Registration number:
Leadership Trust Training and Development Limited
for the
Year Ended 31 December 2023
Leadership Trust Training and Development Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Leadership Trust Training and Development Limited
Company Information
Directors |
R N The Lord Westbury Mr K L Hallatt Hon R A D Bethell Mr B I Coleridge Cole Mr J E Davidge Ms A H Bromage |
Registered office |
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Auditors |
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Leadership Trust Training and Development Limited
(Registration number: 09643142)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,500,000 |
500,000 |
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Retained earnings |
(1,960,536) |
(1,887,446) |
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Shareholders' deficit |
(460,536) |
(1,387,446) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Leadership Trust Training and Development Limited
(Registration number: 09643142)
Balance Sheet as at 31 December 2023
(continued)
Approved and authorised by the
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Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company is dependent on the continuing financial support of its parent company. The directors of the parent company, R W Chelsea Holdings Limited (a company registered in Cyprus) have confirmed that, for a period of at least twelve months following the date of approval of these financial statements, they will continue to provide financial support to the company to enable it to meet its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
2 |
Accounting policies (continued) |
Audit report
.........................................
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. The company has the capacity to surrender losses to fellow group companies which has been utilised this year. No payment has been received from other group companies for the use of their losses.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% of cost per annum |
Computer equipment |
33% of cost per annum |
Intangible assets
Separately acquired brand names, licences and intellectual property are initially recognised at cost.
Brand names, licences and intellectual property acquired in a business combination are recognised at fair value at the acquisition date.
Brand names, licences and intellectual property have a finite useful life and are carried at cost or revalued amount, less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Brand names, licences and intellectual property |
5% of cost per annum |
Computer software |
33% of cost per annum |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Intangible assets |
Trademarks, patents and licenses |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions acquired separately |
- |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Stocks |
2023 |
2022 |
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Other inventories |
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Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank overdrafts which are secured of £1,380 (2022 - £Nil). Creditors also include a loan of £1,417,500 (2022 - £Nil) that is secured by a debenture over the company's assets, by a charge on property of a fellow group company and by guarantees from other group companies.
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
8 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Other non-current financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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500,000 |
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500,000 |
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1,000,000 |
- |
- |
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Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Bank overdrafts |
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Other borrowings |
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- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
Related party transactions |
Expenditure with and payables to related parties
2023 |
Parent |
Rendering of services |
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2022 |
Parent |
Rendering of services |
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Loans to related parties
2023 |
Other related parties |
Total |
Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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Terms of loans to related parties
Leadership Trust Training and Development Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
(continued)
12 |
Related party transactions (continued) |
Loans from related parties
2023 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2022 |
Parent |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Non adjusting events after the financial period |
The company has had no events since the balance sheet date which required disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.