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Registration number: 08765962

Mantra Training Solutions Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Company Information

Director

R A Brigden

Registered office

5 Millstream
Exeter
Devon
EX2 6GD

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

169

324

Current assets

 

Debtors

5

2,291

-

Cash at bank and in hand

 

39,543

42,661

 

41,834

42,661

Creditors: Amounts falling due within one year

6

(506)

(1,253)

Net current assets

 

41,328

41,408

Total assets less current liabilities

 

41,497

41,732

Provisions for liabilities

(32)

(62)

Net assets

 

41,465

41,670

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

41,455

41,660

Total equity

 

41,465

41,670

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 August 2024
 

.........................................
R A Brigden
Director

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Millstream
Exeter
Devon
EX2 6GD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 December 2022

3,689

3,689

At 30 November 2023

3,689

3,689

Depreciation

At 1 December 2022

3,365

3,365

Charge for the year

155

155

At 30 November 2023

3,520

3,520

Carrying amount

At 30 November 2023

169

169

At 30 November 2022

324

324

5

Debtors

2023
£

2022
£

Other debtors

2,291

-

Total current trade and other debtors

2,291

-

6

Creditors

2023
£

2022
£

Due within one year

Taxation and social security

266

316

Other creditors

-

697

Accrued expenses

240

240

506

1,253

 

Mantra Training Solutions Limited
(Registration number: 08765962)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

At 30 November 2023
£

R A Brigden

Interest free loan

-

2,291

2,291