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COMPANY REGISTRATION NUMBER: 03617602
STEVE WILLIS TRAINING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
STEVE WILLIS TRAINING LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
146,128
161,587
Investments
6
121,375
119,356
----------
----------
267,503
280,943
Current assets
Stocks
26,041
8,165
Debtors
7
284,854
331,567
Cash at bank and in hand
2,948,391
2,658,997
-------------
-------------
3,259,286
2,998,729
Creditors: amounts falling due within one year
8
681,373
629,356
-------------
-------------
Net current assets
2,577,913
2,369,373
-------------
-------------
Total assets less current liabilities
2,845,416
2,650,316
Provisions
Taxation including deferred tax
19,947
20,406
-------------
-------------
Net assets
2,825,469
2,629,910
-------------
-------------
Capital and reserves
Called up share capital
1,399
1,399
Share premium account
65,050
65,050
Capital redemption reserve
1,000
1,000
Profit and loss account
2,758,020
2,562,461
-------------
-------------
Shareholders funds
2,825,469
2,629,910
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
STEVE WILLIS TRAINING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
Mr S P M Willis
Director
Company registration number: 03617602
STEVE WILLIS TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover in the profit and loss account is recognised upon the commencement of training courses and is shown exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
5 years straight line
Plant & machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
33% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 56 (2023: 55 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
359,905
123,670
421,442
141,889
1,046,906
Additions
2,609
20,567
24,640
47,816
Disposals
( 9,188)
( 9,188)
----------
----------
----------
----------
-------------
At 31 March 2024
362,514
123,670
442,009
157,341
1,085,534
----------
----------
----------
----------
-------------
Depreciation
At 1 April 2023
349,054
104,028
367,817
64,420
885,319
Charge for the year
7,211
4,911
24,706
25,221
62,049
Disposals
( 7,962)
( 7,962)
----------
----------
----------
----------
-------------
At 31 March 2024
356,265
108,939
392,523
81,679
939,406
----------
----------
----------
----------
-------------
Carrying amount
At 31 March 2024
6,249
14,731
49,486
75,662
146,128
----------
----------
----------
----------
-------------
At 31 March 2023
10,851
19,642
53,625
77,469
161,587
----------
----------
----------
----------
-------------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 April 2023
66,225
118,156
184,381
Disposals
( 66,225)
( 66,225)
Revaluations
3,219
3,219
---------
----------
----------
At 31 March 2024
121,375
121,375
---------
----------
----------
Impairment
At 1 April 2023
65,025
65,025
Disposals
( 65,025)
( 65,025)
---------
----------
----------
At 31 March 2024
---------
----------
----------
Carrying amount
At 31 March 2024
121,375
121,375
---------
----------
----------
At 31 March 2023
1,200
118,156
119,356
---------
----------
----------
Subsidiaries, associates and other investments
During the year, Portsmouth Trading Ltd (formerly Steve Willis Training (Portsmouth) Limited) applied to strike off the company. Portsmouth Training Ltd was dissolved on 28 May 2024.
7. Debtors
2024
2023
£
£
Trade debtors
249,859
298,222
Other debtors
34,995
33,345
----------
----------
284,854
331,567
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
100,728
60,290
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,200
Corporation tax
275,107
226,096
Social security and other taxes
117,696
141,220
Other creditors
187,842
200,550
----------
----------
681,373
629,356
----------
----------