Registered number:
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
COMPANY INFORMATION
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LD TRAINING SERVICES LIMITED
CONTENTS
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LD TRAINING SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Directors present their annual report, including the Strategic Report and the Directors’ Report, along with the audited financial statements for the year ended 31 August 2023. The financial statements encompass the results for the year for LD Training.
The Strategic Report is prepared to provide additional information to stakeholders, enabling them to assess LD Training’s strategies and the potential for those strategies to succeed. The Strategic Report contains forward-looking statements based on the information available to the Directors up to the time of their approval of this report. LD Training operates in partnership with two universities, Leeds Trinity University and the University of Suffolk and provides privately funded Institute of Financial Accountants (IFA Direct) provision. The principal activity of LD Training, in both the current and prior year, has been the provision of both Higher and Further Education. LD Training is committed to delivering a student-centred learning experience that emphasises both academic and personal support to help students succeed. Our flexible approach ensures every student has the resources and environment needed to reach their goals. We take pride in offering a well-rounded experience that goes beyond academics through a range of tailored extra-curricular activities and support strategies. LD Training are a highly respected educational organisation recognised for offering students a comprehensive learning experience, with an emphasis on employability, career advancement, and high levels of student satisfaction. LD Training has reviewed its governance structure and systems, evaluating its executive and committee functions to ensure continued compliance with regulatory guidelines. This review aims to assure robust and effective processes for the oversight of academic standards and quality assurance. These reviews were also conducted to ensure the organisation is better positioned to attain regulatory body recognition in line with the strategic plan. Each Director is responsible for overseeing the strategic direction and governance of LD Training, ensuring that the organisation remains aligned with its educational and corporate mission and vision and financial goals. The LD Training Strategic Plan outlines the direction and objectives of LD Training Services Limited for the period 2020-2023. Informed by past successes and challenges, this plan reflects our commitment to excellence, inclusivity, and innovation in education. With a focus on adapting to evolving landscapes, including changes in government funding, the plan underscores our dedication to empowering individuals through transformative learning experiences. This strategy has a clear desire to sustain and further enhance the core values, mission and vision of the organisation which have been instrumental in delivering its success to date and to harness and build upon the significant strengthening and reconfiguration of the governance and management of the organisation. At LD Training, our unwavering commitment to excellence permeates every aspect of our operations, proudly holding a spectrum of accreditations and quality endorsements. Notably, our dedication to quality has been acknowledged in External Examiner reports from both of our university partners, affirming the exceptional standards upheld in our business practices, teaching and learning methodologies, and student support services. We prioritise the holistic development and success of our students, ensuring that their academic and personal journey with us is characterised by unparalleled support, transformative learning experiences, and tangible outcomes. The Strategic Plan was designed to provide a clear and ambitious road map for the future direction of the company which will stretch the leadership team and the staff collectively to deliver upon it. It is the product of substantial consultation with stakeholders and is designed to give all staff a confidence that they are part of a dynamic forward thinking and focused company and that they have an important part to play in ensuring that its goals are realised. LD Training and its university partnerships have proven to be a pillar of success, particularly in its mission to broaden access to Higher Education. Through concerted efforts, there's been a notable surge in engagement
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LD TRAINING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
from traditionally underrepresented and hard-to-reach demographics, effectively breaking down barriers to education. This concerted drive for inclusivity has not only boosted participation but has also empowered students who might otherwise have remained disengaged from higher education.
LD Training’s commitment to student satisfaction has been unwavering, with consistently high ratings, even soaring as high as 97% and 98% (2021-2023 SES results) echoing the resounding success of LD Training. We pride ourselves on delivering exceptional value by providing not just high-quality teaching and learning, but also a deeply personalised support system that empowers each student to succeed. Our flexible approach ensures that students can achieve their goals regardless of their personal circumstances, making education accessible and tailored to individual needs. Operating with a genuine commitment to our students' well-being, LD Training fosters an environment where students feel valued, supported, and inspired to reach their full potential.
LD Training delivered a solid financial performance for the year ending 2023, showcasing resilience and effective financial management despite challenging market conditions. The company achieved a gross profit margin of 91.7%, an increase from 81.1% in the prior year, reflecting strong cost control and improved operational efficiency.
Although turnover decreased by 25.0%, largely due to a halt in recruitment, the company effectively managed its cost base. The cost of sales dropped significantly by 67% to £1.1 million from £3.3 million in 2022, highlighting enhanced efficiency and strategic focus on cost management. As a result, the gross profit decreased by a modest 15% to £12.1 million compared to the larger decline in revenue, showcasing robust financial controls. Administrative expenses were kept relatively stable, demonstrating LD Training's ability to maintain control over its overhead costs even in a challenging financial environment. Consequently, operating profit stood at £7.2 million, down by 22.7% from £9.4 million in the previous year, but the decline was proportionately smaller than the revenue reduction, emphasising effective cost management. The company’s financial position has strengthened considerably. Net current assets increased by 58% to £12.2 million from £7.9 million in 2022, reflecting a strategic focus on managing working capital. Current assets grew by 27.1%, driven largely by an increase of cash at bank and in hand of 53.8% from £8.8 million to £13.6 million. This growth in liquidity indicates strong cash flow management and provides a solid foundation for future investments. Overall, LD Training demonstrated strong financial resilience in financial year 2023, effectively managing costs and maintaining a robust liquidity position. The significant improvements in gross profit margin, liquidity, and net assets underscore the company’s strategic focus on cost efficiency and financial sustainability. With a solid financial foundation, LD Training is well-positioned to capitalise on future growth opportunities while mitigating potential risks. Looking ahead, the company will continue to focus on increasing revenue, maintaining cost efficiency, whilst continuing to invest in resources required to maintain high levels of student and staff satisfaction and leverage its strong cash position to drive long-term value and growth.
LD Training recognises the potential risks associated with price, liquidity, and cash flow as principal risks to our financial stability. To mitigate price risk, we regularly review our strategies to ensure value for money, whilst ensuring our student satisfaction and experience levels remain high, continuing to provide a competitive advantage. Liquidity risk is managed through careful financial planning, maintaining adequate reserves, and ensuring access to lines of credit to cover short-term obligations. To mitigate cash flow risk, we closely monitor our cash flow projections, ensuring a balanced inflow and outflow of funds, and actively perusing a diversification of our revenue streams to create a more stable financial base.
Additionally, the uncertain political environment and challenges with university partnerships pose financial risks. To mitigate these, we manage costs, invest strategically in growth areas, and we are actively pursuing a
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LD TRAINING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
diversification of income streams, including re-entering the Further Education sector and expanding partnerships to reduce dependency on any single institution.
The directors consider the following metrics to be KPI's:
EBITDA - 2023: £7,377,056 2022: £9,515,269 (22% decrease) Accrued income - 2023: £3,632,857 2022: £4,572,599 (21% decrease) Expenses (COS and Admin) - 2023: £5,960,468 2022: £8,235,043 (28% decrease)
This report was approved by the board and signed on its behalf.
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LD TRAINING SERVICES 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 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.
The profit for the year, after taxation, amounted to £5,863,962 (2022 - £7,555,591).
Note that the 2022 figure is restated.
Dividends were declared of £1,251,355 in the year.
The directors who served during the year were:
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LD TRAINING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
LD Training remains persistent in its commitment to delivering transformative education and fostering inclusive communities. As we look towards the future, our strategic plan emphasises deepening our university partnerships, building on the achievements of the past five years, further education and higher education developments, regulatory body recognition, campus expansion, diversification and an emphasis on staff development and investment, academic quality, teaching and learning and student satisfaction.
LD Training’s partnerships are integral to our mission of widening access to higher education and empowering individuals to reach their full potential. We aim to meet the diverse needs of students across the West and East Midlands and North London, ensuring that each individual has the opportunity to realise their educational aspirations. Our strategic plan includes expanding our current offerings to include postgraduate programmes and additional undergraduate courses. These new programmes are designed to cater to the evolving needs of our student body and local communities. The proposed postgraduate courses will provide a natural extension of our commitment to accessible and student-focused education, offering advanced academic opportunities that align with the long-term academic and professional aspirations of our students. Over the next three years, LD Training plans to explore the establishment of additional campus locations. This initiative is driven by market-led research and insights presenting an exciting avenue for extending access to education. By strategically identifying new locations based on demand and demographic needs, we can ensure that our educational offerings remain accessible to a wider audience. LD Training is actively pursuing the diversification of our income streams as part of our strategic growth plan, with a particular focus on re-entering the Further Education (FE) environment. By expanding our offerings to include FE programmes, we aim to tap into new markets and meet the evolving needs of a broader range of learners. This move will not only enhance our financial resilience but also allow us to build on our expertise in delivering high-quality education across different sectors, ensuring that we continue to provide valuable learning opportunities for students at all stages of their educational journey
There have been no significant events affecting the Company since the year end.
The auditors, WMT, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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LD TRAINING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
This report was approved by the board and signed on its behalf.
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LD TRAINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED
We have audited the financial statements of LD Training Services 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 policies. The 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).
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.
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.
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LD TRAINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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LD TRAINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)
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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. Based on our understanding of LD Training Services Limited and its activities, the following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK Financial Reporting Standards (FRS 102) and the Companies Act 2006. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include UK tax legislation, data protection, The Office for Students - Regulatory Framework for Higher Education and The Quality Assurance Agency for Higher Education. Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: inquiries of management as to whether the entity complies with such laws and regulations; inquiries with the same concerning any actual or potential litigation or claims; Inspection of relevant legal correspondence; review of board meeting minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
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LD TRAINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)
In the preivous accounting period the Directors of the Company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore the comparative financial information presented in these financial statements has not been subject to audit.
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 2006. Our 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.
for and on behalf of
Chartered Accountants and
Statutory Auditors
4 Beaconsfield Road
Hertfordshire
AL1 3RD
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LD TRAINING SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
REGISTERED NUMBER: 06994831
BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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LD TRAINING SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
LD Training Services Limited is a limited company incorporated in England and Wales.
The address of the registered office is 4 Beaconsfield Road, St Albans, Hertfordshire, AL1 5RD. The nature of the Company's operations continues to be that of training services.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate.
The Board believes that LD Training is well-positioned to manage its risks successfully, supported by a strong performance base in 2022/23 and a robust liquidity position as of 31 August 2023. The outlook for undergraduate recruitment remains positive, with continued growth in student numbers through franchise partnerships, and the demand for educational services remains high. Consideration has been given to potential interruptions in income streams through stress testing of extreme and unlikely scenarios, including reduced recruitment and progression and changes in fees and funding. The stress testing indicates that LD Training would continue to have sufficient cash throughout the period ensuring the ability to meet financial obligations from cash reserves. Current forecasts and projections to August 2025, including reasonable downturn sensitivities, along with the strong liquidity position, demonstrate that LD Training expects to operate within its current facilities and available headroom while maintaining compliance with financial covenants and cash requirements. The Board of Directors considers that LD Training has adequate resources to continue in operational existence for the foreseeable future. Therefore, the going concern basis continues to be adopted in preparing the Annual Report and Financial Statements.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straght line basis dependent on asset class..
Depreciation is provided on the following basis:
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.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
Estimates and judgements have been applied in accrued income and provisions.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Included in the accounts is a prior year adjustment to exclude a GDPR provision which does not comply with FRS 102. The provision has been removed from the earliest accounting period to which it relates.
This resulted in the following changes: - to the Statement of Comprehensive Income: a decrease in compliance costs of £603,000 and an increase in the tax charge of £114,570; - to the Balance Sheet: a decrease in provisions of £1,000,000, an increase in corporation tax liabilities of £190,000 and an increase in opening reserves of £321,570.
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LD TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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