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Registration number: 01029331

Heart of England Training Limited

Annual Report and Abridged Financial Statements

for the Year Ended 31 July 2023

 

Heart of England Training Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Abridged Balance Sheet

3 to 4

Notes to the Abridged Financial Statements

5 to 11

 

Heart of England Training Limited

Company Information

Directors

J Gibson

BR Tyce

Company secretary

BR Tyce

Registered office

10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

Auditors

10. Chartered Accountants
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

 

Heart of England Training Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 and 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

 

Heart of England Training Limited

(Registration number: 01029331)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

273,386

166,120

Investments

5

-

300

 

273,386

166,420

Current assets

 

Stocks

6

9,871

9,780

Debtors

2,556,310

1,858,075

Cash at bank and in hand

 

730,282

1,419,282

 

3,296,463

3,287,137

Prepayments and accrued income

 

405,256

365,281

Creditors: Amounts falling due within one year

(341,230)

(336,712)

Net current assets

 

3,360,489

3,315,706

Total assets less current liabilities

 

3,633,875

3,482,126

Accruals and deferred income

 

(119,539)

(86,440)

Net assets

 

3,514,336

3,395,686

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

3,513,336

3,394,686

Shareholders' funds

 

3,514,336

3,395,686

 

Heart of England Training Limited

(Registration number: 01029331)
Abridged Balance Sheet as at 31 July 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option to not file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
J Gibson
Director

.........................................
BR Tyce
Company secretary and director

 

Heart of England Training Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT
United Kingdom

The principal place of business is:
Suite 1 Eleven Arches House
Leicester Road
Rugby
Warwickshire
CV21 1FD

These financial statements were authorised for issue by the Board on 23 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Heart of England Training Limited as an individual company and do not contain information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it is a small group..

 

Heart of England Training Limited

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

Going concern

The financial statements have been prepared on a going concern basis.

The directors report on page two of these accounts has further detail on the going concern basis used this year.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 April 2024 was J D Foster, who signed for and on behalf of 10. Chartered Accountants.

Judgements

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' best 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 historical experience and other factors that are considered to be appropriate.

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 in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Heart of England Training Limited

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

Over the period of the lease

Fixtures and fittings

20% on reducing balance

Motor vehicles

15% on straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Heart of England Training Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Heart of England Training Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 99 (2022 - 95).

 

Heart of England Training Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

150,074

1,076,082

10,400

1,236,556

Additions

84,323

63,974

-

148,297

Disposals

(1,555)

-

-

(1,555)

At 31 July 2023

232,842

1,140,056

10,400

1,383,298

Depreciation

At 1 August 2022

107,792

957,704

4,940

1,070,436

Charge for the year

12,912

25,004

1,560

39,476

At 31 July 2023

120,704

982,708

6,500

1,109,912

Carrying amount

At 31 July 2023

112,138

157,348

3,900

273,386

At 31 July 2022

42,282

118,378

5,460

166,120

Included within the net book value of land and buildings above is £112,138 (2022 - £42,282) in respect of short leasehold land and buildings.
 

5

Investments

Total
£

Cost or valuation

At 1 August 2022

300

Disposals

(300)

At 31 July 2023

-

Provision

Carrying amount

At 31 July 2023

-

At 31 July 2022

300

 

Heart of England Training Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Martanne Holdings Limited

10 Cheyne Walk
Northampton
NN1 5PT

England

Ordinary

0%

100%

Subsidiary undertakings

Martanne Holdings Limited

The principal activity of Martanne Holdings Limited was hairdressing salons and the company was struck off in July 2023.

6

Stocks

2023
£

2022
£

Other inventories

9,871

9,780