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Registered number: 04179244









Just IT Training Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2023

 
Just IT Training Limited
Registered number: 04179244

Balance Sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
65,323
49,554

Investments
 5 
662,905
662,905

  
728,228
712,459

Current assets
  

Stocks
 6 
2,949
3,687

Debtors: amounts falling due within one year
 7 
3,739,560
2,377,869

Cash at bank and in hand
 8 
523,530
989,137

  
4,266,039
3,370,693

Creditors: amounts falling due within one year
 9 
(2,078,685)
(1,615,153)

Net current assets
  
 
 
2,187,354
 
 
1,755,540

Total assets less current liabilities
  
2,915,582
2,467,999

Provisions for liabilities
  

Deferred tax
  
(9,397)
(7,705)

Net assets
  
2,906,185
2,460,294


Capital and reserves
  

Called up share capital 
  
200
1,263

Share premium account
  
1,063
-

Profit and loss account
  
2,904,922
2,459,031

  
2,906,185
2,460,294


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



L A Muscat-Terribile
Director

Date: 3 March 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
Just IT Training Limited
Registered number: 04179244
    
Balance Sheet (continued)
As at 31 July 2023


Page 2

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

1.


General information

Just IT Training Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Building 4, Universal Square, Devonshire Street North, Manchester, M12 6JH. The company's registered number is 04179244.
The nature of the company's operation and its principal activity is to provide training for Digital, IT, Software & Management apprenticeships.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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. 
Rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Revenue is only recognised to the extent of recoverable expenses when the outcome of the contract cannot be estimated 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

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

Page 4

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.9

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.

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:

Short-term leasehold property
-
Straight line over the five-year lease period
Fixtures and fittings
-
15%
Straight line
Computer equipment
-
25%
Straight line

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

Page 5

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.16

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.


Employees

The average monthly number of employees, including directors, during the year was 117 (2022 - 85).

Page 6

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
63,813
6,069
157,078
226,960


Additions
-
-
43,671
43,671


Disposals
-
(2,965)
(8,078)
(11,043)



At 31 July 2023

63,813
3,104
192,671
259,588



Depreciation


At 1 August 2022
62,872
5,668
108,866
177,406


Charge for the year
941
115
26,846
27,902


Disposals
-
(2,965)
(8,078)
(11,043)



At 31 July 2023

63,813
2,818
127,634
194,265



Net book value



At 31 July 2023
-
286
65,037
65,323



At 31 July 2022
941
401
48,212
49,554


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
662,905



At 31 July 2023
662,905




Page 7

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

6.


Stocks

2023
2022
£
£

Exam / Training materials
2,949
3,687



7.


Debtors

2023
2022
£
£


Trade debtors
179,050
574,582

Amounts owed by group undertakings
2,166,293
1,147,800

Other debtors
14,418
11,497

Prepayments and accrued income
155,767
78,093

Amounts recoverable on long term contracts
1,224,032
565,897

3,739,560
2,377,869



8.


Cash

2023
2022
£
£

Cash at bank and in hand
523,530
989,137



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
365,418
146,119

Amounts owed to group undertakings
883,483
510,557

Corporation tax
16,959
7,410

Other taxation and social security
163,434
188,382

Other creditors
47,552
31,585

Accruals and deferred income
601,839
731,100

2,078,685
1,615,153


Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

Page 8

 
Just IT Training Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 July 2023

10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £26,381 (2022 - £17,081) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A.


12.


Controlling party

The immediate parent undertaking is Back 2 Work Holdings Limited, a company registered in England and Wales, registered number 12875592.
The ultimate parent undertaking is Back 2 Work Group Limited, a company registered in England and Wales, registered number 12872639. Back 2 Work Group Limited is the parent company for the largest group for which group accounts are prepared.
The consolidated financial statements of Back 2 Work Group Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 4 March 2024 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 9