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Registered number: 07445563
LDN Apprenticeships Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07445563
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 223,079 99,890
Tangible Assets 5 105,559 116,714
328,638 216,604
CURRENT ASSETS
Stocks 6 547,455 450,838
Debtors 7 349,697 334,021
Cash at bank and in hand 17,840 10,272
914,992 795,131
Creditors: Amounts Falling Due Within One Year 8 (350,536 ) (360,947 )
NET CURRENT ASSETS (LIABILITIES) 564,456 434,184
TOTAL ASSETS LESS CURRENT LIABILITIES 893,094 650,788
Creditors: Amounts Falling Due After More Than One Year 9 (407,874 ) (275,057 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (21,724 ) (25,667 )
NET ASSETS 463,496 350,064
CAPITAL AND RESERVES
Called up share capital 10 1 1
Share premium account 99,992 99,992
Profit and Loss Account 363,503 250,071
SHAREHOLDERS' FUNDS 463,496 350,064
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S Bozzoli
Director
16 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
LDN Apprenticeships Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07445563 . The registered office is 278-280 South Lambeth Road, London, TS26 9LZ.
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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit & loss on a straight line basis over their expected useful economic lives, which range from 2 to 7 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. 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 5% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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.
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. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 46)
48 46
4. Intangible Assets
Development Costs
£
Cost
As at 1 August 2023 119,145
Additions 191,541
As at 31 July 2024 310,686
Amortisation
As at 1 August 2023 19,255
Provided during the period 68,352
As at 31 July 2024 87,607
Net Book Value
As at 31 July 2024 223,079
As at 1 August 2023 99,890
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5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 239,524 40,388 120,585 400,497
Additions - 2,545 8,529 11,074
As at 31 July 2024 239,524 42,933 129,114 411,571
Depreciation
As at 1 August 2023 126,383 39,211 118,189 283,783
Provided during the period 18,197 888 3,144 22,229
As at 31 July 2024 144,580 40,099 121,333 306,012
Net Book Value
As at 31 July 2024 94,944 2,834 7,781 105,559
As at 1 August 2023 113,141 1,177 2,396 116,714
6. Stocks
2024 2023
£ £
Work in progress 547,455 450,838
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 292,567 280,497
Prepayments and accrued income 52,484 40,416
Other debtors - 93
Directors' loan accounts - 8,369
345,051 329,375
Due after more than one year
Corporation tax recoverable assets 4,646 4,646
4,646 4,646
349,697 334,021
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 119,589 79,490
Bank loans and overdrafts 79,937 87,772
Corporation tax 38,860 78,961
PAYE 54,897 53,685
VAT 1,760 2,951
Wages & pensions payable 15,775 10,859
Employers holding account 18,069 19,725
Accruals 16,962 3,925
Deferred income 4,687 23,579
350,536 360,947
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 356,379 218,235
Other taxes and social security 30,234 30,234
Accruals and deferred income 21,261 26,588
407,874 275,057
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Simon Bozzoli 8,369 - 8,369 - -
The above loan is unsecured, interest free and repayable on demand.
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