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COMPANY REGISTRATION NUMBER: 3485552
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
Company Limited by Guarantee
FINANCIAL STATEMENTS
31 December 2023
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Officers and professional advisers 1
Directors' report 2 to 4
Independent auditor's report to the members 5 to 7
Consolidated statement of comprehensive income 8
Consolidated balance sheet 9
Balance sheet 10
Consolidated statement of changes in equity 11
Company statement of changes in equity 12
Notes to the financial statements 13 to 18
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors A L Williams
- Chairman
A W MacBeth OBE
P T A Johnson
D M Antich
R D Brook
J Sykes
M J Jenkins
A Philipson
A L McLaren
Company secretary
A Philipson
Registered office
The Old School
New Hey Road
Huddersfield
HD3 3YJ
Auditor
Wheawill & Sudworth
Chartered Accountants & Statutory Auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
Lloyds Bank plc
1 Westgate
Huddersfield
West Yorkshire
HD1 2DN
Solicitors
Eaton Smith LLP
14 High Street
Huddersfield
HD1 2HA
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
A L Williams
A W MacBeth OBE
P T A Johnson
D M Antich
R D Brook
C L Burns
J Sykes
M J Jenkins
(Appointed 24 July 2023)
A Philipson
(Appointed 24 July 2023)
A L McLaren
(Appointed 12 October 2023)
A W Hainsworth
(Resigned 24 July 2023)
C L Burns resigned as a director on 15 August 2024. A qualifying indemnity provision (as defined in Section 236 of the Companies Act 2006) has been provided to the directors.
Other matters
The company sold its long leasehold property interests in the year and acquired alternative premises in the Huddersfield area, which it briefly rented before acquiring and making it the permanent base of the company.
Post-sale, the business will be debt-free with considerable cash reserves. These will provide a sound platform to enable it to re-engineer its service delivery to members and other parties. In particular, investment in online training resources will both reduce operating costs and greatly expand the coverage area for new business. With a careful considered and monitored strategic plan, this injection of funds provides the opportunity to safeguard the future and on-going growth and development of the business for the benefit of members and the local textile industry.
Directors' responsibilities statement
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
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 19 September 2024 and signed on behalf of the board by:
A L Williams
A W MacBeth OBE
Chairman
Director
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of Huddersfield & District Textile Training Company Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the consolidated profit and loss account, consolidated balance sheet, balance sheet 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 FRS 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 group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's or the parent 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 by the parent company and its subsidiary, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company and subsidiary 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with the law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including but not limited to, the Companies Act 2006 and UK tax legislation. We also considered whether the group had complied with regulations central to its business, non-compliance with which would indicate the group's future would be uncertain, these were whether sufficient standards were being maintained to meet Ofsted standards and that of the Education & Skills Funding Agency (ESFA). Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management, and examination of the most recent Ofsted and ESFA inspection reports. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 auditor’s report. 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 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 auditor's 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.
Aman Hayer
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth
Chartered Accountants & Statutory Auditor
35 Westgate
Huddersfield
HD1 1PA
19 September 2024
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
2,799,120
653,853
Cost of sales
( 2,386,620)
( 452,252)
------------
------------
Gross profit
412,500
201,601
Administrative expenses
( 335,022)
( 206,999)
Other operating income
338,889
32,052
------------
------------
Operating profit
416,367
26,654
Interest payable and similar expenses
( 14,492)
( 8,593)
------------
------------
Profit before taxation
6
401,875
18,061
Tax on profit
------------
------------
Profit for the financial year
401,875
18,061
------------
------------
Fair value adjustment on land and buildings
96,400
Deferred grant release on sale of land and buildings
159,120
------------
------------
Other comprehensive income for the year
159,120
96,400
------------
------------
Total comprehensive income for the year
560,995
114,461
------------
------------
All the activities of the group are from continuing operations.
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
672,962
6,081
Current assets
Stocks
9
1,785,000
Debtors
10
155,731
138,552
Cash at bank and in hand
1,523,127
403,620
------------
------------
1,678,858
2,327,172
Creditors: amounts falling due within one year
11
( 642,148)
( 1,174,576)
------------
------------
Net current assets
1,036,710
1,152,596
------------
------------
Total assets less current liabilities
1,709,672
1,158,677
Creditors: amounts falling due after more than one year
12
( 18,333)
( 28,333)
------------
------------
Net assets
1,691,339
1,130,344
------------
------------
Capital and reserves
Non-distributable reserve
14
797,571
Profit and loss account
14
1,691,339
332,773
------------
------------
Members funds
1,691,339
1,130,344
------------
------------
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'.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
A L Williams
A W MacBeth OBE
Chairman
Director
Company registration number: 3485552
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
672,962
6,081
Investments
8
2
2
------------
------------
672,964
6,083
Current assets
Stocks
9
1,785,000
Debtors
10
144,825
118,460
Cash at bank and in hand
1,159,011
1,813
------------
------------
1,303,836
1,905,273
Creditors: amounts falling due within one year
11
( 732,906)
( 1,009,049)
------------
------------
Net current assets
570,930
896,224
------------
------------
Total assets less current liabilities
1,243,894
902,307
Creditors: amounts falling due after more than one year
12
( 18,333)
( 28,333)
------------
------------
Net assets
1,225,561
873,974
------------
------------
Capital and reserves
Non-distributable reserve
14
797,571
Profit and loss account
14
1,225,561
76,403
------------
------------
Members funds
1,225,561
873,974
------------
------------
The profit for the financial year of the parent company was £ 192,467 (2022: £ 29,248 ).
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'.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
A L Williams
A W MacBeth OBE
Chairman
Director
Company registration number: 3485552
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Non-distributable reserve
Profit and loss account
Total
£
£
£
At 1 January 2022
727,571
288,312
1,015,883
Profit for the year
18,061
18,061
Other comprehensive income for the year:
Fair value adjustment on land and buildings
96,400
96,400
Depreciation transferred to non-distributable reserve
( 26,400)
26,400
------------
------------
------------
Total comprehensive income for the year
70,000
44,461
114,461
At 31 December 2022
797,571
332,773
1,130,344
Profit for the year
401,875
401,875
Other comprehensive income for the year:
Deferred grant release on sale of land and buildings
159,120
159,120
Reserve released on sale of land and buildings
( 956,691)
956,691
------------
------------
------------
Total comprehensive income for the year
( 797,571)
1,358,566
560,995
------------
------------
------------
At 31 December 2023
1,691,339
1,691,339
------------
------------
------------
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Non-distributable reserve
Profit and loss account
Total
£
£
£
At 1 January 2022
727,571
20,755
748,326
Profit for the year
29,248
29,248
Other comprehensive income for the year:
Fair value adjustment on land and buildings
96,400
96,400
Depreciation transferred to non-distributable reserve
( 26,400)
26,400
------------
------------
------------
Total comprehensive income for the year
70,000
55,648
125,648
At 31 December 2022
797,571
76,403
873,974
Profit for the year
192,467
192,467
Other comprehensive income for the year:
Deferred grant release on sale of land and buildings
159,120
159,120
Reserve released on sale of land and buildings
( 956,691)
956,691
------------
------------
------------
Total comprehensive income for the year
( 797,571)
1,149,158
351,587
------------
------------
------------
At 31 December 2023
1,225,561
1,225,561
------------
------------
------------
HUDDERSFIELD & DISTRICT TEXTILE TRAINING COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by guarantee, registration number 0 3485552 , registered in England and Wales. The address of the registered office is The Old School, New Hey Road, Huddersfield, HD3 3YJ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated accounts combine the financial statements of Huddersfield & District Textile Training Company Limited and of its subsidiary company. Uniform accounting policies are adopted throughout the group. The parent company has taken advantage of the exemption in s408 Companies Act 2006 and not included its own Profit and Loss Account. However as the exemption does not cover the remainder of its Statement of Income and Retained Earnings, this information has been included in the company Statement of Changes in Equity .
Judgements 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 year. However, the nature of estimation means that actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for training and consultancy services rendered, stated net of discounts and Value Added Tax. Revenue from the rendering of services is recognised when the amount of revenue can be measured reliably, it is probable the 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 from grants is recognised at fair value after the group has entitlement after any performance conditions have been met, if it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met these amounts are deferred.
Taxation
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. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold land and buildings
-
50 years
Plant and equipment
-
4 years
Fixtures, fittings and office equipment
-
4 years
Depreciation is charged monthly from the month that the asset was purchased.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
Government grants
Grants in respect of expenditure on tangible fixed assets are treated as deferred income which is credited to the profit and loss account by instalments over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Grants of a revenue nature are recognised in the profit and loss account of the period in respect of which they are matched against the related expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
Defined contribution plans
Contributions to the group defined contribution pension scheme are charged to the profit and loss account as they become payable.
Employee benefits
When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The parent company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. Company limited by guarantee
The company is limited by guarantee for an amount not exceeding £1 per member. At 31 December 2023 there were 78 members (2022: 80 members).
5. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 19 ).
6. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
7,907
27,636
------------
------------
7. Tangible assets
Group and company
Long leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
967,039
530,653
1,497,692
Additions
624,789
50,000
674,789
Disposals
( 960,406)
( 530,653)
( 1,491,059)
------------
------------
------------
------------
At 31 December 2023
624,789
6,633
50,000
681,422
------------
------------
------------
------------
Depreciation
At 1 January 2023
960,958
530,653
1,491,611
Charge for the year
3,124
1,658
3,125
7,907
Disposals
( 960,405)
( 530,653)
( 1,491,058)
------------
------------
------------
------------
At 31 December 2023
3,124
2,211
3,125
8,460
------------
------------
------------
------------
Carrying amount
At 31 December 2023
621,665
4,422
46,875
672,962
------------
------------
------------
------------
At 31 December 2022
6,081
6,081
------------
------------
------------
------------
8. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 1 January 2023 and 31 December 2023
2
------------
At 31 December 2022
2
------------
The principal activity of the subsidiary company is the provision of training and consultancy services whilst also becoming increasingly involved in research and development in the technical textiles area.
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Huddersfield Textile Training Limited
Ordinary
100
9. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Leasehold property held for resale
1,785,000
1,785,000
------------
------------
------------
------------
The company's former premises were valued by independent professionally qualified valuers with recent experience in the location and class of the properties. A fair value basis was undertaken as at 31 December 2022 for accounting purposes and is reflected above.
10. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
91,771
71,614
91,708
70,039
Other debtors
63,960
66,938
53,117
48,421
------------
------------
------------
------------
155,731
138,552
144,825
118,460
------------
------------
------------
------------
11. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
10,000
230,299
10,000
230,299
Trade creditors
24,444
17,679
22,551
15,307
Amounts owed to group undertakings and undertakings in which the company has a participating interest
282,465
154,477
Social security and other taxes
371,877
22,638
371,877
22,638
Other grants
498,009
498,009
Other creditors
235,827
405,951
46,013
88,319
------------
------------
------------
------------
642,148
1,174,576
732,906
1,009,049
------------
------------
------------
------------
The bank overdraft amounting to £Nil (2022: £220,299) was secured by a legal charge over the leasehold property interests as noted at note 10 above.
12. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
18,333
28,333
18,333
28,333
------------
------------
------------
------------
13. Deferred capital grant income
Received and receivable:
Group and company:
2023
2022
£
£
At 1 January 2023
3,258,072
3,258,072
Credited to non distibutable reserve on sale of land and buildings
(306,000)
Credited to profit and loss account on sale of investment property
(546,597)
Write down of grant regarding fully depreciated plant
(2,405,475)
------------
------------
At 31 December 2023
3,258,072
------------
------------
Amortisation:
2023
2022
£
£
At 1 January 2023
2,760,063
2,743,011
Credit to profit and loss account
17,052
Credited to non distributable reserve on sale of land and buildings
(146,880)
Credited to profit and loss account on sale of investment property
(207,708)
Write down of grant regarding fully depreciated plant
(2,405,475)
------------
------------
At 31 December 2023
2,760,063
------------
------------
2023
2022
£
£
Net balance at 31 December 2023
498,009
------------
------------
14. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Non-distributable reserve - This reserve records the revaluation surplus on the company's properties.
15. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Later than 1 year and not later than 5 years
5,053
5,053
------------
------------
------------
------------
16. Controlling party
There is no one controlling party of the company .