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Registration number: 07140071

Accelerated Training Resources Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

McManus Williams Limited
Chartered Certified Accountants
Suite 2, Bellevue Mansions
18-22 Bellevue Road
Clevedon
BS21 7NU

 

Accelerated Training Resources Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Accelerated Training Resources Limited

Company Information

Director

Miss N Bibby

Registered office

9 Bellevue Mansions
18-22 Bellevue Road
Clevedon
BS21 7NU

Accountants

McManus Williams Limited
Chartered Certified Accountants
Suite 2, Bellevue Mansions
18-22 Bellevue Road
Clevedon
BS21 7NU

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Accelerated Training Resources Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Accelerated Training Resources Limited for the year ended 31 March 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Accelerated Training Resources Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Accelerated Training Resources Limited and state those matters that we have agreed to state to the Board of Directors of Accelerated Training Resources Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Accelerated Training Resources Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Accelerated Training Resources 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 Accelerated Training Resources Limited. You consider that Accelerated Training Resources 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 Accelerated Training Resources 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.

......................................

McManus Williams Limited
Chartered Certified Accountants
Suite 2, Bellevue Mansions
18-22 Bellevue Road
Clevedon
BS21 7NU

30 December 2017

 

Accelerated Training Resources Limited

(Registration number: 07140071)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

25,742

13,116

Current assets

 

Debtors

6

200,096

142,792

Cash at bank and in hand

 

43,924

37,850

 

244,020

180,642

Creditors: Amounts falling due within one year

7

(167,280)

(68,398)

Net current assets

 

76,740

112,244

Total assets less current liabilities

 

102,482

125,360

Provisions for liabilities

(4,891)

(2,623)

Net assets

 

97,591

122,737

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

97,590

122,736

Total equity

 

97,591

122,737

For the financial year ending 31 March 2017 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 her 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 30 December 2017
 

.........................................

Miss N Bibby

Director

 

Accelerated Training Resources Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

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

The address of its registered office is:
9 Bellevue Mansions
18-22 Bellevue Road
Clevedon
BS21 7NU

These financial statements were authorised for issue by the director on 30 December 2017.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

25% on reducing balance

Furniture and fittings

15% on reducing balance

Office equipment

33% on cost

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.

 

Accelerated Training Resources Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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% on cost

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.

Borrowings

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.

 

Accelerated Training Resources Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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 6 (2016 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

25,000

25,000

At 31 March 2017

25,000

25,000

Amortisation

At 1 April 2016

25,000

25,000

At 31 March 2017

25,000

25,000

Carrying amount

At 31 March 2017

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Accelerated Training Resources Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

22,824

377

23,201

Additions

16,950

219

17,169

At 31 March 2017

39,774

596

40,370

Depreciation

At 1 April 2016

10,072

13

10,085

Charge for the year

4,441

102

4,543

At 31 March 2017

14,513

115

14,628

Carrying amount

At 31 March 2017

25,261

481

25,742

At 31 March 2016

12,752

364

13,116

6

Debtors

2017
£

2016
£

Trade debtors

184,170

115,402

Other debtors

15,926

27,390

Total current trade and other debtors

200,096

142,792

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

-

1,375

Trade creditors

 

30,818

7,223

Director's current account

504

-

Taxation and social security

 

-

265

Other creditors

 

135,958

59,535

 

167,280

68,398

8

Loans and borrowings

 

Accelerated Training Resources Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

-

1,375

9

Transition to FRS 102

The company has adopted the accounting standards of FRS 102 and the reduced disclosure requirements of s1A, with an effective date of 1st April 2015. There are no changes in treatment or valuation required as a result of the transition, so all comparative figures remain as previously reported.