Company Registration No. 06995645 (England and Wales)
K10 APPRENTICESHIPS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
K10 APPRENTICESHIPS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
K10 APPRENTICESHIPS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,831
8,255
Investments
4
100
-
10,931
8,255
Current assets
Debtors
6
560,761
588,982
Cash at bank and in hand
126,600
135,646
687,361
724,628
Creditors: amounts falling due within one year
7
(353,753)
(312,012)
Net current assets
333,608
412,616
Total assets less current liabilities
344,539
420,871
Creditors: amounts falling due after more than one year
8
(203,749)
(305,140)
Net assets
140,790
115,731
Capital and reserves
Called up share capital
10
222
222
Share premium account
534,956
534,956
Profit and loss reserves
(394,388)
(419,447)
Total equity
140,790
115,731

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

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

The financial statements were approved by the board of directors and authorised for issue on 26 June 2019 and are signed on its behalf by:
Mr A Sapey
Director
Company Registration No. 06995645
K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
1
Accounting policies
Company information

K10 Apprenticeships Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Gateway Centre, 66 Lancaster Street, London, SE1 0RZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the support of the company's directors, creditors and shareholders.

 

If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and long-term liabilities as current liabilities and to provide for further liabilities which might arise.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business , and is shown net of VAT .

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
4 years straight line
Computer equipment
33.33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 3 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

The company has issued share options to an employee. These financial statements have been prepared in accordance with section 1A of FRS 102 and where no options have been granted during the period, no expense is recognised in the financial statements .

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 122 (2017 - 125).

K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
21,944
Additions
10,280
Disposals
(2,398)
At 30 September 2018
29,826
Depreciation and impairment
At 1 October 2017
13,689
Depreciation charged in the year
6,619
Eliminated in respect of disposals
(1,313)
At 30 September 2018
18,995
Carrying amount
At 30 September 2018
10,831
At 30 September 2017
8,255
4
Fixed asset investments
2018
2017
£
£
Investments
100
-
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2017
-
Additions
100
At 30 September 2018
100
Carrying amount
At 30 September 2018
100
At 30 September 2017
-
K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
5
Subsidiaries

Details of the company's subsidiaries at 30 September 2018 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
K10 Training Limited
England and Wales
Dormant
Ordinary shares
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
K10 Training Limited
-
100
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
393,270
363,559
Other debtors
90,192
133,324
483,462
496,883
Amounts falling due after more than one year:
Deferred tax asset
77,299
92,099
Total debtors
560,761
588,982
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
17,124
36,289
Amounts owed to group undertakings
100
-
Taxation and social security
97,856
78,709
Other creditors
238,673
197,014
353,753
312,012
K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 8 -
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
203,749
305,140

 

9
Share-based payment transactions

During the year ended 30 September 201 8 , the company operated an Enterprise Management Incentive share option plan, under which a maximum of 2,222 options have been granted to an employee at an exercise price of £ 22. 50. The grant date of the plan was 27 September 2016. The options are not subject to meeting any performance criteria and are only exercisable on sale or likely sale of the business.

 

During the year ended 30 September 201 8 , the company operated an Unapproved share option plan, under which a maximum of 222 options have been granted at an exercise price of £ 22.5 0. The grant date of the plan was 27 September 2016 . The options are not subject to meeting any performance criteria and only exercisable on sale or likely sale of the business.

 

No share options have been exercised on either plan to date.

10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
44,446 Ordinary shares of 0.005p each
222
222
222
222

During the year the Ordinary shares were redesignated in value from 1p shares to 0.5p shares. Subsequently, there was an issue of 22,223 Ordinary shares of 0.5p each for par.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

The senior statutory auditor was Paresh Radia FCA.
The auditor was RDP Newmans LLP.
K10 APPRENTICESHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 9 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
25,000
32,500
2018-09-30 2017-10-01 false CCH Software CCH Accounts Production 2019.100 No description of principal activity 28 June 2019 This audit opinion is unqualified Mr L Large Mr P Ruddick Mr R M Flaye Mr T J Storey Mr A Sapey 06995645 2017-10-01 2018-09-30 06995645 2018-09-30 06995645 2017-09-30 06995645 core:OtherPropertyPlantEquipment 2018-09-30 06995645 core:OtherPropertyPlantEquipment 2017-09-30 06995645 core:CurrentFinancialInstruments 2018-09-30 06995645 core:CurrentFinancialInstruments 2017-09-30 06995645 core:Non-currentFinancialInstruments 2018-09-30 06995645 core:Non-currentFinancialInstruments 2017-09-30 06995645 core:ShareCapital 2018-09-30 06995645 core:ShareCapital 2017-09-30 06995645 core:SharePremium 2018-09-30 06995645 core:SharePremium 2017-09-30 06995645 core:RetainedEarningsAccumulatedLosses 2018-09-30 06995645 core:RetainedEarningsAccumulatedLosses 2017-09-30 06995645 core:ShareCapitalOrdinaryShares 2018-09-30 06995645 core:ShareCapitalOrdinaryShares 2017-09-30 06995645 bus:Director7 2017-10-01 2018-09-30 06995645 core:FurnitureFittings 2017-10-01 2018-09-30 06995645 core:ComputerEquipment 2017-10-01 2018-09-30 06995645 core:OtherPropertyPlantEquipment 2017-09-30 06995645 core:OtherPropertyPlantEquipment 2017-10-01 2018-09-30 06995645 core:Subsidiary1 2017-10-01 2018-09-30 06995645 core:Subsidiary1 1 2017-10-01 2018-09-30 06995645 core:Subsidiary1 2 2017-10-01 2018-09-30 06995645 bus:OrdinaryShareClass1 2018-09-30 06995645 bus:OrdinaryShareClass1 2017-10-01 2018-09-30 06995645 bus:PrivateLimitedCompanyLtd 2017-10-01 2018-09-30 06995645 bus:FRS102 2017-10-01 2018-09-30 06995645 bus:Audited 2017-10-01 2018-09-30 06995645 bus:SmallCompaniesRegimeForAccounts 2017-10-01 2018-09-30 06995645 bus:Director1 2017-10-01 2018-09-30 06995645 bus:Director2 2017-10-01 2018-09-30 06995645 bus:Director3 2017-10-01 2018-09-30 06995645 bus:Director4 2017-10-01 2018-09-30 06995645 bus:Director5 2017-10-01 2018-09-30 06995645 bus:FullAccounts 2017-10-01 2018-09-30 xbrli:pure xbrli:shares iso4217:GBP