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Registered number: 05631622
TIRO TRAINING LTD
Unaudited Financial Statements
For The Year Ended 31 July 2024
Clear9 LTD
Chartered Certified Accountants
43 Brunswick Square
Hove
BN3 1EE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05631622
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 218,607 248,610
Tangible Assets 5 93,881 132,146
312,488 380,756
CURRENT ASSETS
Debtors 6 653,722 523,835
Cash at bank and in hand 75,197 -
728,919 523,835
Creditors: Amounts Falling Due Within One Year 7 (344,716 ) (225,524 )
NET CURRENT ASSETS (LIABILITIES) 384,203 298,311
TOTAL ASSETS LESS CURRENT LIABILITIES 696,691 679,067
Creditors: Amounts Falling Due After More Than One Year 8 (238,446 ) (277,369 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (77,309 ) (72,344 )
NET ASSETS 380,936 329,354
CAPITAL AND RESERVES
Called up share capital 9 106 106
Profit and Loss Account 380,830 329,248
SHAREHOLDERS' FUNDS 380,936 329,354
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Charlotte Blant
Director
12/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
TIRO TRAINING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 05631622 . The registered office is Suite 14d, Faraday Wharf, Holt Street, Birmingham, B7 4BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are development costs. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 33%
Computer Equipment 25%
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2023: 34)
31 34
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 August 2023 7,021 300,028 307,049
As at 31 July 2024 7,021 300,028 307,049
Amortisation
As at 1 August 2023 7,021 51,418 58,439
Provided during the period - 30,003 30,003
As at 31 July 2024 7,021 81,421 88,442
Net Book Value
As at 31 July 2024 - 218,607 218,607
As at 1 August 2023 - 248,610 248,610
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 28,931 169,461 11,550 18,529 228,471
Additions - - 631 6,520 7,151
As at 31 July 2024 28,931 169,461 12,181 25,049 235,622
Depreciation
As at 1 August 2023 28,931 42,365 8,231 16,798 96,325
Provided during the period - 42,366 987 2,063 45,416
As at 31 July 2024 28,931 84,731 9,218 18,861 141,741
Net Book Value
As at 31 July 2024 - 84,730 2,963 6,188 93,881
As at 1 August 2023 - 127,096 3,319 1,731 132,146
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 281,858 245,293
Amounts recoverable on contracts 165,000 249,519
Prepayments and accrued income 72,237 18,265
Other debtors 10,513 7,490
VAT 3,639 3,268
Director's loan account 90,075 -
623,322 523,835
Due after more than one year
Corporation tax recoverable assets 30,400 -
653,722 523,835
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 142,370 54,799
Bank loans and overdrafts 33,169 30,932
Corporation tax 101,668 5,464
Other taxes and social security 35,813 97,396
Net wages 5,196 5,448
Other creditors 26,500 31,485
344,716 225,524
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 238,446 277,369
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 106 106
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Ms Charlotte Blant - 90,075 - - 90,075
The above loan is unsecured, interest free and repayable on demand.
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