Company registration number 10313296 (England and Wales)
INNERVATION CAPITAL TRAINING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
INNERVATION CAPITAL TRAINING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INNERVATION CAPITAL TRAINING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
1,458,064
1,458,064
Current assets
Debtors
6
69,748
222,898
Creditors: amounts falling due within one year
7
(91,005)
(365,229)
Net current liabilities
(21,257)
(142,331)
Net assets
1,436,807
1,315,733
Capital and reserves
Called up share capital
100
100
Share premium account
112,400
112,400
Profit and loss reserves
8
1,324,307
1,203,233
Total equity
1,436,807
1,315,733

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 1 April 2024 and are signed on its behalf by:
Mrs L Newbould
Director
Company registration number 10313296 (England and Wales)
INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Innervation Capital Training Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Courtyard 31, Pontefract Road, Normanton, WF6 1JU.

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 amounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Innervation Education and Training Partners Limited. These consolidated financial statements are available from its registered office, Unit 8 Courtyard 31 Pontefract Road, Normanton Industrial Estate, Normanton, United Kingdom, WF6 1JU.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Prior period error

Prior year errors arose for the following reasons:

• Understatement of share premium.

• Overstatement of share capital due to rounding.

 

These adjustments were made in respect of a material prior period error, which has been corrected in 2023 accounts.

 

The overall affect of these adjustments is an increase in equity of £22,489.

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
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.

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.

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
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.

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.

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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 payments 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. Amounts 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.

1.6
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.

1.7
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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,458,064
1,458,064
Financial assets pledged as collateral

Investments with a carrying amount of £1,458,064 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

5
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eden Training Solutions Limited
United Kingdom
Ordinary
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
69,748
200,400
Other debtors
-
0
22,498
69,748
222,898

Debtors with a carrying amount of £69,748 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,908
5,160
Amounts owed to group undertakings
84,697
-
0
Other creditors
-
0
356,720
Accruals and deferred income
3,400
3,349
91,005
365,229
8
Profit and loss reserves
2023
2022
as restated
£
£
At the beginning of the year
1,203,233
711,749
Profit for the year
471,074
491,484
Dividends declared and paid in the year
(350,000)
-
At the end of the year
1,324,307
1,203,233
9
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.

Senior Statutory Auditor:
Mr Gary John McHale FCCA
Statutory Auditor:
DSA Prospect Audit Limited
Date of audit report:
1 April 2024
10
Financial commitments, guarantees and contingent liabilities

The company has an outstanding fixed and floating charge, which contains a negative pledge, against certain assets of the company in respect of group liabilities.

11
Events after the reporting date

There are no events after the year end that the directors believe need to be reported.

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
12
Parent company

The parent company of Innervation Capital Training Limited is ETS Buyco Limited and its registered office is Unit 8, Courtyard 31 Pontefract Road, Normanton Industrial Estate, Normanton, England, WF6 1JU.

As at the year end the ultimate holding company of Innervation Capital Training Limited was Innervation Education and Training Partners Limited and its registered office is Unit 8 Courtyard 31 Pontefract Road, Normanton Industrial Estate, Normanton, United Kingdom, WF6 1JU.

The company's financial statements are consolidated into the ultimate holding company's financial statements as at 31 October 2023 and are available from the parent's registered office.

 

 

 

 

INNERVATION CAPITAL TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
13
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior year
Being increase share premium
-
22,490
Being reduce share capital
-
(1)
Total adjustments
-
22,489
Equity as previously reported
801,757
1,293,244
Equity as adjusted
801,757
1,315,733
Analysis of the effect upon equity
Share capital
-
(1)
Share premium
-
22,490
-
22,489
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
491,484
Profit as adjusted
491,484
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