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Registration number: SC503998

First Aid Training Cooperative Ltd

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

First Aid Training Cooperative Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

First Aid Training Cooperative Ltd

Company Information

Directors

Mr Thomas Durham

Mr Corydon Jones

Registered office

63 Dock Street
Dundee
DD1 3DU

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

First Aid Training Cooperative Ltd

(Registration number: SC503998)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,500

34,642

Tangible assets

5

6,680

13,458

 

29,180

48,100

Current assets

 

Debtors

6

46,852

84,959

Cash at bank and in hand

 

80,811

100,636

 

127,663

185,595

Creditors: Amounts falling due within one year

7

(74,049)

(140,240)

Net current assets

 

53,614

45,355

Net assets

 

82,794

93,455

Reserves

 

Retained earnings

82,794

93,455

Surplus

 

82,794

93,455

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2024 and signed on its behalf by:
 

 

First Aid Training Cooperative Ltd

(Registration number: SC503998)
Balance Sheet as at 30 June 2024

.........................................
Mr Thomas Durham
Director

.........................................
Mr Corydon Jones
Director

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a company limited by guarantee, incorporated in Scotland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
63 Dock Street
Dundee
DD1 3DU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% on cost

Fixtures and fittings

20% on cost

Plant and machinery

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Asset class

Amortisation method and rate

Software licence

5 years on cost

Purchased goodwill

5 years on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

37,500

24,480

61,980

At 30 June 2024

37,500

24,480

61,980

Amortisation

At 1 July 2023

21,074

6,264

27,338

Amortisation charge

7,246

4,896

12,142

At 30 June 2024

28,320

11,160

39,480

Carrying amount

At 30 June 2024

9,180

13,320

22,500

At 30 June 2023

16,426

18,216

34,642

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

19,282

19,282

Disposals

(2,646)

(2,646)

At 30 June 2024

16,636

16,636

Depreciation

At 1 July 2023

5,824

5,824

Charge for the year

4,979

4,979

Eliminated on disposal

(847)

(847)

At 30 June 2024

9,956

9,956

Carrying amount

At 30 June 2024

6,680

6,680

At 30 June 2023

13,458

13,458

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

34,942

72,756

Prepayments

11,055

11,400

Other debtors

855

803

 

46,852

84,959

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,084

1,724

Taxation and social security

26,787

35,723

Accruals and deferred income

9,727

47,219

Other creditors

36,451

55,574

74,049

140,240

8

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £Nil (2023 - £7,296).

 

First Aid Training Cooperative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Summary of transactions with other related parties

Outdoor First Aid Limited

Mr C Jones is a director of both companies.
During the year the company made purchases of £36,102 (2023 £35,309) from Outdoor First Aid Limited. At the balance sheet date the amount owing to Outdoor First Aid Limited was £nil (2023 £nil).

 
Collective Training

Mr T Durham is a director of First Aid Training Cooperative Ltd and owner of Collective Training sole trade.
During the year the company made purchases of £47,900 (2023 £26,310) from Collective Training/ T Durham. At the balance sheet date the amount owing to Collective Training/T Durham was £nil (2023 £nil).