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Registered number: 06994831









LD TRAINING SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
LD TRAINING SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
Linda Johnson 
Glen Johnson 




Company secretary
Linda Johnson



Registered number
06994831



Registered office
2nd Floor 4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD




Independent auditors
WMT
Chartered Accountants and & Statutory Auditors

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
LD TRAINING SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27


 
LD TRAINING SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
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
Page 1

 
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.

Business review
 
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.

Principal risks and uncertainties
 
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
Page 2

 
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.

Financial key performance indicators
 
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.



Linda Johnson
Director

Date: 30 August 2024

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year were:

Linda Johnson 
Glen Johnson 

Page 4

 
LD TRAINING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Future developments

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
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.
 





Linda Johnson
Director

Date: 30 August 2024

Page 6

 
LD TRAINING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 7

 
LD TRAINING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
LD TRAINING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 9

 
LD TRAINING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LD TRAINING SERVICES LIMITED (CONTINUED)


Other matters 
 

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.


Use of our report
 

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 2006Our 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.





Elizabeth Wicks (Senior statutory auditor)
  
for and on behalf of
WMT
 
Chartered Accountants and
Statutory Auditors
  
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

30 August 2024
Page 10

 
LD TRAINING SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
13,205,100
17,601,987

Cost of sales
  
(1,093,831)
(3,319,913)

Gross profit
  
12,111,269
14,282,074

Administrative expenses
  
(4,866,637)
(4,915,130)

Operating profit
  
7,244,632
9,366,944

Interest receivable and similar income
  
138,749
2,677

Interest payable and similar expenses
  
(11,408)
(21,074)

Profit before tax
  
7,371,973
9,348,547

Tax on profit
  
(1,508,011)
(1,792,956)

Profit for the financial year
  
5,863,962
7,555,591

Other comprehensive income for the year
  

Total comprehensive income for the year
  
5,863,962
7,555,591

The notes on pages 15 to 27 form part of these financial statements.

Page 11

 
LD TRAINING SERVICES LIMITED
REGISTERED NUMBER: 06994831

BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
460,759
427,929

  
460,759
427,929

Current assets
  

Debtors: amounts falling due within one year
 12 
4,123,708
5,076,377

Cash at bank and in hand
  
13,609,186
8,847,227

  
17,732,894
13,923,604

Creditors: amounts falling due within one year
 14 
(5,486,874)
(6,187,317)

Net current assets
  
 
 
12,246,020
 
 
7,736,287

Total assets less current liabilities
  
12,706,779
8,164,216

Creditors: amounts falling due after more than one year
 15 
-
(86,395)

Provisions for liabilities
  

Deferred tax
 16 
-
(101,446)

Other provisions
 17 
(581,200)
(415,500)

  
 
 
(581,200)
 
 
(516,946)

Net assets
  
12,125,579
7,560,875


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
12,124,579
7,559,875

  
12,125,579
7,560,875


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




Linda Johnson
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
LD TRAINING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021 (as previously stated)
1,000
1,257,714
1,258,714

Prior year adjustment - correction of error
-
321,570
321,570


At 1 September 2021 (as restated)
1,000
1,579,284
1,580,284


Comprehensive income for the year

Profit for the year
-
7,555,591
7,555,591
Total comprehensive income for the year
-
7,555,591
7,555,591


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,575,000)
(1,575,000)


Total transactions with owners
-
(1,575,000)
(1,575,000)



At 1 September 2022 (as previously stated)
1,000
6,749,875
6,750,875

Prior year adjustment - correction of error
-
810,000
810,000


At 1 September 2022 (as restated)
1,000
7,559,875
7,560,875


Comprehensive income for the year

Profit for the year
-
5,863,962
5,863,962
Total comprehensive income for the year
-
5,863,962
5,863,962


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,299,258)
(1,299,258)


Total transactions with owners
-
(1,299,258)
(1,299,258)


At 31 August 2023
1,000
12,124,579
12,125,579


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
LD TRAINING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

As restated
2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,863,962
7,555,591

Adjustments for:

Depreciation of tangible assets
132,424
148,325

Loss on disposal of tangible assets
-
25,078

Interest paid
11,408
21,074

Interest received
(138,749)
(2,677)

Taxation charge
1,508,011
1,792,956

Decrease/(increase) in debtors
982,455
(2,284,894)

Increase in creditors
219,876
4,591,519

Increase in provisions
165,700
132,600

Corporation tax (paid)
(2,450,017)
(2,313,931)

Net cash generated from operating activities

6,295,070
9,665,641


Cash flows from investing activities

Purchase of tangible fixed assets
(165,254)
(324,145)

Sale of tangible fixed assets
-
76,426

Interest received
138,749
2,677

Net cash from investing activities

(26,505)
(245,042)

Cash flows from financing activities

Repayment of loans
(195,940)
(72,146)

Dividends paid
(1,299,258)
(1,575,000)

Interest paid
(11,408)
(21,074)

Net cash used in financing activities
(1,506,606)
(1,668,220)

Net increase in cash and cash equivalents
4,761,959
7,752,379

Cash and cash equivalents at beginning of year
8,847,227
1,094,848

Cash and cash equivalents at the end of year
13,609,186
8,847,227


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,609,186
8,847,227

13,609,186
8,847,227


Page 14

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

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

 
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 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:

 
2.2

Going concern

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.

Page 15

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 17

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (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:

Freehold property
-
Straight line method over the life of the lease where stated and on a 5 year straight line basis in the case of licenses to occupy
Motor vehicles
-
25%
Reducing balance method
Fixtures and fittings
-
25%
Reducing balance method
Office equipment
-
25%
Reducing balance method
Computer equipment
-
33%
Straight line method

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.

 
2.12

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
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.

Page 18

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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.

 
2.17

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. 
Estimates and judgements have been applied in accrued income and provisions.

Page 19

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Educational services
13,205,100
17,601,987

13,205,100
17,601,987


2023
2022
£
£

United Kingdom
13,205,100
17,601,987

13,205,100
17,601,987


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
9,181
27,802


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,250
-
Page 20

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,690,076
1,481,782

Social security costs
156,576
144,332

Cost of defined contribution scheme
41,916
320,156

1,888,568
1,946,270


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Total
59
49


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
170,606
143,082

Company contributions to defined contribution pension schemes
16,478
297,000

187,084
440,082


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

Page 21

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,639,243
1,722,950

Adjustments in respect of previous periods
-
27,204


1,639,243
1,750,154


Total current tax
1,639,243
1,750,154

Deferred tax


Fixed asset timing differences
(88,072)
-

Short term timing differences
(43,160)
42,802

Total deferred tax
(131,232)
42,802


Tax on profit
1,508,011
1,792,956

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 21.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,371,973
9,348,547


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.52% (2022 - 19%)
1,586,449
1,776,224

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
38,789
5,335

Capital allowances for year in excess of depreciation
14,005
(31,405)

Short-term timing difference leading to an increase (decrease) in taxation
(88,072)
42,802

Other differences leading to an increase (decrease) in the tax charge
(43,160)
-

Total tax charge for the year
1,508,011
1,792,956

Page 22

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2023
2022
£
£


Dividends
1,299,258
1,575,000

1,299,258
1,575,000


11.


Tangible fixed assets





Building improve-
ments
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
150,940
-
470,179
74,657
695,776


Additions
-
115,451
49,803
-
165,254



At 31 August 2023

150,940
115,451
519,982
74,657
861,030



Depreciation


At 1 September 2022
50,377
-
192,321
25,149
267,847


Charge for the year on owned assets
26,068
10,044
78,113
18,199
132,424



At 31 August 2023

76,445
10,044
270,434
43,348
400,271



Net book value



At 31 August 2023
74,495
105,407
249,548
31,309
460,759



At 31 August 2022
100,563
-
277,858
49,508
427,929

Page 23

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Debtors

2023
2022
£
£


Trade debtors
360
1,410

Other debtors
408,655
453,523

Prepayments and accrued income
3,684,907
4,621,444

Deferred taxation
29,786
-

4,123,708
5,076,377



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,609,186
8,847,227

13,609,186
8,847,227



14.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
95,906
205,451

Trade creditors
231,480
284,441

Corporation tax
899,246
1,710,020

Other taxation and social security
71,688
91,935

Other creditors
2,799,882
1,853,741

Accruals and deferred income
1,388,672
2,041,729

5,486,874
6,187,317


Bank loans have fixed and floating charges over all assets of the company.
Included within other creditors is a pension creditor of £9,535 (2022: £9,928)

Page 24

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
86,395

-
86,395



16.


Deferred taxation




2023


£






At beginning of year
(101,446)


Charged to profit or loss
131,232



At end of year
29,786

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
29,786
(101,446)

29,786
(101,446)


17.


Provisions




Dilapidation
Vehicle costs
Total

£
£
£





At 1 September 2022
410,500
5,000
415,500


Charged to profit or loss
165,700
-
165,700



At 31 August 2023
576,200
5,000
581,200

1 September 2022 figures are stated after a prior year adjustment to reduce provisions by £1,000,000. Futher details of the prior year adjustment can be found in note 19.

Page 25

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



510 (2022 - 510) Ordinary A shares of £1.00 each
510
510
490 (2022 - 490) Ordinary B shares of £1.00 each
490
490

1,000

1,000

1,000 ordinary shares with £1.00 par value have been fully issued and paid. Ordinary Class A shares have full voting rights. Ordinary Class B shares non-voting, non-equity, full dividend rights and are non-redeemable.



19.


Prior year adjustment

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.


20.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
623,602
541,752

Later than 1 year and not later than 5 years
554,178
897,626

1,177,780
1,439,378

Page 26

 
LD TRAINING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

21.


Related party transactions

As at 31 August 2023, LD Training Services Ltd was owed £48,238 (2022: £37,589) by The Student Office Limited, a company with shared ownership. This balance is within other debtors. Transactions in the year totalled £10,648 (2022: £nil)
As at 31 August 2023, LD Training Services Ltd was owed £269,558 (2022: £269,558) by L Johnson Properies Ltd, a company with shared ownership. This balance is within other debtors.
As at 31 August 2023, LD Training Services Ltd was owed £12,050 (2022: £12,700) by a close family member. This balance is within other debtors.
As at 31 August 2023, LD Training Services Ltd owed £1,309,420 (2022: £99,031) and £749,381 (2022: £131,258) to Linda Johnson and Glen Johnson respectively, directors of the Company. £727,693 (2022: £nll) was also owed to Dale Johnson, a shareholder of the Company.

 
Page 27