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COMPANY REGISTRATION NUMBER: 06030612
Hands On Skills Training Limited
Filleted Unaudited Financial Statements
31 March 2023
Hands On Skills Training Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
69,321
154,749
Current assets
Debtors
7
308,499
143,875
Cash at bank and in hand
30,087
113,335
---------
---------
338,586
257,210
Creditors: amounts falling due within one year
8
301,139
185,166
---------
---------
Net current assets
37,447
72,044
---------
---------
Total assets less current liabilities
106,768
226,793
Creditors: amounts falling due after more than one year
9
140,625
203,125
Provisions
17,330
21,875
---------
---------
Net (liabilities)/assets
( 51,187)
1,793
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
11,778
Profit and loss account
( 63,065)
1,693
--------
-------
Shareholders (deficit)/funds
( 51,187)
1,793
--------
-------
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 comprehensive income has not been delivered.
For the year ending 31 March 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 .
Hands On Skills Training Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
A L Galway
Director
Company registration number: 06030612
Hands On Skills Training Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 115, Ceme Centre, Marsh Way, Rainham, Essex, RM13 8EU.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised to the extent the course or service has been delivered during the period. Amounts invoiced for services after the balance sheet date are deferred.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
In year of purchase
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:
Plant and Machinery
-
25% straight line
Motor Vehicles
-
25% straight line
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 9 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
29,999
--------
Amortisation
At 1 April 2022 and 31 March 2023
29,999
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2022
38,935
272,285
27,258
338,478
Additions
8,282
4,995
13,277
Revaluations
11,778
11,778
Transfers
( 251,815)
( 251,815)
--------
---------
--------
---------
At 31 March 2023
38,935
28,752
44,031
111,718
--------
---------
--------
---------
Depreciation
At 1 April 2022
173,507
10,222
183,729
Charge for the year
1,676
7,751
9,427
Disposals
( 150,759)
( 150,759)
--------
---------
--------
---------
At 31 March 2023
24,424
17,973
42,397
--------
---------
--------
---------
Carrying amount
At 31 March 2023
38,935
4,328
26,058
69,321
--------
---------
--------
---------
At 31 March 2022
38,935
98,778
17,036
154,749
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
145,538
70,772
Other debtors
162,961
73,103
---------
---------
308,499
143,875
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,715
103,310
Social security and other taxes
54,933
40,194
Other creditors
217,491
41,662
---------
---------
301,139
185,166
---------
---------
EDF Energy PLC holds a charge against Hands On Skills Training Limited in the form of a rent deposit deed.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
140,625
203,125
---------
---------
The bank loan is secured by a fixed and floating charge over the company assets.
10. Related party transactions
During the current year HOST Ltd charged Capital Engineering Group Holdings Limited, a company controlled by Mr A Galway and associates, £ 10,500 from Management services. As at 31 March 2023 the amount due to HOST ltd was £ 20,551 (2022 - nil) During the current year Plant and Machinery with a net book value of £101,056 was transferred to Lindenhall Investments Ltd, a company under common control. HOST Ltd rents Plant and Machinery from Lindenhall Investments Ltd incurring £20,087 of expenses in the current year. Lindenhall also charged interest on outstanding balances totalling £972 (2022- nil) As at 31 March 2023 the amount due to HOST from Lindenhall Investments was £107,063 (2022 - nil) No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 section 1A.