Registration number:
for the Year Ended
56 Marchmont Road
Edinburgh
EH9 1HS
A & B Education Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
A & B Education Limited
Company Information
Directors |
J Archibald M M W Butcher D Archibald J R Butcher |
Company secretary |
M M W Butcher |
Registered office |
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Accountants |
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Page 1 |
A & B Education Limited
(Registration number: SC159176)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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
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J R Butcher
Director
Page 2 |
A & B Education Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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 tax expense for the period comprises tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Page 3 |
A & B Education Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.
Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets, including land and buildings, 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.
Gains on revaluation are recognised in other comprehensive income and accumulated in equity/revaluation reserve. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease previously recognised in profit or loss. Losses arising on revaluation are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. Any excess is recognised in profit or loss.
Depreciation
Depreciation is charged to the profit and loss account at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreicated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Fixtures, fittings and equipment |
15% reducing balances |
Land and buildings |
straight line over 50 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
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A & B Education Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
A & B Education Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Land and buildings |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 31 December 2017 |
- |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
- |
- |
( |
At 31 December 2017 |
- |
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Carrying amount |
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At 31 December 2017 |
- |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £Nil (2016 - £90,000) in respect of freehold land and buildings.
Impairment
Land and Buildings
Debtors |
2017 |
2016 |
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Other debtors |
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Page 6 |
A & B Education Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Dividends |
Final dividends paid
2017 |
2016 |
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Final dividend of £2 per each |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Contributions paid to money purchase schemes |
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47,460 |
31,140 |
Other transactions with directors
Page 7 |