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REGISTERED NUMBER: SC107612 (Scotland)




















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: R J Normand
M F Normand



REGISTERED OFFICE: 176 Bath Street
Glasgow
G2 4HG



REGISTERED NUMBER: SC107612 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: TSB
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 4 365,532 380,104
Investments 5 643,640 614,701
1,009,172 994,805

CURRENT ASSETS
Debtors 6 6,255 4,517
Cash at bank and in hand 438,791 248,077
445,046 252,594
CREDITORS
Amounts falling due within one year 7 70,204 32,754
NET CURRENT ASSETS 374,842 219,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,384,014

1,214,645

PROVISIONS FOR LIABILITIES 29,521 24,441
NET ASSETS 1,354,493 1,190,204

Mentor Training Centre Limited (Registered number: SC107612)

Balance Sheet - continued
31 May 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 86 86
Revaluation reserve 9 27,069 27,069
Capital redemption reserve 9 15 15
Fair value reserve 9 89,694 60,755
Retained earnings 9 1,237,629 1,102,279
SHAREHOLDERS' FUNDS 1,354,493 1,190,204

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





R J Normand - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 25% on cost

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 10 (2023 - 10 ) .

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 427,991 79,472 507,463
Additions - 400 400
At 31 May 2024 427,991 79,872 507,863
DEPRECIATION
At 1 June 2023 62,991 64,368 127,359
Charge for year 7,949 7,023 14,972
At 31 May 2024 70,940 71,391 142,331
NET BOOK VALUE
At 31 May 2024 357,051 8,481 365,532
At 31 May 2023 365,000 15,104 380,104

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 614,701
Revaluations 28,939
At 31 May 2024 643,640
NET BOOK VALUE
At 31 May 2024 643,640
At 31 May 2023 614,701

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 2,339 806
Other debtors 3,916 3,711
6,255 4,517

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 55,653 20,615
Other creditors 14,551 12,139
70,204 32,754

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 864 864

9. RESERVES
Capital Fair
Retained Revaluation redemption value
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 June 2023 1,102,279 27,069 15 60,755 1,190,118
Profit for the year 164,289 164,289
Revaluation of investments (28,939 ) - - 28,939 -
At 31 May 2024 1,237,629 27,069 15 89,694 1,354,407