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Registered number: 04915118
Access Training (Wales) Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
H R Harris & Partners
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
Financial Results
The financial results of the business were considered satisfactory by the Directors and broadly in line with forecasts and expectations for the year. The geographic expansion through accredited training centres which commenced in mid 2022 continued into 2023 and is the main driver of the growth seen when comparing the results to 2022. More new centres are planned for 2024 and 2025 and it is expected that these new centres will generate further growth over the coming months and years.
At the time of signing these accounts, Sales, Gross Profit and Operating Profit for 2024 are on target to achieve c. £14M, £12M and £4M respectively.
Key Performance Indicators
KPIs monitored regularly by the business are:-
• Financial Results with Monthly Management Accounts
• Course Sales in number and value
• The adjustment rate of initial course sales, for those students who don’t continue or drop out.
Principal Risks and Uncertainties
These can be categorised as follows:-
Individuals Disposable Income
The continued squeeze on available disposable income can have two affects on our business, one positive and one negative. In our experience individuals who are squeezed financially can react in two ways i) to seek more lucrative employment which usually requires retraining and qualifications to move into a new career path or ii) to reduce spending and to either not embark on new training courses or to stop payments on courses they have already embarked upon. The business monitors this closely and works cooperatively with those students who may have a problem continuing their course. The business also offers a number of payment options to potential students to support and encourage their desire to retrain or continue their course.
Inflation
During 2023, like most businesses, our business has seen further cost inflation across all areas including labour. Costs are monitored regularly, mitigated whenever possible and taken into account when pricing new courses.  
On behalf of the board
Mr Ian Bennett
Director
18/09/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of the provision of specialist trade courses.
Directors
The directors who held office during the year were as follows:
Mrs Leonor Bennett
Mr Mark Underdown
Mrs Catherine Underdown
Mr Ian Bennett
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the 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;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Page 3
Independent Auditors
The auditors, J Mark Evans Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Ian Bennett
Director
18/09/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Access Training (Wales) Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 entity's ability to continue as a going concern for a period of at least 12 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 contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As a part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.
We reviewed a sample of transactions entered into during the financial period and documentation in support of any estimation techniques used by the company. Our tests included agreeing the financial statement disclosures to underlying documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risks of management override and internal control.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. There are inherent limitation in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.
Page 5
Page 6
Jason Mark Evans (Senior Statutory Auditor)
for and on behalf of J Mark Evans Limited , Statutory Auditor
18/09/2024
Page 6
Page 7
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 12,023,240 8,530,625
Cost of sales (1,514,630 ) (973,255 )
GROSS PROFIT 10,508,610 7,557,370
Administrative expenses (7,691,577 ) (5,606,362 )
Other operating income - 684
OPERATING PROFIT 5 2,817,033 1,951,692
Exceptional items 144,789 (150,110)
Profit/(loss) on disposal of fixed assets 672 (5,980 )
Other interest receivable and similar income 10 9,889 6,281
Interest payable and similar charges 11 (11,327 ) (22,054 )
PROFIT BEFORE TAXATION 2,961,056 1,779,829
Tax on Profit (677,328 ) (485,368 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,283,728 1,294,461
The notes on pages 11 to 16 form part of these financial statements.
Page 7
Page 8
Balance Sheet
Registered number: 04915118
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 38,472 58,976
38,472 58,976
CURRENT ASSETS
Debtors 13 4,023,809 2,506,136
Investments 14 - 52
Cash at bank and in hand 5,140,374 3,871,181
9,164,183 6,377,369
Creditors: Amounts Falling Due Within One Year 15 (4,708,060 ) (3,688,689 )
NET CURRENT ASSETS (LIABILITIES) 4,456,123 2,688,680
TOTAL ASSETS LESS CURRENT LIABILITIES 4,494,595 2,747,656
Creditors: Amounts Falling Due After More Than One Year 16 - (140,243 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 19 (87,000 ) (81,000 )
Deferred Taxation 18 (2,628 ) (3,654 )
NET ASSETS 4,404,967 2,522,759
CAPITAL AND RESERVES
Called up share capital 20 209 209
Profit and Loss Account 4,404,758 2,522,550
SHAREHOLDERS' FUNDS 4,404,967 2,522,759
On behalf of the board
Mr Ian Bennett
Director
18/09/2024
The notes on pages 11 to 16 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 209 1,729,190 1,729,399
Profit for the year and total comprehensive income - 1,294,461 1,294,461
Dividends paid - (501,101) (501,101)
As at 31 December 2022 and 1 January 2023 209 2,522,550 2,522,759
Profit for the year and total comprehensive income - 2,283,728 2,283,728
Dividends paid - (401,520) (401,520)
As at 31 December 2023 209 4,404,758 4,404,967
Page 9
Page 10
Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,812,768 1,819,169
Interest paid (11,327 ) (22,054 )
Tax paid (894,502 ) (810,733 )
Net cash generated from operating activities 1,906,939 986,382
Cash flows from investing activities
Purchase of tangible assets (11,929 ) (76,641 )
Proceeds from disposal of tangible assets 15,002 13,169
Proceeds from disposal of current asset investments 52 -
Interest received 9,889 6,281
Net cash generated from/(used in) investing activities 13,014 (57,191 )
Cash flows from financing activities
Equity dividends paid (401,520 ) (501,101 )
Repayment of bank borrowings (167,367 ) (106,061 )
Repayment of finance leases (15,492 ) 29,151
Amount introduced by directors 506,242 12,966
Amount withdrawn by directors (572,623) (535,976)
Net cash used in financing activities (650,760 ) (1,101,021 )
Increase/(decrease) in cash and cash equivalents 1,269,193 (171,830 )
Cash and cash equivalents at beginning of year 2 3,871,181 4,043,011
Cash and cash equivalents at end of year 2 5,140,374 3,871,181
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 2,283,728 1,294,461
Adjustments for:
Tax on profit 677,328 485,368
Interest expense 11,327 22,054
Interest income (9,889 ) (6,281 )
Depreciation of tangible assets 18,102 16,985
(Profit)/loss on disposal of tangible assets (672) 5,980
Movements in working capital:
Increase in trade and other debtors (1,325,201 ) (265,701 )
Increase in trade and other creditors 1,158,045 266,303
Net cash generated from operations 2,812,768 1,819,169
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 5,140,374 3,871,181
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 3,871,181 1,269,193 5,140,374
Finance leases (29,151) 15,492 (13,659)
Debts falling due within one year (38,608 ) 38,608 -
Debts falling due after more than one year (128,759) 128,759 -
3,674,663 1,452,052 5,126,715
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Notes to the Financial Statements
1. General Information
Access Training (Wales) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04915118 . The registered office is Pembroke House Charter Court, Swansea Enterprise Park, Swansea, SA7 9FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Recognition of Income
Fee income is credited to the profit and loss account over the students course contracts. 
When income in recognised before payments are recevied, the balance is included as accrued income within debtors. 
When students pay in advance, fee income is carried forward and included in creditors as deferred income.
Provisions are made against accrued income for anticipated bad debts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Training fees and ancillary services 12,023,240 8,531,310
4. Other Operating Income
2023 2022
£ £
Commission income - 684
- 684
5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 276,600 75,014
Reorganisation expenditure 3,426 -
Depreciation of tangible fixed assets 18,102 16,985
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 4,500 3,200
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 3,088,895 2,532,952
Social security costs 338,123 275,057
Other pension costs 45,450 44,330
3,472,468 2,852,339
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8. Average Number of Employees
Average number of employees, including directors, during the year was: 68 (2022: 68)
68 68
9. Directors' remuneration
2023 2022
£ £
Emoluments 26,400 27,400
10. Interest Receivable and Similar Income
2023 2022
£ £
Interest receivable on loans to participators 9,889 6,281
11. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 6,023 7,339
Finance charges payable under finance leases and hire purchase contracts 2,018 1,690
Other finance charges 3,286 13,025
11,327 22,054
12. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 42,167 47,823 45,075 40,511 175,576
Additions - - - 11,929 11,929
Disposals - - (26,875 ) - (26,875 )
As at 31 December 2023 42,167 47,823 18,200 52,440 160,630
Depreciation
As at 1 January 2023 42,167 42,289 14,825 17,319 116,600
Provided during the period - 2,760 5,681 9,662 18,103
Disposals - - (12,545 ) - (12,545 )
As at 31 December 2023 42,167 45,049 7,961 26,981 122,158
Net Book Value
As at 31 December 2023 - 2,774 10,239 25,459 38,472
As at 1 January 2023 - 5,534 30,250 23,192 58,976
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13. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 1,200
Prepayments and accrued income 3,225,914 1,830,204
Other debtors 134,781 204,090
Corporation tax recoverable assets 162,468 -
Directors' loan accounts 500,646 470,642
4,023,809 2,506,136
14. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries - 52
15. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 13,659 17,667
Trade creditors 573,924 379,639
Bank loans and overdrafts - 38,608
Amounts owed to group undertakings - 34,049
Other creditors 211,718 44,421
Corporation tax 414,130 467,810
Taxation and social security 542,559 744,479
Accruals and deferred income 2,952,070 1,962,016
4,708,060 3,688,689
16. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 11,484
Bank loans - 128,759
- 140,243
17. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,659 17,667
Later than one year and not later than five years - 11,484
13,659 29,151
13,659 29,151
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18. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 2,628 3,654
19. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 January 2023 3,654 81,000 84,654
Additions - 6,000 6,000
Utilised (1,026 ) - (1,026)
Balance at 31 December 2023 2,628 87,000 89,628
20. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 209 209
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £45,450 (2022: £44,330).
At the balance sheet date contributions of £17,704 (2022: £8,044) were due to the fund and are included in creditors.
22. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Mark Underdown (36,377 ) 453,353 6,241 - 410,734
Mr Ian Bennett 470,641 100,014 500,000 - 70,655
Interest at the official rate is charged on the loan.
23. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 401,520 501,101
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