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COMPANY REGISTRATION NUMBER: 05598075
THE TRAINING SPACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 December 2023
THE TRAINING SPACE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
Contents
Pages
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4 to 5
Notes to the financial statements
6 to 10
The following pages do not form part of the financial statements
Report to the board of directors on the preparation of the unaudited statutory financial statements
12
THE TRAINING SPACE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr I P Considine
Mrs J Considine
Company secretary
Mrs J Considine
Registered office
22 Barnwell Court
Mawsley
Kettering
Northants
NN14 1FG
Accountants
Sawford Bullard
Accountants
The Old Mill
Blisworth Hill Farm
Stoke Road
Blisworth
Northampton
NN7 3DB
Bankers
Lloyds
3-4 Market Street
Kettering
NN16 0AH
THE TRAINING SPACE LIMITED
DIRECTORS' REPORT
YEAR ENDED 29 DECEMBER 2023
The directors present their report and the unaudited financial statements of the company for the year ended 29 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr I P Considine
Mrs J Considine
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 September 2024 and signed on behalf of the board by:
Mr I P Considine
Mrs J Considine
Director
Director
THE TRAINING SPACE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 29 DECEMBER 2023
2023
2022
Note
£
£
Turnover
818,273
1,054,814
Cost of sales
200,408
185,020
---------
------------
Gross profit
617,865
869,794
Distribution costs
1,940
329
Administrative expenses
432,608
357,989
---------
---------
Operating profit
183,317
511,476
Other interest receivable and similar income
9,043
9,384
Interest payable and similar expenses
12,902
8,226
---------
---------
Profit before taxation
5
179,458
512,634
Tax on profit
47,085
97,579
---------
---------
Profit for the financial year and total comprehensive income
132,373
415,055
---------
---------
Dividends paid and payable
( 302,000)
( 391,800)
Retained earnings at the start of the year
913,331
890,076
---------
---------
Retained earnings at the end of the year
743,704
913,331
---------
---------
All the activities of the company are from continuing operations.
THE TRAINING SPACE LIMITED
STATEMENT OF FINANCIAL POSITION
29 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
139,445
176,148
Current assets
Stocks
90,039
113,639
Debtors
7
669,970
580,022
Cash at bank and in hand
136,189
401,963
---------
------------
896,198
1,095,624
Creditors: amounts falling due within one year
8
151,260
182,208
---------
------------
Net current assets
744,938
913,416
---------
------------
Total assets less current liabilities
884,383
1,089,564
Creditors: amounts falling due after more than one year
9
114,085
142,645
Provisions
26,494
33,488
---------
------------
Net assets
743,804
913,431
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
743,704
913,331
---------
---------
Shareholders funds
743,804
913,431
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE TRAINING SPACE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr I P Considine
Mrs J Considine
Director
Director
Company registration number: 05598075
THE TRAINING SPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 22 Barnwell Court, Mawsley, Kettering, Northants, NN14 1FG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
52,111
29,680
--------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 30 December 2022
17,112
151,908
54,644
223,664
Additions
4,623
10,784
15,407
--------
---------
--------
---------
At 29 December 2023
21,735
151,908
65,428
239,071
--------
---------
--------
---------
Depreciation
At 30 December 2022
825
21,552
25,138
47,515
Charge for the year
5,035
32,589
14,487
52,111
--------
---------
--------
---------
At 29 December 2023
5,860
54,141
39,625
99,626
--------
---------
--------
---------
Carrying amount
At 29 December 2023
15,875
97,767
25,803
139,445
--------
---------
--------
---------
At 29 December 2022
16,287
130,356
29,506
176,149
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
7,510
49,190
Other debtors
662,460
530,832
---------
---------
669,970
580,022
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
6,214
7,416
Corporation tax
54,079
71,432
Social security and other taxes
37,147
50,755
Other creditors
43,820
42,605
---------
---------
151,260
182,208
---------
---------
Included within bank loans and overdrafts is an unsecured bank loan of £10,000 (2022: £10,000) Included within other creditors are hire purchase agreements of £18,560 (2022: £14,914) these are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
99,918
118,478
---------
---------
114,085
142,645
---------
---------
Included within bank loans and overdrafts is a unsecured bank loan of £14,167 (2022: £24,167) Included within other creditors are hire purchase agreements of £99,917 (2022: £118,478) these are secured on the assets to which they relate.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Considine
451,463
404,335
( 477,851)
377,947
---------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Considine
391,767
481,299
( 421,603)
451,463
---------
---------
---------
---------
Interest was charged on overdrawn amounts at 2.5% and totalled £8,920. The loan was paid in full after the year end.
11. Related party transactions
Included within other debtors are amounts owed from connected companies. Consummate Care Limited £42,673 (2022: £74,701) Consummate Properties Limited £203,630 (2022: £nil) These amounts are interest free and due on demand.
THE TRAINING SPACE LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 29 DECEMBER 2023
The following pages do not form part of the financial statements.
THE TRAINING SPACE LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE TRAINING SPACE LIMITED
YEAR ENDED 29 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Training Space Limited for the year ended 29 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Sawford Bullard Accountants
The Old Mill Blisworth Hill Farm Stoke Road Blisworth Northampton NN7 3DB
18 September 2024