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The Skills Centre London Limited

Financial Statements for the Year Ended 31 July 2023






The Skills Centre London Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: J R Howlin
J White
S D Downton
A J Chapple





REGISTERED OFFICE: Unit 7 Cae Gwyrdd
Green Meadow Springs
Cardiff
CF15 7AB





REGISTERED NUMBER: 06401277 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Skills Centre London Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Skills Centre London Limited for the year ended 31 July 2023 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Skills Centre London Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Skills Centre London Limited and state those matters that we have agreed to state to the Board of Directors of The Skills Centre London Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Skills Centre London Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Skills Centre London Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Skills Centre London Limited. You consider that The Skills Centre London Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Skills Centre London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


16 April 2024

The Skills Centre London Limited (Registered number: 06401277)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - 2,597
Tangible assets 4 596,735 457,708
Investments 5 - -
596,735 460,305

CURRENT ASSETS
Debtors 6 2,107,942 1,985,087
Cash at bank 531,977 408,450
2,639,919 2,393,537
CREDITORS
Amounts falling due within one year 7 1,703,166 1,955,189
NET CURRENT ASSETS 936,753 438,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,533,488

898,653

CREDITORS
Amounts falling due after more than
one year

8

(174,884

)

(265,494

)

PROVISIONS FOR LIABILITIES (85,900 ) (29,000 )
NET ASSETS 1,272,704 604,159

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,271,704 603,159
SHAREHOLDERS' FUNDS 1,272,704 604,159

The Skills Centre London Limited (Registered number: 06401277)

Balance Sheet - continued
31 July 2023


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

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

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

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





J R Howlin - Director


The Skills Centre London Limited (Registered number: 06401277)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% straight line, 25% reducing balance and 20% straight line
Fixtures and fittings - 25% reducing balance, 20% straight line and 15 years straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Skills Centre London Limited (Registered number: 06401277)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase & leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Grant income
Grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 55 ) .

The Skills Centre London Limited (Registered number: 06401277)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


3. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 August 2022
and 31 July 2023 35,940
AMORTISATION
At 1 August 2022 33,343
Amortisation for year 2,597
At 31 July 2023 35,940
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 2,597

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 August 2022 288,165 397,073 685,238
Additions 102,232 176,359 278,591
At 31 July 2023 390,397 573,432 963,829
DEPRECIATION
At 1 August 2022 173,517 54,013 227,530
Charge for year 81,353 58,211 139,564
At 31 July 2023 254,870 112,224 367,094
NET BOOK VALUE
At 31 July 2023 135,527 461,208 596,735
At 31 July 2022 114,648 343,060 457,708

The Skills Centre London Limited (Registered number: 06401277)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 55,000
PROVISIONS
At 1 August 2022
and 31 July 2023 55,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 871,832 405,152
Amounts owed by group undertakings 41,118 -
Other debtors & prepayments 1,194,992 1,579,935
2,107,942 1,985,087

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 90,909 90,909
Trade creditors 246,383 270,977
Amounts owed to group undertakings - 433,003
Taxes & social security costs 207,184 175,799
Other creditors & accruals 1,158,690 984,501
1,703,166 1,955,189

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 174,884 265,494

The Skills Centre London Limited (Registered number: 06401277)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


9. OTHER FINANCIAL COMMITMENTS

There is an unlimited inter company cross guarantee between this company and its fellow group companies. At the balance sheet date the amount of net bank borrowings covered by this guarantee in respect of these companies was £nil.

The company had operating lease commitments totalling £166,312 at the year end.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J R Howlin.