Company registration number SC113773 (Scotland)
EAST SCOT TRAINING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
EAST SCOT TRAINING SERVICES LIMITED
COMPANY INFORMATION
Directors
M Robertson
P Leigh
A Walker
D Webster
G Talbert
Secretary
Thorntons Law LLP
Company number
SC113773
Registered office
Catherine Street
Arbroath
DD11 1RL
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Solicitors
Thorntons Law LLP
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
EAST SCOT TRAINING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EAST SCOT TRAINING SERVICES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,817
Current assets
Stocks
4,445
5,742
Debtors
5
43,549
63,699
Cash at bank and in hand
28,704
52,885
76,698
122,326
Creditors: amounts falling due within one year
6
(47,337)
(44,311)
Net current assets
29,361
78,015
Net assets
29,361
100,832
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
29,359
100,830
Total equity
29,361
100,832
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
G Talbert
Director
Company registration number SC113773 (Scotland)
EAST SCOT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
East Scot Training Services Limited is a private company limited by shares incorporated in Scotland. The registered office is Catherine Street, Arbroath, DD11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Angus Training Group Limited. These consolidated financial statements are available from its registered office, Catherine Street, Arbroath, Angus, DD11 1RL.
1.2
Going concern
These accounts have been prepared on a going concern basis, trueIn terms of the current situation that the coronavirus has had on all companies and businesses the directors believe the company can continue to operate for the foreseeable future. The company has full support from the parent company, Angus Training Group Limited.
The directors of Angus Training Group Limited have confirmed that intercompany balances will not be demanded until the company is in a position to repay the debt and as such we believe we will continue to operate on a going concern basis as a result.
The directors have prepared projections for the subsequent 4 years and it is expected that the company will be profitable in the year to 30 June 2023 and beyond. Although it will take a few years to recover from continued losses in previous years, with the support of Angus Training Group, we believe the company can continue to operate for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
EAST SCOT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
10 years straight line
Plant and machinery
5 years straight line
Motor vehicles
4 years straight line
Office equipment
3yrs/5yrs straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
EAST SCOT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.
Fixed assets are also assessed as to whether there are indictors of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.
EAST SCOT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
13
4
Tangible fixed assets
Tenant's improvements
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
22,992
121,390
14,664
37,147
196,193
Depreciation and impairment
At 1 July 2023
22,992
98,573
14,664
37,147
173,376
Depreciation charged in the year
22,817
22,817
At 30 June 2024
22,992
121,390
14,664
37,147
196,193
Carrying amount
At 30 June 2024
At 30 June 2023
22,817
22,817
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,549
63,699
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,898
461
Taxation and social security
12,459
13,084
Deferred income
7,879
5,378
Other creditors
4,036
3,865
Accruals and deferred income
21,065
21,523
47,337
44,311
EAST SCOT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,961
27,221
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
2
2
2
2
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lesley Campbell, BA, C.A.
Statutory Auditor:
Findlays Audit Limited
Date of audit report:
7 October 2024
10
Financial commitments, guarantees and contingent liabilities
The company has an obligation to complete an apprentice's training once they are taken on as an apprentice. The company therefore has to ensure that it has the resources to meet the future cots which will result in. Costs cannot be reliably estimated due to the uncertainty of apprentices completing their training and the timing of completing this.
11
Parent company
The company is a wholly owned subsidiary of Angus Training Group Limited, SC045902, a company incorporated in Scotland.
Angus Training Group Limited is the parent company and has overall control. The address of the registered office is Catherine Street, Arbroath, Angus, DD11 1RL.