Registered number
03171869
W S Training Limited
Unaudited Filleted Accounts
31 July 2024
W S Training Limited
Registered number: 03171869
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Restated
Fixed assets
Tangible assets 4 107,953 133,392
Current assets
Stocks 5,000 5,000
Debtors 5 240,834 248,297
Cash at bank and in hand 331,070 196,621
576,904 449,918
Creditors: amounts falling due within one year 6 (378,781) (422,130)
Net current assets 198,123 27,788
Total assets less current liabilities 306,076 161,180
Provisions for liabilities (9,955) -
Net assets 296,121 161,180
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account 146,121 11,180
Shareholder's funds 296,121 161,180
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Wood
Director
Approved by the board on 9 October 2024
W S Training Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 20 years
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 68 66
3 Prior year adjustment
The company has reviewed its deferred income policy during the year and as a result has made a prior year adjustment to 2023 of £7,629 and to earlier years of £55,774 making a total adjustment of £63,403.
4 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 August 2023 115,205 627,404 742,609
Additions - 1,730 1,730
At 31 July 2024 115,205 629,134 744,339
Depreciation
At 1 August 2023 35,678 573,539 609,217
Charge for the year 16,206 10,963 27,169
At 31 July 2024 51,884 584,502 636,386
Net book value
At 31 July 2024 63,321 44,632 107,953
At 31 July 2023 79,527 53,865 133,392
5 Debtors 2024 2023
£ £
Trade debtors 153,325 127,223
Deferred tax asset - 52,195
Other debtors 87,509 68,879
240,834 248,297
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 178,650 246,593
Taxation and social security costs 57,929 66,520
Other creditors 142,202 109,017
378,781 422,130
7 Pension commitments
The company operates a defined contribution scheme the assets of which are held separately.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 662,628 613,440
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Wood
Directors current account 27,842 62,000 (48,970) 40,872
The director's account has been cleared following the year end.
10 Other information
W S Training Limited is a private company limited by shares and incorporated in England. Its registered office is:
Manor Barn
Church Road
Great Barton
Suffolk
IP31 2QR
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