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Registration number: 03199479

South West Regional Assessment Centre Limited (A company limited by guarantee)

Annual Report and Unaudited Financial Statements Year Ended 29 February 2024

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Chartered Accountants

 

South West Regional Assessment Centre Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

South West Regional Assessment Centre Limited

Company Information

Director

Mr A Gunner

Company secretary

Mr A Gunner

Registered office

Suite 3 Merley House
Merley House Lane
Wimborne
Dorset
BH21 3AA

Accountants

Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
South West Regional Assessment Centre Limitedfor the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South West Regional Assessment Centre Limited for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of South West Regional Assessment Centre Limited, as a body, in accordance with the terms of our engagement letter dated 12 May 2010. Our work has been undertaken solely to prepare for your approval the accounts of South West Regional Assessment Centre Limited and state those matters that we have agreed to state to the Board of Directors of South West Regional Assessment Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South West Regional Assessment Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that South West Regional Assessment Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of South West Regional Assessment Centre Limited. You consider that South West Regional Assessment Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of South West Regional Assessment Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

11 November 2024

 

South West Regional Assessment Centre Limited

(Registration number: 03199479)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,057

30,134

Tangible assets

5

214,882

172,802

 

229,939

202,936

Current assets

 

Stocks

6

8,250

8,250

Debtors

7

239,680

375,241

Cash at bank and in hand

 

253,835

120,659

 

501,765

504,150

Creditors: Amounts falling due within one year

8

(176,599)

(173,960)

Net current assets

 

325,166

330,190

Total assets less current liabilities

 

555,105

533,126

Creditors: Amounts falling due after more than one year

8

(82,572)

(142,762)

Net assets

 

472,533

390,364

Reserves

 

Retained earnings

472,533

390,364

Surplus

 

472,533

390,364

For the financial year ending 29 February 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2024
 



Mr A Gunner
Company secretary and director

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

1

General information

The company is a company limited by guarantee, incorporated in England.

The address of its registered office is:
Suite 3 Merley House
Merley House Lane
Wimborne
Dorset
BH21 3AA

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 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.

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

Fixtures, fittings and equipment

3 years straight line

Motor vehicles

25% reducing balance

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 72 (2023 - 69).

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

98,384

98,384

At 29 February 2024

98,384

98,384

Amortisation

At 1 March 2023

68,250

68,250

Amortisation charge

15,077

15,077

At 29 February 2024

83,327

83,327

Carrying amount

At 29 February 2024

15,057

15,057

At 28 February 2023

30,134

30,134

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

304,489

292,731

597,220

Additions

47,013

77,111

124,124

At 29 February 2024

351,502

369,842

721,344

Depreciation

At 1 March 2023

290,053

134,365

424,418

Charge for the year

23,173

58,871

82,044

At 29 February 2024

313,226

193,236

506,462

Carrying amount

At 29 February 2024

38,276

176,606

214,882

At 28 February 2023

14,436

158,366

172,802

6

Stocks

2024
£

2023
£

Other inventories

8,250

8,250

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

51,833

128,759

Prepayments

36,714

40,637

Other debtors

151,133

205,845

 

239,680

375,241

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

36,000

36,000

Trade creditors

 

29,782

59,143

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

20,000

-

Taxation and social security

 

48,617

40,117

Other creditors

 

18,010

16,441

HP and finance lease liabilities

 

24,190

22,259

 

176,599

173,960

Due after one year

 

Loans and borrowings

9

82,572

142,762

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

82,572

142,762

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

45,000

81,000

Hire purchase contracts

37,572

61,762

82,572

142,762

2024
£

2023
£

Current loans and borrowings

Bank borrowings

36,000

36,000

Hire purchase contracts

24,190

22,259

60,190

58,259

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

180,000

150,000

Summary of transactions with other related parties

 

South West Regional Assessment Centre Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Merley House Events Ltd (MHE) and Worldwide Waste Wise Ltd (WWW)
 Director and member Mr A Gunner is also a director and shareholder of MHE and WWW.

MHE invoiced SWRAC for room hire and refreshments during the period of £14,062 (2023 £9,917). At the balance sheet date the amount due from MHE was £88,721 (2023 £102,533).

Income has been included of £36,000 (2023 £36,000) for recharge of rent, rates and insurance. At the balance sheet date the amount due from WWW was £57,313 (2023 £101,313).