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COMPANY REGISTRATION NUMBER: 03481670
HUDDERSFIELD TEXTILE TRAINING LIMITED
FINANCIAL STATEMENTS
31 December 2023
HUDDERSFIELD TEXTILE TRAINING LIMITED
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 8
Statement of income and retained earnings 9
Statement of financial position 10
Notes to the financial statements 11 to 12
HUDDERSFIELD TEXTILE TRAINING LIMITED
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 Limited
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 TEXTILE TRAINING LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Principal activities
The company's principal activity continued to be that of the provision of training and consultancy services.
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
J Sykes
C L Burns
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's parent sold its long leasehold property interests during the year and then briefly rented alternative premises at the Old School, New Hey Road, Huddersfield before acquiring the property.
As a result of the property sale, the business is debt-free with considerable cash reserves which 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company 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 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 company's auditor is aware of that information.
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 TEXTILE TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUDDERSFIELD TEXTILE TRAINING LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of Huddersfield Textile Training Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position 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 company's affairs as at 31 December 2023 and of its 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 company 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 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.
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 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; 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 set out on page 2, 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.
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 company and the industry in which it operates and considered the risk of acts by the company 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 company had complied with regulations central to its business, non-compliance with which would indicate the company'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 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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 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 Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
19 September 2024
HUDDERSFIELD TEXTILE TRAINING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
444,994
187,514
Cost of sales
( 228,709)
( 189,113)
------------
------------
Gross profit/(loss)
216,285
( 1,599)
Administrative expenses
( 6,877)
( 9,587)
------------
------------
Operating profit/(loss)
209,408
( 11,186)
------------
------------
Profit/(loss) before taxation
209,408
( 11,186)
Tax on profit/(loss)
------------
------------
Profit/(loss) for the financial year and total comprehensive income
209,408
( 11,186)
------------
------------
Retained earnings at the start of the year
256,370
267,556
------------
------------
Retained earnings at the end of the year
465,778
256,370
------------
------------
All the activities of the company are from continuing operations.
HUDDERSFIELD TEXTILE TRAINING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
5
293,371
174,569
Cash at bank and in hand
364,116
401,807
------------
------------
657,487
576,376
Creditors: amounts falling due within one year
6
( 191,707)
( 320,004)
------------
------------
Net current assets
465,780
256,372
------------
------------
Total assets less current liabilities
465,780
256,372
------------
------------
Net assets
465,780
256,372
------------
------------
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
465,778
256,370
------------
------------
Shareholders funds
465,780
256,372
------------
------------
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: 03481670
HUDDERSFIELD TEXTILE TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registration number 03481670 , 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 £.
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. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced in the year for training and consultancy services, and grant income receivable. Income from grants is recognised at fair value when the company has entitlement after any performance conditions have been met, 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. 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 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.
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 .
Employee benefits
The directors receive no remuneration. Employee salary and related costs are recharged by the parent undertaking on the basis of time spent on this company's activities.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 17 (2022: 19).
5. Debtors
2023
2022
£
£
Trade debtors
63
1,575
Amounts owed by group undertakings
282,467
154,477
Prepayments and accrued income
10,841
18,517
------------
------------
293,371
174,569
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,894
2,372
Accruals and deferred income
189,813
317,632
------------
------------
191,707
320,004
------------
------------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
------------
------------
------------
------------
8. Controlling party
The ultimate parent undertaking is Huddersfield & District Textile Training Company Limited, which owns 100% of the issued share capital in the company and is registered in England and Wales. The consolidated financial statements of Huddersfield & District Textile Training Company Limited are available from the Registrar of Companies.