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REGISTERED NUMBER: 05768964 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

SYSCO BUSINESS SKILLS ACADEMY LTD

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SYSCO BUSINESS SKILLS ACADEMY LTD

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: I Smith
Mrs V Forshaw
C J Donaldson





SECRETARY: Mrs V Forshaw





REGISTERED OFFICE: The Threlfall Building
Trueman Street
Liverpool
Merseyside
L3 2BA





REGISTERED NUMBER: 05768964 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

STATEMENT OF FINANCIAL POSITION
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 61,979 75,637
61,979 75,637

CURRENT ASSETS
Debtors 6 298,236 301,348
Cash at bank and in hand 894,280 1,353,913
1,192,516 1,655,261
CREDITORS
Amounts falling due within one year 7 202,974 632,017
NET CURRENT ASSETS 989,542 1,023,244
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,051,521

1,098,881

PROVISIONS FOR LIABILITIES 8 3,356 -
NET ASSETS 1,048,165 1,098,881

CAPITAL AND RESERVES
Called up share capital 9 250,000 250,000
Retained earnings 10 798,165 848,881
SHAREHOLDERS' FUNDS 1,048,165 1,098,881

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





I Smith - Director


SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Sysco Business Skills Academy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its debts for the foreseeable future not limited to a period of 12 months from the signing of these accounts. The company therefore continues to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of property improvements, fixtures and fittings, motor vehicles and computer equipment, and have concluded that the asset lives and residual values are appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2006, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - over 15 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classed as financial instruments - related party loans, trade debtors and trade creditors.

Trade debtors and trade creditors are measured at transaction price.

Other loans including related party loans are initially measured at fair value and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 30 ) .

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 1,500,000
AMORTISATION
At 1 August 2022
and 31 July 2023 1,500,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 30,630 84,467 35,369 92,341 242,807
Additions - - 31,285 4,532 35,817
Disposals - (14,893 ) (35,369 ) (24,373 ) (74,635 )
At 31 July 2023 30,630 69,574 31,285 72,500 203,989
DEPRECIATION
At 1 August 2022 28,586 64,739 8,842 65,003 167,170
Charge for year 584 4,873 7,821 7,475 20,753
Eliminated on disposal - (14,665 ) (8,842 ) (22,406 ) (45,913 )
At 31 July 2023 29,170 54,947 7,821 50,072 142,010
NET BOOK VALUE
At 31 July 2023 1,460 14,627 23,464 22,428 61,979
At 31 July 2022 2,044 19,728 26,527 27,338 75,637

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,309 12,583
Amounts owed by group undertakings 40,121 2,503
Other debtors 4,450 7,200
Directors' current accounts 9,950 9,950
Tax 3,234 3,234
VAT 7,470 2,875
Prepayments and accrued income 207,702 263,003
298,236 301,348

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 63,754 119,334
Tax 6,310 52,125
Social security and other taxes 20,225 19,964
Other creditors 916 1,848
Accrued expenses 111,769 438,746
202,974 632,017

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,356 -

Deferred
tax
£   
Charge to Income Statement during year 3,356
Balance at 31 July 2023 3,356

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 250,000

10. RESERVES
Retained
earnings
£   

At 1 August 2022 848,881
Profit for the year 49,284
Dividends (100,000 )
At 31 July 2023 798,165

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Louise Webster BSc BFP ACA (Senior Statutory Auditor)
for and on behalf of Fairhurst

SYSCO BUSINESS SKILLS ACADEMY LTD (REGISTERED NUMBER: 05768964)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
I Smith
Balance outstanding at start of year 9,950 9,950
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,950 9,950

13. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14. ULTIMATE CONTROLLING PARTY

By virtue of their shareholdings in the ultimate parent company, Sysco Management Services Limited, the Donaldson family control the company.