Company registration number 14679555 (England and Wales)
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
COMPANY INFORMATION
Directors
Mrs L Newbould
(Appointed 4 May 2023)
Mr J Greenhalgh
(Appointed 4 May 2023)
Mr E David
(Appointed 21 February 2023)
Company number
14679555
Registered office
Unit 8
Courtyard 31
Pontefract Road
Normanton
WF6 1JU
Auditor
DSA Prospect Audit Limited
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the Period ended 31 October 2023.

Review of the business

The company’s core sector focus is predominantly delivery of government funded apprenticeships in England in the Early Years sector.

 

The financial period has closed satisfactorily considering the prevailing and somewhat challenging economic conditions generally and specific market conditions affecting the private training provider sector.

Principal risks and uncertainties

The principal risk faced by the business is as a consequence of the UK’s general economic situation which is reflected mostly in terms of no inflationary increases to funding to support cost of living increases.

 

Recruitment of early years practitioners into our customer base is difficult with a sector attrition rate while improving but remaining high at 28%

Development and performance

The company has the highest published achievement rates in England (DfE data) with a growing customer base in Early Years predominantly in the SME sector. Apprentice numbers on programme rank us 3rd in terms of size.

 

The business continues to be well positioned to capture clients’ current and future needs through expertise, approach, and customer care, delivered via continued investment in training and innovation to ensure that existing clients return and that new client relationships are formed.

 

Employee numbers have increased during the period in support of organic growth, as well as the strategic growth delivered through a strategic marketing campaign and growth in the Business Development function.

2023
£'000
Turnover
5,454
Operating profit
724
Profit for the financial Period
(88)
Total equity
5,606
Profit after tax as a % of turnover
1.60%
Current assets as % of current liabilities
207.43%
Return on assets %
0.74%
Average number of employees during the year
79
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 2 -
Other performance indicators

Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. Significant client’s are those that represent more than 10% of the company's total revenue or gross accounts receivable balance. As at 31 October 2023, the company has no credit risks from client’s in this category.

 

The company’s cash is held with reputable and regulated institutions and is not invested in any financial instruments carrying credit risk.

 

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. The company have procedures with the objective of minimizing such losses, such as, appropriate management of working capital and close monitoring of forecasted cash flows, with the aim of maintaining adequate cash to service the company’s current needs.

Other information and explanations

Looking ahead, the company continue to be well positioned to capture clients’ current and future needs through expertise, approach and customer care, delivered via continued investment in training and innovation to ensure that our existing clients return and that new client relationships are formed.

On behalf of the board

Mrs L Newbould
Director
1 April 2024
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -

The directors present their annual report and financial statements for the Period ended 31 October 2023.

Principal activities

The principal activity of the company and group continued to be that of training provider services.

Results and dividends

The results for the Period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

Mrs L Newbould
(Appointed 4 May 2023)
Mr J Greenhalgh
(Appointed 4 May 2023)
Mr E David
(Appointed 21 February 2023)
Post reporting date events

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

Future developments

There are no future developments that the directors believe need to be reported.

Auditor

DSA Prospect Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs L Newbould
Director
1 April 2024
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Innervation Education and Training Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 October 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

Mr Gary John McHale FCCA (Senior Statutory Auditor)
For and on behalf of DSA Prospect Audit Limited
28 March 2024
Chartered Certified Accountants
Statutory Auditor
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 8 -
Period
ended
31 October
2023
Notes
£
Turnover
3
5,454,016
Cost of sales
(2,255,915)
Gross profit
3,198,101
Administrative expenses
(2,474,572)
Operating profit
4
723,529
Interest receivable and similar income
7
1,537
Interest payable and similar expenses
8
(281,631)
Fair value gains and losses on investment properties
(401,619)
Profit before taxation
41,816
Tax on profit
9
(129,330)
Loss for the financial Period
23
(87,514)
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 9 -
Period
ended
31 October
2023
£
Loss for the Period
(87,514)
Other comprehensive income
-
Total comprehensive income for the Period
(87,514)
Total comprehensive income for the Period is all attributable to the owners of the parent company.
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 10 -
2023
Notes
£
£
Fixed assets
Goodwill
10
9,479,779
Tangible assets
11
84,943
9,564,722
Current assets
Debtors
14
1,827,289
Cash at bank and in hand
416,912
2,244,201
Creditors: amounts falling due within one year
15
(1,081,884)
Net current assets
1,162,317
Total assets less current liabilities
10,727,039
Creditors: amounts falling due after more than one year
16
(5,105,212)
Provisions for liabilities
Deferred tax liability
19
15,565
(15,565)
Net assets
5,606,262
Capital and reserves
Called up share capital
21
130
Share premium account
22
5,693,646
Profit and loss reserves
23
(87,514)
Total equity
5,606,262

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

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:
01 April 2024
Mrs L Newbould
Director
Company registration number 14679555 (England and Wales)
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 11 -
2023
Notes
£
£
Fixed assets
Investments
12
1
Current assets
Debtors
14
5,693,694
Creditors: amounts falling due within one year
15
(8,401)
Net current assets
5,685,293
Net assets
5,685,294
Capital and reserves
Called up share capital
21
130
Share premium account
22
5,693,646
Profit and loss reserves
23
(8,482)
Total equity
5,685,294

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £8,482.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

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:
01 April 2024
Mrs L Newbould
Director
Company registration number 14679555 (England and Wales)
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 21 February 2023
-
-
-
-
Period ended 31 October 2023:
Loss and total comprehensive income
-
-
(87,514)
(87,514)
Issue of share capital
21
131
5,693,646
-
5,693,777
Redemption of shares
21
(1)
-
-
(1)
Balance at 31 October 2023
130
5,693,646
(87,514)
5,606,262
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 21 February 2023
-
-
-
-
Period ended 31 October 2023:
Profit and total comprehensive income
-
-
(8,482)
(8,482)
Issue of share capital
21
131
5,693,646
-
5,693,777
Redemption of shares
21
(1)
-
-
(1)
Balance at 31 October 2023
130
5,693,646
(8,482)
5,685,294
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 14 -
2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(175,042)
Interest paid
(281,631)
Income taxes refunded
26,670
Net cash outflow from operating activities
(430,003)
Investing activities
Purchase of intangible assets
(9,978,715)
Purchase of tangible fixed assets
(127,769)
Interest received
1,537
Net cash used in investing activities
(10,104,947)
Financing activities
Proceeds from issue of shares
130
Share issue costs
5,693,646
Proceeds from new bank loans
5,254,200
Payment of finance leases obligations
3,886
Net cash generated from/(used in) financing activities
10,951,862
Net increase in cash and cash equivalents
416,912
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
416,912
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 15 -
2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(5,693,774)
Investing activities
Purchase of subsidiaries
(1)
Net cash used in investing activities
(1)
Financing activities
Proceeds from issue of shares
130
Share issue costs
5,693,646
Redemption of shares
(1)
Net cash generated from/(used in) financing activities
5,693,775
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
-
0
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 16 -
1
Accounting policies
Company information

Innervation Education and Training Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8, Courtyard 31, Pontefract Road, Normanton, WF6 1JU.

 

The group consists of Innervation Education and Training Partners Limited and all of its subsidiaries.

1.1
Reporting period

The company's year end changed in the line with the group's financial accounting deadline.

1.2
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.

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.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Innervation Education and Training Partners Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -

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:

Leasehold improvements
20% Straight Line
Plant and equipment
20% Straight Line
Fixtures and fittings
20/33% Straight Line

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -

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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

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

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 22 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Training
5,454,015
Analysis per statutory database
5,454,015
Statutory database analysis does not agree to the trial balance by:
1
2023
£
Other revenue
Interest income
1,537
4
Operating profit
2023
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
42,826
Amortisation of intangible assets
498,936
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 23 -
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
1,800
Audit of the financial statements of the company's subsidiaries
10,200
12,000
For other services
All other non-audit services
5,000
6
Employees

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

Group
Company
2023
2023
Number
Number
79
3

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
2,008,459
-
0
Social security costs
198,049
-
Pension costs
37,534
-
0
2,244,042
-
0
7
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
1,537
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
1,537
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 24 -
8
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
277,738
Other interest on financial liabilities
3,893
281,631
9
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
140,435
Adjustments in respect of prior periods
(15,145)
Total current tax
125,290
Deferred tax
Origination and reversal of timing differences
4,040
Total tax charge
129,330

The actual charge for the Period can be reconciled to the expected charge/(credit) for the Period based on the profit or loss and the standard rate of tax as follows:

2023
£
Profit before taxation
41,816
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
10,454
Tax effect of utilisation of tax losses not previously recognised
(3,786)
Effect of change in corporation tax rate
(18,760)
Group relief
19,710
Permanent capital allowances in excess of depreciation
(9,688)
Depreciation on assets not qualifying for tax allowances
10,706
Amortisation on assets not qualifying for tax allowances
124,734
Deferred tax adjustments in respect of prior years
(4,040)
Taxation charge
129,330
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 21 February 2023
-
0
Additions
9,978,715
At 31 October 2023
9,978,715
Amortisation and impairment
At 21 February 2023
-
0
Amortisation charged for the Period
498,936
At 31 October 2023
498,936
Carrying amount
At 31 October 2023
9,479,779
The company had no intangible fixed assets at 31 October 2023.

Intangible assets with a carrying amount of £9,479,779 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 21 February 2023
-
0
-
0
-
0
-
0
Additions
-
0
33,616
3,427
37,043
Business combinations
29,204
49,737
11,785
90,726
At 31 October 2023
29,204
83,353
15,212
127,769
Depreciation and impairment
At 21 February 2023
-
0
-
0
-
0
-
0
Depreciation charged in the Period
7,228
30,577
5,021
42,826
At 31 October 2023
7,228
30,577
5,021
42,826
Carrying amount
At 31 October 2023
21,976
52,776
10,191
84,943
The company had no tangible fixed assets at 31 October 2023.

Tangible assets with a carrying amount of £84,943 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 26 -
12
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
13
-
0
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 21 February 2023
-
Additions
1
At 31 October 2023
1
Carrying amount
At 31 October 2023
1
13
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
Indirect
ETS Buyco Limited
United Kingdom
Ordinary
100.00
-
Innervation Capital Training Limited
United Kingdom
Ordinary, A&B Ordinary
-
100.00
Eden Training Solutions Limited
United Kingdom
Ordinary
-
100.00
14
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
918,319
-
0
Amounts owed by group undertakings
-
44,010
Other debtors
19,966
5,649,684
Prepayments and accrued income
889,004
-
0
1,827,289
5,693,694

Tangible assets with a carrying amount of £1,692,565 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 27 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
17
150,000
-
0
Obligations under finance leases
18
2,874
-
0
Trade creditors
118,589
-
0
Amounts owed to group undertakings
-
0
1
Corporation tax payable
140,435
-
0
Other taxation and social security
64,071
-
Other creditors
204,927
-
0
Accruals and deferred income
400,988
8,400
1,081,884
8,401
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
17
5,104,200
-
0
Obligations under finance leases
18
1,012
-
0
5,105,212
-
17
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
5,254,200
-
0
Payable within one year
150,000
-
0
Payable after one year
5,104,200
-
0

The long-term loans are secured by floating charges over the company's assets.

The loan facility is repaid from 30/04/2023, 30/04/2025 and then every 6 months, this is based on 50% of excess cash flow for preceding 12 months, then £125,000 therafter. The loan is to be fully paid by 31 May 2028. Interest is charged at 10% of the loan and paid quarterly.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 28 -
18
Finance lease obligations
Group
Company
2023
2023
£
£
Future minimum lease payments due under finance leases:
Within one year
2,874
-
0
In two to five years
1,012
-
0
3,886
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2023
Group
£
Accelerated capital allowances
15,565
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the Period:
£
£
Asset at 21 February 2023
-
-
Charge to profit or loss
305
-
Effect of change in tax rate - profit or loss
3,735
-
Other
11,525
-
Liability at 31 October 2023
15,565
-

The deferred tax liability set out above is expected to reverse once the fixed assets on the balance sheet have

been fully depreciated, and relates to accelerated capital allowances.

 

20
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
37,534
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
20
Retirement benefit schemes
(Continued)
- 29 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary of 0.001p each
100,000
100
B Ordinary of 0.001p each
25,000
25
C Ordinary of 0.001p each
5,200
5
130,200
130

A Ordinary Shares have voting rights, rights to receive dividends and to participate in a distribution. The shares are non redeemable.

 

B Ordinary Shares have no voting rights, no rights to receive dividends but do have rights to participate in a distribution. The shares are non redeemable.

 

C Ordinary Shares have no voting rights, no rights to receive dividends but do have rights to participate in a distribution. The shares are non redeemable.

22
Share premium account
Group
Company
2023
2023
£
£
At the beginning of the Period
-
0
-
0
Share issue expenses
5,693,646
5,693,646
At the end of the Period
5,693,646
5,693,646
23
Profit and loss reserves
Group
Company
2023
2023
£
£
At the beginning of the Period
-
-
Loss for the Period
(87,514)
(8,482)
At the end of the Period
(87,514)
(8,482)
24
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.

INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 30 -
25
Events after the reporting date

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

26
Cash absorbed by group operations
2023
£
Loss for the Period after tax
(489,133)
Adjustments for:
Taxation charged
129,330
Finance costs
281,631
Investment income
(1,537)
Fair value loss on investment properties
401,619
Amortisation and impairment of intangible assets
498,936
Depreciation and impairment of tangible fixed assets
42,826
Movements in working capital:
Increase in debtors
(1,827,289)
Increase in creditors
788,575
Cash absorbed by operations
(175,042)
27
Cash absorbed by operations - company
2023
£
Loss for the Period after tax
(8,481)
Movements in working capital:
Increase in debtors
(5,693,694)
Increase in creditors
8,401
Cash absorbed by operations
(5,693,774)
28
Analysis of changes in net debt - group
21 February 2023
Cash flows
Acquisitions and disposals
31 October 2023
£
£
£
£
Cash at bank and in hand
-
45,521
371,391
416,912
Borrowings excluding overdrafts
-
(5,254,200)
-
(5,254,200)
Obligations under finance leases
-
(3,886)
-
(3,886)
-
(5,212,565)
371,391
(4,841,174)
INNERVATION EDUCATION AND TRAINING PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 31 -
29
Analysis of changes in net funds - company
21 February 2023
31 October 2023
£
£
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