REGISTERED NUMBER: |
Mentor Training Centre Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Mentor Training Centre Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
Mentor Training Centre Limited (Registered number: SC107612) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mentor Training Centre Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
52 St Vincent Street |
Glasgow |
G2 5UQ |
Mentor Training Centre Limited (Registered number: SC107612) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
Mentor Training Centre Limited (Registered number: SC107612) |
Balance Sheet - continued |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Capital redemption reserve | 9 |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mentor Training Centre Limited (Registered number: SC107612) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Mentor Training Centre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the gross sales for the provision of training services. |
Revenue is recognised in line with performance to the extent that a right to consideration arises. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The freehold property was revalued on 31 May 2023 and the directors have estimated that the fair value has not materially changed at 31 May 2024. Deferred tax has been calculated on the potential revaluation gain and is included in the revaluation reserve. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
All loans with related parties are repayable on demand. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Mentor Training Centre Limited (Registered number: SC107612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Valuation of investments |
Investments in listed company shares are included at estimated market value at the balance sheet date, based on the cash-in value on the annual statement issued by the investment provider. Any gains or losses are recognised in the profit and loss for the period. |
Provisions |
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Mentor Training Centre Limited (Registered number: SC107612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Land and |
buildings |
£ |
Valuation in 2023 | 30,562 |
Cost | 397,429 |
427,991 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 397,429 | 397,429 |
Aggregate depreciation | (70,939 | ) | (62,990 | ) |
Value of land in freehold land and buildings | 326,490 | 334,439 |
The freehold property was valued on an open market basis on 31 May 2023 by Knight Frank . |
The directors have estimated that the fair value has not materially changed at 31 May 2024. |
Mentor Training Centre Limited (Registered number: SC107612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investment |
£ |
COST OR VALUATION |
At 1 June 2023 |
Revaluations |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Other |
investment |
£ |
Valuation in 2016 | 13,927 |
Valuation in 2017 | 6,463 |
Valuation in 2018 | 11,130 |
Valuation in 2019 | 2,513 |
Valuation in 2020 | (11,900 | ) |
Valuation in 2021 | 34,010 |
Valuation in 2022 | 26,494 |
Valuation in 2023 | (17,936 | ) |
Valuation in 2024 | 28,939 |
Cost | 550,000 |
643,640 |
The fixed asset investments comprise of a portfolio of managed funds which include listed and unlisted investments. The portfolio is managed by Prudential International on behalf of the company. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Mentor Training Centre Limited (Registered number: SC107612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
9. | RESERVES |
Capital | Fair |
Retained | Revaluation | redemption | value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 June 2023 | 1,190,118 |
Profit for the year |
Revaluation of investments | (28,939 | ) | - | - | 28,939 | - |
At 31 May 2024 | 1,354,407 |