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Company registration number: 06372646
Learning Partnership (Wales) Ltd
Unaudited filleted financial statements
30 September 2024
Learning Partnership (Wales) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Learning Partnership (Wales) Ltd
Directors and other information
Directors Mrs Glenda Dudley
Mrs Wendy Thomas
Secretary Glenda Dudley
Company number 06372646
Registered office Llys Aur
Llanelli Gate
Dafen
Llanelli
SA14 8LQ
Business address Unit 5
Llys Aur
Dafen
Llanelli
SA14 8LQ
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Bankers Barclays Bank Plc
Learning Partnership (Wales) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Learning Partnership (Wales) Ltd
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Learning Partnership (Wales) Ltd for the year ended 30 September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Learning Partnership (Wales) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Learning Partnership (Wales) Ltd and state those matters that we have agreed to state to the board of directors of Learning Partnership (Wales) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Learning Partnership (Wales) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Learning Partnership (Wales) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Learning Partnership (Wales) Ltd. You consider that Learning Partnership (Wales) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Learning Partnership (Wales) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
9 December 2024
Learning Partnership (Wales) Ltd
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,326 4,231
Investments 6 375,000 375,000
_______ _______
378,326 379,231
Current assets
Debtors 7 44,633 74,991
Cash at bank and in hand 7,119 19,817
_______ _______
51,752 94,808
Creditors: amounts falling due
within one year 8 ( 225,655) ( 216,131)
_______ _______
Net current liabilities ( 173,903) ( 121,323)
_______ _______
Total assets less current liabilities 204,423 257,908
Creditors: amounts falling due
after more than one year 9 ( 159,588) ( 198,919)
Provisions for liabilities ( 9,742) ( 8,861)
_______ _______
Net assets 35,093 50,128
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,993 50,028
_______ _______
Shareholders funds 35,093 50,128
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 December 2024 , and are signed on behalf of the board by:
Mrs Glenda Dudley Mrs Wendy Thomas
Director Director
Company registration number: 06372646
Learning Partnership (Wales) Ltd
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Learning Partnership Wales ltd, Llys Aur, Llanelli Gate, Dafen, Llanelli, SA14 8LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 October 2023 and 30 September 2024 80,208 80,208
_______ _______
Depreciation
At 1 October 2023 75,977 75,977
Charge for the year 905 905
_______ _______
At 30 September 2024 76,882 76,882
_______ _______
Carrying amount
At 30 September 2024 3,326 3,326
_______ _______
At 30 September 2023 4,231 4,231
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2023 and 30 September 2024 375,000 375,000
_______ _______
Impairment
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 375,000 375,000
_______ _______
At 30 September 2023 375,000 375,000
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 40,775 72,856
Other debtors 3,858 2,135
_______ _______
44,633 74,991
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 56,004 39,466
Trade creditors 5,522 4,127
Social security and other taxes 34,038 46,533
Other creditors 130,091 126,005
_______ _______
225,655 216,131
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 159,588 198,919
_______ _______
10. Related party transactions
Included in creditors is a balance of £95,360 (2023: £71,786 ) owed by the company to the directors.