2022-06-01 2023-05-31 SC267785 core:ComputerEquipment 2022-05-31 SC267785 core:ComputerEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: SC267785
Competence Matters Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Competence Matters Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Competence Matters Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
62,945
62,806
Tangible assets
6
62,935
86,575
---------
---------
125,880
149,381
Current assets
Debtors
7
363,852
296,362
Cash at bank and in hand
269,123
310,158
---------
---------
632,975
606,520
Creditors: amounts falling due within one year
8
352,216
419,014
---------
---------
Net current assets
280,759
187,506
---------
---------
Total assets less current liabilities
406,639
336,887
Provisions
Taxation including deferred tax
11,820
16,450
---------
---------
Net assets
394,819
320,437
---------
---------
Competence Matters Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
10
527
527
Capital redemption reserve
750
750
Profit and loss account
393,542
319,160
---------
---------
Shareholders funds
394,819
320,437
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr David Hanley
Mr D Aitken
Director
Director
Company registration number: SC267785
Competence Matters Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 56 Deerdykes View, Cumbernauld, Glasgow, G68 9HN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the sales value of work done providing training and assessment services during the year, exclusive of Value Added Tax.
Income 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software & Website Development
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 23 ).
5. Intangible assets
Software Development
£
Cost
At 1 June 2022
220,122
Additions
Additions from internal developments
31,612
---------
At 31 May 2023
251,734
---------
Amortisation
At 1 June 2022
157,316
Charge for the year
31,473
---------
At 31 May 2023
188,789
---------
Carrying amount
At 31 May 2023
62,945
---------
At 31 May 2022
62,806
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
88,391
120,699
90,551
299,641
Additions
2,685
1,995
4,680
Disposals
( 21,945)
( 14,190)
( 36,135)
--------
---------
--------
---------
At 31 May 2023
69,131
120,699
78,356
268,186
--------
---------
--------
---------
Depreciation
At 1 June 2022
59,616
73,347
80,103
213,066
Charge for the year
4,181
11,842
2,450
18,473
Disposals
( 14,745)
( 11,543)
( 26,288)
--------
---------
--------
---------
At 31 May 2023
49,052
85,189
71,010
205,251
--------
---------
--------
---------
Carrying amount
At 31 May 2023
20,079
35,510
7,346
62,935
--------
---------
--------
---------
At 31 May 2022
28,775
47,352
10,448
86,575
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
126,086
137,404
Other debtors
237,766
158,958
---------
---------
363,852
296,362
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,158
83,963
Social security and other taxes
99,628
200,097
Other creditors
4,274
3,342
Other creditors
198,156
131,612
---------
---------
352,216
419,014
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
11,820
16,450
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
11,820
16,450
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
527
527
527
527
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
34,000
42,000
Later than 1 year and not later than 5 years
82,958
183,083
Later than 5 years
17,875
---------
---------
116,958
242,958
---------
---------
12. Directors' advances, credits and guarantees
During the year to 31 May 2023, the brought forward balance on the outstanding director's loan account was repaid (2022 - £16,785).