The Training Partnership (Education) Limited
Registered number: 08143171
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 51,718 61,266
Tangible assets 4 1,031 1,692
52,749 62,958
Current assets
Debtors 5 155,275 117,487
Cash at bank and in hand 79,654 41,282
234,929 158,769
Creditors: amounts falling due within one year 6 (155,180) (137,314)
Net current assets 79,749 21,455
Total assets less current liabilities 132,498 84,413
Creditors: amounts falling due after more than one year 7 (431,036) (214,554)
Provisions for liabilities (10,022) (11,962)
Net liabilities (308,560) (142,103)
Capital and reserves
Called up share capital 500 500
Profit and loss account (309,060) (142,603)
Shareholders' funds (308,560) (142,103)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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.
C Williams
Director
Approved by the board on 12 January 2024
The Training Partnership (Education) Limited
Notes to the Accounts
for the year ended 31 July 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 provision of educational courses and is recognised when the courses have taken place. Amounts received in advance, prior to courses taking place, are included as Other creditors within Creditors: Amounts falling due within one year. Other operating income includes income for consultancy services and is recognised as the service is provided.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 4 years
Computer equipment over 4 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 9
3 Intangible fixed assets
Goodwill Software
£ £ £
Cost
At 1 August 2022 402,645 95,480 498,125
At 31 July 2023 402,645 95,480 498,125
Amortisation
At 1 August 2022 402,645 34,214 436,859
Charge for year - 9,548 9,548
At 31 July 2023 402,645 43,762 446,407
Net book value
At 31 July 2023 - 51,718 51,718
At 31 July 2022 - 61,266 61,266
Goodwill was written off on a straight line basis over its estimated economic life of 5 years. Software is amortised on a straight line basis over its useful economic life of 10 years.
4 Tangible fixed assets
Plant and machinery Computer Equipment Total
£ £ £
Cost
At 1 August 2022 3,319 5,169 8,488
Additions - 524 524
Disposals - (1,142) (1,142)
At 31 July 2023 3,319 4,551 7,870
Depreciation
At 1 August 2022 3,319 3,477 6,796
Charge for the year - 516 516
On disposals - (473) (473)
At 31 July 2023 3,319 3,520 6,839
Net book value
At 31 July 2023 - 1,031 1,031
At 31 July 2022 - 1,692 1,692
5 Debtors 2023 2022
£ £
Trade debtors 119,441 92,725
Other debtors 35,834 24,762
155,275 117,487
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 23,380 21,950
Taxation and social security costs 15,768 15,230
Other creditors 116,032 100,134
155,180 137,314
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - Directors loan account 431,036 214,554
431,036 214,554
The directors loan account balance has been classified as falling due after one year as the director has confirmed he will not seek repayment in the foreseeable future.
8 Controlling party
The ultimate controlling party is Mr C Williams by virtue of his majority shareholding in the company.
9 Other information
The Training Partnership (Education) Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Park Place
Newdigate Road
Harefield
Middlesex
UB9 6EJ
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