Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31false2022-09-01falsefalseRecruitment8274 05723823 2022-09-01 2023-08-31 05723823 2021-09-01 2022-08-31 05723823 2023-08-31 05723823 2022-08-31 05723823 2021-09-01 05723823 4 2022-09-01 2023-08-31 05723823 4 2021-09-01 2022-08-31 05723823 5 2022-09-01 2023-08-31 05723823 5 2021-09-01 2022-08-31 05723823 d:CompanySecretary1 2022-09-01 2023-08-31 05723823 d:Director1 2022-09-01 2023-08-31 05723823 d:Director2 2022-09-01 2023-08-31 05723823 d:Director3 2022-09-01 2023-08-31 05723823 d:Director4 2022-09-01 2023-08-31 05723823 d:Director5 2022-09-01 2023-08-31 05723823 d:RegisteredOffice 2022-09-01 2023-08-31 05723823 e:MotorVehicles 2022-09-01 2023-08-31 05723823 e:MotorVehicles 2023-08-31 05723823 e:MotorVehicles 2022-08-31 05723823 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05723823 e:FurnitureFittings 2022-09-01 2023-08-31 05723823 e:FurnitureFittings 2023-08-31 05723823 e:FurnitureFittings 2022-08-31 05723823 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05723823 e:OfficeEquipment 2022-09-01 2023-08-31 05723823 e:OfficeEquipment 2023-08-31 05723823 e:OfficeEquipment 2022-08-31 05723823 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05723823 e:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05723823 e:CurrentFinancialInstruments 2023-08-31 05723823 e:CurrentFinancialInstruments 2022-08-31 05723823 e:CurrentFinancialInstruments e:WithinOneYear 2023-08-31 05723823 e:CurrentFinancialInstruments e:WithinOneYear 2022-08-31 05723823 e:ReportableOperatingSegment1 2022-09-01 2023-08-31 05723823 e:ReportableOperatingSegment1 2021-09-01 2022-08-31 05723823 e:ReportableOperatingSegment2 2022-09-01 2023-08-31 05723823 e:ReportableOperatingSegment2 2021-09-01 2022-08-31 05723823 e:ReportableOperatingSegment3 2022-09-01 2023-08-31 05723823 e:ReportableOperatingSegment3 2021-09-01 2022-08-31 05723823 e:UKTax 2022-09-01 2023-08-31 05723823 e:UKTax 2021-09-01 2022-08-31 05723823 e:ShareCapital 2022-09-01 2023-08-31 05723823 e:ShareCapital 2023-08-31 05723823 e:ShareCapital 2021-09-01 2022-08-31 05723823 e:ShareCapital 2022-08-31 05723823 e:ShareCapital 2021-09-01 05723823 e:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 05723823 e:RetainedEarningsAccumulatedLosses 2023-08-31 05723823 e:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 05723823 e:RetainedEarningsAccumulatedLosses 2022-08-31 05723823 e:RetainedEarningsAccumulatedLosses 2021-09-01 05723823 e:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05723823 e:AcceleratedTaxDepreciationDeferredTax 2022-08-31 05723823 d:OrdinaryShareClass1 2022-09-01 2023-08-31 05723823 d:OrdinaryShareClass1 2023-08-31 05723823 d:OrdinaryShareClass1 2022-08-31 05723823 d:FRS102 2022-09-01 2023-08-31 05723823 d:Audited 2022-09-01 2023-08-31 05723823 d:FullAccounts 2022-09-01 2023-08-31 05723823 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05723823 e:WithinOneYear 2023-08-31 05723823 e:WithinOneYear 2022-08-31 05723823 e:BetweenOneFiveYears 2023-08-31 05723823 e:BetweenOneFiveYears 2022-08-31 05723823 e:MoreThanFiveYears 2023-08-31 05723823 e:MoreThanFiveYears 2022-08-31 05723823 2 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05723823









LONDON TEACHING POOL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
LONDON TEACHING POOL LIMITED
 
 
COMPANY INFORMATION


Directors
D Mydat 
L Davey 
S Simmons 
L Allen 
A Sugarman 




Company secretary
No company secretary



Registered number
05723823



Registered office
3rd Floor, North Wing
St James House

27-43 Eastern Road

Romford

Essex

RM1 3NH




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
LONDON TEACHING POOL LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 27

 
LONDON TEACHING POOL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
Established in 2006, London Teaching Pool Ltd serves as a reputable recruitment consultancy specialising in the Education and Medical sectors.

Business review
 
London Teaching Pool Ltd experienced notable growth in both turnover and EBITDA for the year ending 31st August 2023. Throughout this period, significant investments were directed towards enhancing the capacities of our administrative and finance teams, as well as securing a new office space. These strategic initiatives have effectively aligned with our outlined objectives for expansion, as delineated within our business plan. 
Moreover, a comprehensive review of our company values and mission has underscored our commitment to prioritising communication and employee welfare across all facets of our operations.

Principal risks and uncertainties
 
At present, London Teaching Pool Ltd does not engage in invoice factoring or invoice discounting, and concerns regarding aged debt are deemed negligible. Nonetheless, vigilance persists concerning market uncertainties, particularly within the medical and care sectors, where ongoing margin pressures persistently warrant careful monitoring. 
To address regulatory compliance, our in-house team diligently reviews intermediary companies in accordance with HMRC and REC guidelines, ensuring comprehensive measures are in place to safeguard both our workers and the organisation.

Key performance indicators
 
Gross Profit Margin Percentage:
Education: 36.74%
Medical: 22.51%
Care: 41.38%


This report was approved by the board on 23 March 2024 and signed on its behalf.



D Mydat
Director
Page 1

 
LONDON TEACHING POOL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Results and dividends

The profit for the year, after taxation, amounted to £1,180,999 (2022 - £1,164,457).

Dividends amounting to £1,946,000 (2022: £330,000) were paid in the year.

Directors

The directors who served during the year were:

D Mydat 
L Davey 
S Simmons 
L Allen 
A Sugarman 

Future developments

The company is well placed to build on new opportunities. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 March 2024 and signed on its behalf.
 





D Mydat
Director
Page 2

 
LONDON TEACHING POOL LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Page 3

 
LONDON TEACHING POOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON TEACHING POOL LIMITED
 

Opinion


We have audited the financial statements of London Teaching Pool Limited (the 'Company') for the year ended 31 August 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 August 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
LONDON TEACHING POOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON TEACHING POOL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
LONDON TEACHING POOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON TEACHING POOL LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
•  had a direct effect on the determination of material amounts and disclosures in the financial statements.    These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety    legislation and tax legislation, and 
•  do not have a direct effect on the financial statements but compliance with which may be fundamental to   the company’s ability to operate or to avoid a material penalty. These include operational and employment   laws and regulations including health and safety regulations, environmental regulations and GDPR. 
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. 
We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. 
 
Page 6

 
LONDON TEACHING POOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON TEACHING POOL LIMITED (CONTINUED)


Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls,     management have in place to prevent and detect fraud, including known of suspected instances or non-   compliance with laws and regulations and fraud, 
• Understanding how those charged with governance considered and addressed the potential for override of  controls or other inappropriate influence over the financial reporting process, 
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of   material misstatements due to fraud, 
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or    judgements made by management, 
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we    focused on material journal entries, journal entries posted with unusual account combinations, and journal   entries crediting revenue or cash. These were scrutinised for evidence of unusual entries, 
• Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation    including sales invoice and corresponding purchase documentations to ensure revenue was appropriately   recorded,  
• Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation to   ensure the expense was appropriately recorded, 
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal    course of business. 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The comparative financial statements for the year ended 31 August 2022 are unaudited. 


Page 7

 
LONDON TEACHING POOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON TEACHING POOL LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells (Senior statutory auditor)
  
for and on behalf of
Haslers
 
Chartered Accountants
Statutory Auditor
  
Old Station Road
Loughton
Essex
IG10 4PL

23 March 2024
Page 8

 
LONDON TEACHING POOL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,771,275
17,378,967

Cost of sales
  
(13,003,135)
(12,363,888)

Gross profit
  
5,768,140
5,015,079

Administrative expenses
  
(4,415,938)
(3,599,824)

Other operating income
 5 
142,368
21,513

Operating profit
 6 
1,494,570
1,436,768

Interest receivable and similar income
 10 
14,193
1,674

Profit before tax
  
1,508,763
1,438,442

Tax on profit
 11 
(327,764)
(273,985)

Profit for the financial year
  
1,180,999
1,164,457

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 27 form part of these financial statements.
Page 9

 
LONDON TEACHING POOL LIMITED
REGISTERED NUMBER: 05723823

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
203,244
61,715

  
203,244
61,715

Current assets
  

Debtors: amounts falling due within one year
 14 
1,530,137
2,193,502

Cash at bank and in hand
 15 
3,183,742
3,823,417

  
4,713,879
6,016,919

Creditors: amounts falling due within one year
 16 
(1,082,563)
(1,518,158)

Net current assets
  
 
 
3,631,316
 
 
4,498,761

Total assets less current liabilities
  
3,834,560
4,560,476

Provisions for liabilities
  

Deferred tax
 17 
(50,811)
(11,726)

  
 
 
(50,811)
 
 
(11,726)

Net assets
  
3,783,749
4,548,750


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
3,783,649
4,548,650

  
3,783,749
4,548,750


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 March 2024.




D Mydat
Director

The notes on pages 15 to 27 form part of these financial statements.
Page 10

 
LONDON TEACHING POOL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
100
4,548,650
4,548,750


Comprehensive income for the year

Profit for the year
-
1,180,999
1,180,999
Total comprehensive income for the year
-
1,180,999
1,180,999


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,946,000)
(1,946,000)


Total transactions with owners
-
(1,946,000)
(1,946,000)


At 31 August 2023
100
3,783,649
3,783,749



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2021
100
3,714,193
3,714,293


Comprehensive income for the year

Profit for the year
-
1,164,457
1,164,457
Total comprehensive income for the year
-
1,164,457
1,164,457


Contributions by and distributions to owners

Dividends: Equity capital
-
(330,000)
(330,000)


Total transactions with owners
-
(330,000)
(330,000)


At 31 August 2022
100
4,548,650
4,548,750


The notes on pages 15 to 27 form part of these financial statements.
Page 11

 
LONDON TEACHING POOL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,180,999
1,164,457

Adjustments for:

Depreciation of tangible assets
56,437
39,844

Loss on disposal of tangible assets
-
1,524

Government grants
-
(2,633)

Interest received
(14,193)
(1,674)

Taxation charge
327,764
273,985

Decrease/(increase) in debtors
662,889
(211,194)

Decrease in amounts owed by participating ints
507
-

(Decrease)/increase in creditors
(447,318)
286,546

Corporation tax (paid)
(276,987)
(166,594)

Net cash generated from operating activities

1,490,098
1,384,261


Cash flows from investing activities

Purchase of tangible fixed assets
(197,966)
(17,580)

Sale of tangible fixed assets
-
250

Government grants received
-
2,633

Interest received
14,193
1,674

Net cash from investing activities

(183,773)
(13,023)
Page 12

 
LONDON TEACHING POOL LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£



Cash flows from financing activities

Dividends paid
(1,946,000)
(330,000)

Net cash used in financing activities
(1,946,000)
(330,000)

Net (decrease)/increase in cash and cash equivalents
(639,675)
1,041,238

Cash and cash equivalents at beginning of year
3,823,417
2,782,179

Cash and cash equivalents at the end of year
3,183,742
3,823,417


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,183,742
3,823,417

3,183,742
3,823,417


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
LONDON TEACHING POOL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023




At 1 September 2022
Cash flows
At 31 August 2023
£

£

£

Cash at bank and in hand

3,823,417

(639,675)

3,183,742


3,823,417
(639,675)
3,183,742

The notes on pages 15 to 27 form part of these financial statements.
Page 14

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 3rd Floor, North Wing, St James House, 27 - 43 Eastern Road, Romford, Essex, RM1 3NH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 17

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 18

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements,
estimates and assumptions are based on the best and most reliable evidence available at the time when
the decisions are made, and are based on the historical experience and other factors that are considered
to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period which the estimate is revised, if the revision affects only that
period, or in the period of revision and future periods, if the revision affects both current and future
periods.
Management considers that there are no judgements that have been made in the process of applying the
entity's accounting policies that have a significant effect on the financial statements. Furthermore,
management considers that there are no areas of estimation uncertainty at the balance sheet date that
have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities
within the next financial year.

Page 19

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Education
9,631,553
8,110,431

Medical
8,224,055
8,723,069

Care
915,667
545,467

18,771,275
17,378,967


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
142,368
18,880

Government grants receivable
-
2,633

142,368
21,513



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
148,184
88,757


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
-

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,000
-

All non-audit services not included above
-
9,000
Page 20

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
16,195,902
15,042,638

Social security costs
511,658
397,239

Cost of defined contribution scheme
88,828
85,835

16,796,388
15,525,712


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Permanent employees
45
42



Temporary employees
37
32

82
74


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,546,882
1,241,126

Company contributions to defined contribution pension schemes
64,513
60,444

1,611,395
1,301,570


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £466,306 (2022 - £408,677).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).

The total accrued pension provision of the highest paid director at 31 August 2023 amounted to £NIL (2022 - £NIL).

Page 21

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
14,193
1,674

14,193
1,674


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
288,679
276,957


288,679
276,957


Total current tax
288,679
276,957

Deferred tax


Origination and reversal of timing differences
39,085
(2,972)

Total deferred tax
39,085
(2,972)


Tax on profit
327,764
273,985
Page 22

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is 21.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,508,763
1,438,442


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.5% (2022 - 19%)
324,384
273,304

Effects of:


Capital items expensed
(5,618)
-

Other differences leading to an increase (decrease) in the tax charge
342
681

Corporation tax rate change
8,656
-

Total tax charge for the year
327,764
273,985


Factors that may affect future tax charges

The main rate will increase to 25% from 1 April 2023 and will impact the corporation tax provision of the Company from that date. The deferred tax provision has been adjusted in these financial statements in recognition of this change.  


12.


Dividends

2023
2022
£
£


Ordinary
1,946,000
330,000

1,946,000
330,000

Page 23

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
72,242
-
105,342
177,584


Additions
-
187,807
10,159
197,966



At 31 August 2023

72,242
187,807
115,501
375,550



Depreciation


At 1 September 2022
43,645
-
72,224
115,869


Charge for the year on owned assets
18,060
19,234
19,143
56,437



At 31 August 2023

61,705
19,234
91,367
172,306



Net book value



At 31 August 2023
10,537
168,573
24,134
203,244



At 31 August 2022
28,597
-
33,118
61,715

Page 24

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Debtors

2023
2022
£
£


Trade debtors
1,305,729
2,046,420

Amounts owed by joint ventures and associated undertakings
-
507

Other debtors
1,100
4,678

Prepayments and accrued income
223,308
141,897

1,530,137
2,193,502



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,183,742
3,823,417

3,183,742
3,823,417



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
54,989
64,819

Corporation tax
288,679
276,957

Other taxation and social security
438,390
411,959

Other creditors
54,838
506,492

Accruals and deferred income
245,667
257,931

1,082,563
1,518,158


Page 25

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

17.


Deferred taxation




2023


£






At beginning of year
(11,726)


Charged to profit or loss
(39,085)



At end of year
(50,811)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(50,811)
(11,726)

(50,811)
(11,726)


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



19.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


20.


Pension commitments

The company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £88,828 (2022: 85,835). At 31 August 2023, the balance owing to the pension scheme was £Nil (2022: £Nil).

Page 26

 
LONDON TEACHING POOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

21.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
114,700
-

Later than 1 year and not later than 5 years
458,800
-

Later than 5 years
458,800
-

1,032,300
-


22.


Related party transactions

During the year, transactions with the following related parties occurred: 
Total remuneration paid to key management personnel is £1,546,882 (2022: £1,179,567).
At year end, amounts owed by key management personnel amounted to £Nil (2022: £4,678).


2023
2022
£
£

Key management personnel
-
4,678
-
4,678

 
Page 27