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Registration number: 5995205

Professional Training Solutions Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Professional Training Solutions Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Professional Training Solutions Limited

Company Information

Directors

J Denyer

N Hardie

Registered office

Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

Accountants

Mack Business Services Limited
Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

 

Professional Training Solutions Limited

(Registration number: 5995205)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

234,416

263,415

Tangible assets

5

13,656

17,068

 

248,072

280,483

Current assets

 

Debtors

6

288,573

272,851

Cash at bank and in hand

 

91,426

56,583

 

379,999

329,434

Prepayments and accrued income

 

17,102

14,798

Creditors: Amounts falling due within one year

(352,716)

(326,878)

Net current assets

 

44,385

17,354

Total assets less current liabilities

 

292,457

297,837

Creditors: Amounts falling due after more than one year

(16,630)

(112,123)

Accruals and deferred income

 

(31,056)

(13,255)

Net assets

 

244,771

172,459

Capital and reserves

 

Called up share capital

7

1,006

1,006

Other reserves

14

14

Retained earnings

243,751

171,439

Shareholders' funds

 

244,771

172,459

For the financial year ending 29 February 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Professional Training Solutions Limited

(Registration number: 5995205)
Abridged Balance Sheet as at 29 February 2024

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 29 November 2024 and signed on its behalf by:
 

.........................................
J Denyer
Director

 

Professional Training Solutions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

The principal place of business is:
Stoke Hills
Farnham
GU9 7TD

These financial statements were authorised for issue by the Board on 29 November 2024.

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 abridged 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 abridged 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.

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.

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.

 

Professional Training Solutions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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

Office equipment

20% reducing balance

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:

Asset class

Amortisation method and rate

Development costs

10% straight line

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.

Borrowings

 

Professional Training Solutions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 39).

 

Professional Training Solutions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2023

289,998

At 29 February 2024

289,998

Amortisation

At 1 March 2023

26,583

Amortisation charge

28,999

At 29 February 2024

55,582

Carrying amount

At 29 February 2024

234,416

At 28 February 2023

263,415

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 March 2023

46,727

46,727

At 29 February 2024

46,727

46,727

Depreciation

At 1 March 2023

29,659

29,659

Charge for the year

3,412

3,412

At 29 February 2024

33,071

33,071

Carrying amount

At 29 February 2024

13,656

13,656

At 28 February 2023

17,068

17,068

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

Professional Training Solutions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A shares of £1 each

6

6

6

6

 

1,006

1,006

1,006

1,006