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REGISTERED NUMBER: 07489345 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 July 2023

for

IRON MILL EDUCATION LIMITED

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IRON MILL EDUCATION LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: W J Fitzpatrick
P Kitterick





SECRETARY: W J Fitzpatrick





REGISTERED OFFICE: 7 Barnfield Crescent
Exeter
Devon
EX1 1QT





REGISTERED NUMBER: 07489345 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Balance Sheet
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 77,049 165,103
77,049 165,103

CURRENT ASSETS
Debtors 7 140,886 114,257
Cash at bank and in hand 226,779 279,230
367,665 393,487
CREDITORS
Amounts falling due within one year 8 (530,882 ) (540,789 )
NET CURRENT LIABILITIES (163,217 ) (147,302 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(86,168

)

17,801

CREDITORS
Amounts falling due after more than one
year

9

(515,936

)

(479,838

)

PROVISIONS FOR LIABILITIES - (25,899 )
NET LIABILITIES (602,104 ) (487,936 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (602,204 ) (488,036 )
(602,104 ) (487,936 )

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Balance Sheet - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





W J Fitzpatrick - Director


IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Iron Mill Education Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Cashflow statement
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to prepare a cash flow statement.

Going concern
The directors have assessed going concern, and despite the trading loss made in the year and the balance sheet deficit, remain supportive of the company and do not consider there to be any material uncertainties which may cast significant doubt about the company's ability to continue as a going concern for the foreseeable future.

The other members of the group also remain fully supportive of the company.

As a result, the financial statements have been prepared using the going concern basis of accounting.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the invoice value of educational and training services provided during the year, net of value added tax. Fee income is recognised evenly over the length of each course. Fees paid in advance are treated as deferred income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been amortised evenly over its estimated useful life of ten years. It was fully amortised in the year ending 31 July 2021.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 21 years
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Lease incentives are released to the income statement over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 35 ) .

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 337,349
AMORTISATION
At 1 August 2022
and 31 July 2023 337,349
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 August 2022 84,230 69,566 109,197 262,993
Additions - - 2,208 2,208
Disposals - - (63,696 ) (63,696 )
At 31 July 2023 84,230 69,566 47,709 201,505
DEPRECIATION
At 1 August 2022 16,626 45,451 35,813 97,890
Charge for year 12,629 9,754 7,373 29,756
Eliminated on disposal - - (3,190 ) (3,190 )
At 31 July 2023 29,255 55,205 39,996 124,456
NET BOOK VALUE
At 31 July 2023 54,975 14,361 7,713 77,049
At 31 July 2022 67,604 24,115 73,384 165,103

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,069 70,319
Other debtors 55,817 43,938
140,886 114,257

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 7,716
Trade creditors 60,389 46,444
Taxation and social security 109,281 99,275
Other creditors 355,212 387,354
530,882 540,789

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,500 17,500
Amounts owed to group undertakings 504,436 462,338
515,936 479,838

10. SECURED DEBTS

There is a fixed and floating charge with The Governor and Company of the Bank of Ireland dated 21 March 2023 over all the property and undertakings of the company.

11. FINANCIAL AND CAPITAL COMMITMENTS

The company entered into a 10 year lease agreement on 28 June 2016 in respect of the premises located at Morwenstow House, 7 Barnfield Crescent, Southernhay East, Exeter, EX1 1QT. The annual rent amounts to £40,000 per annum. At 31 July 2023 the total future rental cost of this lease may amount to £120,000.

The company entered into a 10 year lease agreement on 28 June 2016 in respect of the premises located at The Annexe, Morwenstow House, 7 Barnfield Crescent, Southernhay East, Exeter, EX1 1QT. The annual rent amounts to £30,000 per annum. At 31 July 2023 the total future rental cost of this lease may amount to £90,000.

The company entered into a 6 year rental lease agreement on 26th October 2021 in respect of part of the lower ground floor of the premises at Unit C, Acorn Business Park, Ling Road, Poole BH12 4NZ. The annual rent amounts to £30,000 per annum payable monthly in advance for the first year rising to £34,000 in the second year, £40,000 in the third year, £42,500 in the fourth year, £45,500 in the fifth year and £48,000 in the sixth year. At 31 July 2023, the total future rental cost of this lease may amount to £176,000.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within creditors is a loan with a fellow subsidiary (not wholly owned) of £150,320 (2022: £141,641).

Also included within creditors is a loan with a fellow subsidiary (not wholly owned) of £14,125 (2022: £12,141 due to the company).

IRON MILL EDUCATION LIMITED (REGISTERED NUMBER: 07489345)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


12. RELATED PARTY DISCLOSURES - continued

The company is controlled by CCS Training Ltd, a company registered in Republic of Ireland.

The registered office is:
Corrig House
Old Naas Road
Clondalkin
Dublin 22

Group accounts are not available.