Registered Charity number 510520 (England and Wales) Company number 01512204
NLT TRAINING SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
NLT TRAINING SERVICES LIMITED
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
CONTENTS
-
1 Legal and administrative details
-
2 - 5 Report of the trustees
-
6 Report of the independent examiner
-
7 Statement of financial activities
-
8 Balance sheet
-
9 - 15 Notes to the financial statements
NLT TRAINING SERVICES LIMITED
Legal and administrative details
Chief Executive S Temperton Trustees Mr S Oxspring Mr S J Winfield Mr F Benison Mrs A Melton Mr M Lovatt Registered Office Devonshire House Station Road Brimington Chesterfield S43 1JU Registered Company Number 01512204 Registered Charity Number England & Wales 510520 Bankers National Westminster Bank Plc 5 Market Place Chesterfield Derbyshire S40 1TW Independent Examiner Mr Phillip Nicholson Stopford Associates Ltd Synergy House 7 Acorn Business Park Commercial Gate Mansfield Nottinghamshire NG18 1EX
1
NLT TRAINING SERVICES LIMITED
Chairs Report
NLT Training Services continues to trade as a commercial business for the construction, engineering and manufacturing sector throughout 2019 – 2020 delivering health and safety training to SME’s and self-employed contractors.
The Chesterfield site, Devonshire House, was finally sold in December 2019 to the Phoenix Technology Group. This meant the budget would become more realistic throughout 2020 with the reduction of many of the expensive running costs for the building in Chesterfield.
In February 2020 work commenced with a D2N2 business development advisor. Match funded EDRF grants were applied for through the Business Improvement Fund (BIF) and through Notts Business Venture (NBV) to contribute towards the purchase of laptops and refreshing the network. This would enable delivery of the ‘CCNSG renewal test only’ to those contractors who needed to refresh their safety passport cards. The plan is to deliver from Chesterfield and Scunthorpe. The cost of delivering this is much less than the full day’s refresher course as no tutor is needed and the test is invigilated by a member of staff. This project was not finalised before the financial year end due to the national lockdown in May and June.
NLT closed its doors to training during the two months lockdown and re-opened in June 2020. This meant no income for the two months of closure. One member of staff was furloughed and the other worked from home during this period. Courses recommenced in June 2020 but to lower numbers to ensure safety for all. Overall tutor costs will be higher, and each course will have a lower profit margin.
NLT was successful in receiving 2 COVID – 19 grants, a discretionary one from Chesterfield Borough Council of £7,500 and a full COVID grant from North Lincolnshire Council of £10,000. This has enabled NLT to continue operating throughout the pandemic time period.
NLT continues to have a healthy balance sheet due to the sale of the Chesterfield building. The board are now keen to maximise their contributions to the local communities in Derbyshire and Lincolnshire to ensure their charitable objectives are met.
2
NLT TRAINING SERVICES LIMITED
Trustees Report (including Directors Report) for the year ended 31 July 2020
The Trustees present their report and financial statements of the charity for the year ended 31 July 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019).
Governing document
NLT Training Services Limited is limited by guarantee and governed by its Articles of Association adopted on incorporation dated 13 August 1980, as amended on 20 February 1992, 25 October 1996, 21 May 2007, 16 March 2010 and 8 April 2019.
It is registered as a charity with the Charity Commission.
Trustees of the charity
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:
Mr S Oxspring Mr S J Winfield (Appointed 19 February 2020) Mr F Benison Mrs A Melton Mr M Lovatt
Mr C Cox (Resigned 12 March 2020) Mrs C Penny (Resigned 18 August 2020)
Appointment of directors
As set out in the Articles of Association the directors are appointed by the company from out of the members. The board of directors comprises the Chairman, the Vice Chairman and up to seven other members (or such other numbers of members as the company, in general meeting, shall from time to time fix) appointed by the company in general meeting, each of whom shall be chosen as representing one of the persons or bodies which are ordinary members of the company or are representative members of the company. The board may also co-opt other persons as it thinks fit to join the board and vote.
Induction and training of directors
New directors undergo an induction process which aims to inform them of their responsibilities as trustees of the charity.
Objects of the charitable company
The objects of the charity as set out in its Articles of Association are to promote and advance adequate training of persons employed or intending to be employed in industry and commerce, and to extend such training to members of the public generally.
The directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives.
3
NLT TRAINING SERVICES LIMITED
Trustees Report (including Directors Report) (continued) for the year ended 31 July 2020
Public Benefit
The charity supports individuals in business communities to grow by developing their work related skills through training and development, coaching and mentoring and in some cases providing a financial bursary for those who would be unable to access the training due to poor financial circumstances.
Organisation of the charitable company
The board of directors administer the charity. The board meets at least quarterly and on a more frequent basis when it is deemed necessary. A Chief Executive is appointed by the board to manage the day to day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within the terms of delegation approved by the directors, for operational matters including finance and employment.
Arrangements for setting pay and remuneration of key management personnel rest with the board of directors.
Achievements and performance
This is covered within the Chair's report on page 2.
Financial review
2019 – 2020 has been a better year as the sale of the Chesterfield site completed in December 2019. January 2020 enabled NLT to start trading with a realistic cost centre, in line with its current trading routes.
At 31 July 2020 total unrestricted reserves showed a surplus of £519,680 (2019 surplus £463,873).
Reserves (defined as Unrestricted Reserves less Intangible and Tangible Assets) showed a surplus of £519,680, (2019 surplus of £97,029).
Plans for future periods
We aim to improve and broaden out the training offer for NLT throughout 2020 – 2021 by delivering a ‘test only’ facility through the purchase of laptops and upgrading the networking facility at Chesterfield and Scunthorpe. Business development support is being sought through the Local Enterprise partnerships, D2N2 and Greater Lincolnshire.
Reserves policy
The charity aims to maintain adequate reserves sufficient to ensure that:
-
(a) its financial position is protected should there be a sudden downturn in income;
-
(b) there is protection against periodic adverse changes in cashflow;
-
(c) resources are available to allow for improvements in the charity’s main purpose of educating those in need.
The reserves policy is monitored by meetings of the directors of the company. Should the level of reserves fall below the levels deemed sufficient, the directors closely monitor the performance of the charity with a view to increasing reserves back to levels that are considered to be adequate or take necessary critical steps to prevent further reduction in reserves.
4
NLT TRAINING SERVICES LIMITED
Trustees Report (including Directors Report) (continued) for the year ended 31 July 2020
Risk analysis
The directors have put in place a risk management strategy to pursue risk management goals and objectives. These goals and objectives include:
I. Avoiding exposure to accidental loss by not undertaking events, contracts, or activities where the potential loss is greater than the potential benefit to be derived from these undertakings,
-
Preventing loss by identifying potential loss exposures and implementing policies and procedures to reduce the risk of these losses occurring,
-
Controlling losses that do occur by developing contingency plans for possible loss scenarios.
The directors consider the risks to which the charity is exposed and review the risk management strategy at board meetings.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
By order of the board of directors;
Signed: Date:
Trustee: Mr S Oxspring
5
NLT TRAINING SERVICES LIMITED
Independent Examiner's Report to the Trustees of NLT Training Services Ltd
I report to the trustees on my examination of the financial statements of NLT Training Services Limited ('the charity') for the year ended 31 July 2020 which are set out on the pages 2 to 15.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Phillip Nicholson for and on behalf of Stopford Associates Ltd
Date:
Chartered Accountants Statutory Auditor
Synergy House 7 Acorn Business Park Commercial Gate Mansfield Nottinghamshire NG18 1EX
6
NLT TRAINING SERVICES LIMITED
Statement of Financial Activities for the year ended 31 July 2020 Including Income and Expenditure Account
| Notes INCOME AND ENDOWMENTS FROM: Charitable activities 2 Investments Interest received Total Income and endowments: EXPENDITURE ON: Charitable activities 3 Governance costs 4 Total resources expended Net income/(expenditure) Other recognised gains Gain/(Loss) on disposal of fixed assets Net movement in funds Balances brought forward at 1 August 2019 Balances carried forward at 31 July 2020 |
Unrestricted Total Total 2020 2020 2019 £ £ £ 119,411 119,411 206,603 642 642 275 |
|---|---|
| 120,053 120,053 206,878 |
|
| 157,375 157,375 196,766 4,500 4,500 7,653 |
|
| 161,875 161,875 204,419 |
|
| (41,823) (41,823) 2,459 97,630 97,630 66,263 |
|
| 55,807 55,807 68,722 463,873 463,873 395,151 |
|
| 519,680 519,680 463,873 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 9 to 15 form part of these financial statements.
7
NLT TRAINING SERVICES LIMITED
Balance Sheet as at 31 July 2020
| Notes Fixed assets Tangible fixed assets 6 Current assets Debtors 7 Bank and cash 8 Creditors:Amounts falling due within one year 9 Net current assets/(liabilities) Creditors:Amounts falling due in more than one year Total assets less current liabilities Charity funds Revaluation reserve 10 Unrestricted funds 10 Total charity funds |
2020 2019 £ £ £ £ 366,844 22,716 25,099 517,799 97,162 540,515 122,261 20,835 25,232 519,680 97,029 519,680 463,873 519,680 463,873 26,334 519,680 437,539 519,680 463,873 |
2020 2019 £ £ £ £ 366,844 22,716 25,099 517,799 97,162 540,515 122,261 20,835 25,232 519,680 97,029 519,680 463,873 519,680 463,873 26,334 519,680 437,539 519,680 463,873 |
|---|---|---|
| 463,873 | ||
| 463,873 | ||
| 26,334 437,539 |
||
| 463,873 |
For the financial year ending 31 July 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the directors on:
Signed:
Chairman of Trustees: Mr S Oxspring
Registered Company Number 510520 Registered Charity Number 01512204
The notes on pages 9 to 15 form part of these financial statements.
8
NLT TRAINING SERVICES LIMITED
Notes to the accounts for the year ended 31 July 2020
1. Accounting policies
a. Basis of accounting
NLT Training Services Ltd is a private company limited by guarantee incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £20 per member. The registered office is Devonshire House, Station Road, Brimington, Chesterfield, Derbyshire, S43 1JU.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The company has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
b. Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements that have had the most significant effect on amounts recognised in the financial statements are as follows:
Depreciation
The directors review depreciation rates and useful lives of the tangible fixed assets on an annual basis to ensure the effects of usage, wear and tear or technical obsolescence are reflected in the carrying value of the asset.
Impairment
The directors review fixed assets for indications of impairment in conjunction with review of depreciation above. The company has policies in place to review assets on an ongoing basis.
Trade debtors
The trustees make provisions for doubtful debts based on an assessment of the recoverability of trade debtors. This methodology is applied on a customer by customer basis.
c. Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
9
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
d. Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
e. Income tax
As a registered charity, NLT Training Services Limited is exempt from corporation tax on income and gains falling within section 478 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
f. Funds accounting
Funds held by the charity are:
(a) Unrestricted general funds - these funds can be used in accordance with the charitable objects at the discretion of the trustees.
(b) Restricted funds - these are funds that can only be used for a particular restricted purpose within the objects of the charitable company. Restrictions arise when specified by the donor when funds are raised for particular purposes.
Incoming resources
Voluntary income is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Income from charitable activities, which includes income received under contract where entitlement to grant funding is subject to specific performance conditions, is recognised as earned as the related services are provided.
Resources expended
All expenditure is accounted for on an accruals basis. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities include expenditure associated with the provision of training and include both the direct and support costs relating to these activities. Governance costs comprise the costs of complying with constitutional and statutory requirements. Support costs comprise the costs incurred by the company which are not direct costs of providing training but are incurred by the company in order to fulfil its charitable activities.
g. Tangible fixed assets
Tangible assets costing more than £500 are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Workshop & classroom equipment Fixtures, fittings & IT equipment
20% reducing balance/3-5 years straight line 15-25% reducing balance/3-5 years straight line
10
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
h. Stock
Stock is stated at lower of cost and net realisable value.
i. Pension costs
The charitable company operates a defined contribution pension scheme. Contributions payable to this scheme are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the company’s assets.
j. Irrecoverable VAT
Irrecoverable VAT is calculated using a recognised scheme and is charged to the income and expenditure account as arising.
k. Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
l. Grants
Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.
11
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
2. Income from charitable activities
| Apprenticeships Study programme Training courses Room hire Government grants Small Business Support Grant Job Retention Scheme Other income |
Unrestricted Total Unrestricted Total 2020 2020 2019 2019 £ £ £ £ 9,720 9,720 51,920 51,920 90,638 90,638 144,930 144,930 12,279 12,279 10,000 10,000 4,436 4,436 2,057 2,057 33 33 |
|---|---|
| 119,411 119,411 206,603 206,603 |
3. Expenditure on charitable activities
Expenditure on charitable activities, Apprenticeships, Study Programme and Other Workplace Learning Activities undertaken directly
| Expenditure on charitable activities 4. Expenditure on charitable activities (support costs) Governance costs Accountancy support Independent examination/Audit fees Repairs & maintenance Tutors, associates and course fees Wages/salaries Employer's NIC Pension costs Other employee benefits Rent, rates & water Light & heat Telephone Other office costs Depreciation Advertising and PR Insurance Other establishment Motor vehicle expenses Other motor/travel costs Legal and professional fees |
Unrestricted Total Unrestricted Total 2020 2020 2019 2019 £ £ £ £ 48,442 48,442 63,082 63,082 53,927 53,927 62,823 62,823 4,188 4,188 4,778 4,778 2,702 2,702 3,464 3,464 2,644 2,644 1,627 1,627 15,273 15,273 9,374 9,374 2,664 2,664 7,012 7,012 3,956 3,956 4,295 4,295 657 657 3,391 3,391 3,929 3,929 5,950 5,950 363 363 3,045 3,045 3,353 3,353 408 408 1,398 1,398 1,107 1,107 4,495 4,495 8,328 8,328 4,891 4,891 14,669 14,669 4,757 4,757 3,151 3,151 |
|---|---|
| 157,375 157,375 196,766 196,766 |
|
| Unrestricted Total Unrestricted Total 2020 2020 2019 2019 £ £ £ £ 3,300 - 6,553 6,553 1,200 1,100 1,100 |
|
| 4,500 - 7,653 7,653 |
12
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
| 5. Staff costs Wages and salaries Social security costs Pension costs Other costs Average number of staff - based on equivalent full time Management, training and administration staff |
2020 2019 £ £ 53,927 62,823 4,188 4,778 2,702 3,464 2,644 1,627 |
|---|---|
| 63,461 72,692 |
|
| 2 2 |
During the year no employees received total employee benefits of more than £60,000.
The trustees received no remuneration or reimbursement of expenses during the year.
6. Tangible fixed assets
| Cost At 1 August 2019 Additions Eliminated on disposal At 31 July 2020 Depreciation At 1 August 2019 Charge for the year Eliminated on disposal At 31 July 2020 Net book value At 31 July 2020 At 31 July 2019 |
Freehold property Workshop & classroom equipment Fixtures, fittings & IT equipment Motor vehicles Total £ £ £ £ £ 660,194 660,194 (660,194) (660,194) |
|---|---|
| 293,350 293,350 4,891 4,891 (298,241) (298,241) |
|
| 366,844 366,844 |
There were no outstanding capital commitments at 31 July 2020.
Disposals represents the sale of company offices at Station Road, Chesterfield.
The company's offices at Station Road, Chesterfield and Queensway Business Centre, Scunthorpe have been sold and leased back, commitments are included within the disclosure in note 12.
13
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
| 2020 2019 7. Debtors £ £ Trade debtors 12,729 16,117 Prepayments and accrued income 9,987 8,983 22,716 25,099 2020 2019 8. Cash at bank and in hand £ £ National Westminster Bank 305,142 97,162 Yorkshire Bank 212,658 - 517,799 97,162 2020 2019 9. Creditors: Amounts falling due within one year £ £ Bank loans and overdrafts 113 129 Trade creditors 12,968 10,388 Accruals and deferred income 3,035 5,153 Social security and other taxes 2,244 3,113 Other creditors 2,476 6,449 20,835 25,232 10. Analysis of charity funds 2019 Income Expenditure Gains/Losses Transfers 2020 £ £ £ £ £ £ Unrestricted funds Revaluation reserve 26,334 (26,334) General fund 437,539 120,053 (161,875) 97,630 26,334 519,680 463,873 120,053 (161,875) 97,630 - 519,680 |
2020 2019 7. Debtors £ £ Trade debtors 12,729 16,117 Prepayments and accrued income 9,987 8,983 22,716 25,099 2020 2019 8. Cash at bank and in hand £ £ National Westminster Bank 305,142 97,162 Yorkshire Bank 212,658 - 517,799 97,162 2020 2019 9. Creditors: Amounts falling due within one year £ £ Bank loans and overdrafts 113 129 Trade creditors 12,968 10,388 Accruals and deferred income 3,035 5,153 Social security and other taxes 2,244 3,113 Other creditors 2,476 6,449 20,835 25,232 10. Analysis of charity funds 2019 Income Expenditure Gains/Losses Transfers 2020 £ £ £ £ £ £ Unrestricted funds Revaluation reserve 26,334 (26,334) General fund 437,539 120,053 (161,875) 97,630 26,334 519,680 463,873 120,053 (161,875) 97,630 - 519,680 |
2020 2019 £ £ 12,729 16,117 9,987 8,983 |
|---|---|---|
| 22,716 25,099 |
||
| 2020 2019 £ £ 305,142 97,162 212,658 - |
||
| 517,799 97,162 |
||
| 2020 2019 £ £ 113 129 12,968 10,388 3,035 5,153 2,244 3,113 2,476 6,449 |
||
Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 10. Analysis of charity funds Unrestricted funds Revaluation reserve General fund |
||
| 20,835 25,232 |
||
| 463,873 120,053 (161,875) 97,630 - 519,680 |
Transfers between funds represents the revaluation reserve transferred to general reserves on disposal of the property at Station Road, Chesterfield.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
14
NLT TRAINING SERVICES LIMITED
Notes to the accounts (continued) for the year ended 31 July 2020
11. Analysis of Net Liabilities between Funds
| 11. Analysis of Net Liabilities between Funds | |
|---|---|
Unrestricted Funds Total funds at 31 July 2020 |
Tangible Fixed Assets Net Current Assets/ Liab' Creditor due after 1 year Total £ 519,680 - 519,680 |
| 519,680 - 519,680 |
12. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| The total future minimum lease payments under non-cancellable operating leases are as follows: | |
|---|---|
| Not later than 1 year Later than 1 year and not later than 5 years |
2020 2019 £ £ 9,334 6,926 11,219 6,370 |
| 20,553 13,296 |
13. Related Party Transactions
During the year the company made the following transactions with connected parties:
Purchased book keeping services totalling £2,700 (2019 £2,025) from Chatsworth Accounts Services Ltd, registered in England, in which Mr Martin Lovatt is a director and shareholder. £270 remained payable at the balance sheet date.
Purchased marketing services totalling £4,350 (2019 £2,686) from In The Works PR Ltd, registered in England, in which Mrs Anna Melton is a director and shareholder. £1,320 remained payable at the balance sheet date.
Paid rent and service charges in respect of Devonshire House, Chesterfield, totalling £6,552 to Phoenix Technology Group Ltd, registered in England, in which Mr Simon Winfield is a director and shareholder. £3,470 remained payable at the balance sheet date.
All transactions were made on commercial terms.
15