Company registration number 03114795 (England and Wales)
THE LEARNING AND PERFORMANCE INSTITUTE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE LEARNING AND PERFORMANCE INSTITUTE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE LEARNING AND PERFORMANCE INSTITUTE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
Tangible assets
4
52,649
91,008
Current assets
Debtors
5
779,546
540,673
Cash at bank and in hand
606,190
536,631
1,385,736
1,077,304
Creditors: amounts falling due within one year
6
(1,310,464)
(1,000,758)
Net current assets
75,272
76,546
Total assets less current liabilities
127,921
167,554
Creditors: amounts falling due after more than one year
7
(1,469)
(17,243)
Provisions for liabilities
(12,251)
(21,733)
Net assets
114,201
128,578
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
113,201
127,578
Total equity
114,201
128,578
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
THE LEARNING AND PERFORMANCE INSTITUTE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 27 November 2024 and are signed on its behalf by:
E Monk
Director
Company Registration No. 03114795
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
The Learning and Performance Institute Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 167-169 Great Portland Street, London, W1W 5PF.
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.
1.2
Turnover
The company's revenues are derived from the provision of membership administration services, the provision of accreditation services, the provision of consultancy services and the running of workshops, seminars, conferences and other events. All revenue is reported exclusive of value added tax.
Income from providing membership administration services and LPiLEARN is recognised evenly over the period of the membership or licence with the unrecognised element constituting deferred income at the period end. Income relating to the provision of the accreditation services is recognised on completion of an accreditation inspection and provision of the related inspection report. Consultancy income is recognised at the time the services are provided in accordance with agreed contractual triggers, if applicable. Income from workshops, seminars, conferences and other events is recognised when the relevant event takes place.
1.3
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.
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:
Plant and machinery
20% straight line and 33% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.4
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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 trade debtors, amounts due from group company and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost.
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.
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, which include creditors and accruals, 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 if 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it it regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
The company operates defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2023 - 20).
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
234,798
Additions
499
At 31 March 2024
235,297
Depreciation and impairment
At 1 April 2023
143,790
Depreciation charged in the year
38,858
At 31 March 2024
182,648
Carrying amount
At 31 March 2024
52,649
At 31 March 2023
91,008
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
518,342
389,014
Other debtors
261,204
151,659
779,546
540,673
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
157,222
81,389
Taxation and social security
57,756
82,514
Other creditors
1,095,486
836,855
1,310,464
1,000,758
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -
Other creditors includes an amount of £910,069 (2023 700,788) of deferred income where the service has not yet been delivered.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,469
17,243
Other creditors includes an amount of £1,469 (2023 17,242) of deferred income where the service has not yet been delivered.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
38,104
52,854
10
Related party transactions
During the year the company entered into the following transactions with related parties:
THE LEARNING AND PERFORMANCE INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Related party transactions
(Continued)
- 9 -
The company is a wholly owned subsidiary of The Learning & Performance Institute (Holdings) International Ltd. During the year the following transactions took place:
Management charges paid - £80,000 (2023 £82,400)
Management charges received - £35,642 (2023 £35,293)
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