IRIS Accounts Production v24.3.2.46 05723823 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities Recruitment consultancy specialising in Education and Medical sectors. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh057238232023-08-31057238232024-08-31057238232023-09-012024-08-31057238232022-08-31057238232022-09-012023-08-31057238232023-08-3105723823ns15:EnglandWales2023-09-012024-08-3105723823ns14:PoundSterling2023-09-012024-08-3105723823ns10:Director12023-09-012024-08-3105723823ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3105723823ns10:MediumEntities2023-09-012024-08-3105723823ns10:Audited2023-09-012024-08-3105723823ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3105723823ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3105723823ns10:FullAccounts2023-09-012024-08-3105723823ns10:OrdinaryShareClass12023-09-012024-08-3105723823ns10:Director32023-09-012024-08-3105723823ns10:Director42023-09-012024-08-3105723823ns10:Director62023-09-012024-08-3105723823ns10:RegisteredOffice2023-09-012024-08-3105723823ns10:Director52023-09-012024-08-3105723823ns10:Director22023-09-012024-08-3105723823ns5:CurrentFinancialInstruments2024-08-3105723823ns5:CurrentFinancialInstruments2023-08-3105723823ns5:ShareCapital2024-08-3105723823ns5:ShareCapital2023-08-3105723823ns5:RetainedEarningsAccumulatedLosses2024-08-3105723823ns5:RetainedEarningsAccumulatedLosses2023-08-3105723823ns5:ShareCapital2022-08-3105723823ns5:RetainedEarningsAccumulatedLosses2022-08-3105723823ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3105723823ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3105723823ns5:FurnitureFittings2023-09-012024-08-3105723823ns5:MotorVehicles2023-09-012024-08-3105723823ns5:ComputerEquipment2023-09-012024-08-3105723823ns5:ReportableOperatingSegment12023-09-012024-08-3105723823ns5:ReportableOperatingSegment12022-09-012023-08-3105723823ns5:ReportableOperatingSegment22023-09-012024-08-3105723823ns5:ReportableOperatingSegment22022-09-012023-08-3105723823ns5:ReportableOperatingSegment32023-09-012024-08-3105723823ns5:ReportableOperatingSegment32022-09-012023-08-3105723823ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3105723823ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3105723823ns10:HighestPaidDirector2023-09-012024-08-3105723823ns10:HighestPaidDirector2022-09-012023-08-3105723823ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-09-012024-08-3105723823ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-09-012023-08-3105723823ns5:OwnedAssets2023-09-012024-08-3105723823ns5:OwnedAssets2022-09-012023-08-3105723823ns10:OrdinaryShareClass12022-09-012023-08-3105723823ns5:FurnitureFittings2023-08-3105723823ns5:MotorVehicles2023-08-3105723823ns5:ComputerEquipment2023-08-3105723823ns5:FurnitureFittings2024-08-3105723823ns5:MotorVehicles2024-08-3105723823ns5:ComputerEquipment2024-08-3105723823ns5:FurnitureFittings2023-08-3105723823ns5:MotorVehicles2023-08-3105723823ns5:ComputerEquipment2023-08-3105723823ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3105723823ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3105723823ns5:WithinOneYear2024-08-3105723823ns5:WithinOneYear2023-08-3105723823ns5:BetweenOneFiveYears2024-08-3105723823ns5:BetweenOneFiveYears2023-08-3105723823ns5:MoreThanFiveYears2024-08-3105723823ns5:MoreThanFiveYears2023-08-3105723823ns5:AllPeriods2024-08-3105723823ns5:AllPeriods2023-08-3105723823ns5:DeferredTaxation2023-08-3105723823ns5:DeferredTaxation2023-09-012024-08-3105723823ns5:DeferredTaxation2024-08-3105723823ns10:OrdinaryShareClass12024-08-3105723823ns5:RetainedEarningsAccumulatedLosses2023-08-31
REGISTERED NUMBER: 05723823 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2024

for

London Teaching Pool Limited

London Teaching Pool Limited (Registered number: 05723823)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


London Teaching Pool Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr D M Mydat
Mr S B Simmons
Mr A J N Sugarman
Ms T Huggins



REGISTERED OFFICE: 3rd Floor, North Wing, St James House
27-43 Eastern Road
Romford
Essex
RM1 3NH



REGISTERED NUMBER: 05723823 (England and Wales)



SENIOR STATUTORY AUDITOR: Lorraine Curtis ACA BFP FCCA



AUDITORS: Nordens
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

London Teaching Pool Limited (Registered number: 05723823)

Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

Introduction

Established in 2006, London Teaching Pool Limited serves as a reputable recruitment consultancy specialising in the Education and Medical sectors.

REVIEW OF BUSINESS
London Teaching Pool Ltd experienced a decline in both turnover and EBITDA for the year ending 31st August 2024. Throughout this period, the medical sector declined due to the NHS reduction in using agency staff. This has impacted the whole sector. We also decided to close our Care division on the 31st May 2024. We continue to keep to our strategic plan of growth as per last year.

Moreover, a comprehensive review of our company values and mission has underscored our commitment to prioritising communication and employee welfare across all facets of our operations.

PRINCIPAL RISKS AND UNCERTAINTIES
At present, London Teaching Pool Limited does not engage in invoice factoring or invoice discounting and concerns regarding aged debt are deemed negligible. Nonetheless, vigilance persists concerning market uncertainties, particularly within the medical and care sectors, where ongoing margin pressures persistently warrant careful monitoring.

To address regulatory compliance, our in-house team diligently reviews intermediary companies in accordance with HMRC and REC guidelines, ensuring comprehensive measures are in place to safeguard both our workers and the organisation.

KEY PERFORMANCE INDICATORS
The key performance indicator for the company is the gross profit margin achieved in each of the sectors in which it operates. For the year ended 31 August 2024, these were as follows:

Education 36.09%
Medical 21.83%
Care 37.78%

FUTURE DEVELOPMENTS
The company is looking to build on new opportunities within the sectors as they arise and are well place to achieve that in the coming year.

ON BEHALF OF THE BOARD:





Mr D M Mydat - Director


7 January 2025

London Teaching Pool Limited (Registered number: 05723823)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 18,235 per share.

The total distribution of dividends for the year ended 31 August 2024 will be £ 1,823,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

Mr D M Mydat
Mr S B Simmons
Mr A J N Sugarman

Other changes in directors holding office are as follows:

Mr L Allen - resigned 25 July 2024

Ms T Huggins was appointed as a director after 31 August 2024 but prior to the date of this report.

Ms L J Davey ceased to be a director after 31 August 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

London Teaching Pool Limited (Registered number: 05723823)

Report of the Directors
for the Year Ended 31 August 2024


AUDITORS
The auditors, Nordens, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D M Mydat - Director


7 January 2025

Report of the Independent Auditors to the Members of
London Teaching Pool Limited

Opinion
We have audited the financial statements of London Teaching Pool Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
London Teaching Pool Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
London Teaching Pool Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation, and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include operational and employment laws and regulations including health and safety regulations, environmental regulations and GDPR.

We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions.

We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.

Procedures performed to address these were as follows:

- Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or non- compliance with laws and regulations and fraud,

Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,

- Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud,

- Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management,

- Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, and journal entries crediting revenue or cash. These were scrutinised for evidence of unusual entries,


Report of the Independent Auditors to the Members of
London Teaching Pool Limited

- Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation including sales invoice and corresponding purchase documentations to ensure revenue was appropriately recorded,

- Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation to ensure the expense was appropriately recorded,

- Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lorraine Curtis ACA BFP FCCA (Senior Statutory Auditor)
for and on behalf of Nordens
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

7 January 2025

London Teaching Pool Limited (Registered number: 05723823)

Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 3 16,663,134 18,771,275

Cost of sales 11,492,815 13,003,135
GROSS PROFIT 5,170,319 5,768,140

Administrative expenses 4,383,459 4,415,938
786,860 1,352,202

Other operating income 6,385 142,368
OPERATING PROFIT 5 793,245 1,494,570

Interest receivable and similar income 43,332 14,193
PROFIT BEFORE TAXATION 836,577 1,508,763

Tax on profit 6 202,485 327,764
PROFIT FOR THE FINANCIAL YEAR 634,092 1,180,999

London Teaching Pool Limited (Registered number: 05723823)

Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 634,092 1,180,999


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

634,092

1,180,999

London Teaching Pool Limited (Registered number: 05723823)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 146,350 203,244

CURRENT ASSETS
Debtors 9 1,002,310 1,530,137
Cash at bank and in hand 2,527,287 3,183,742
3,529,597 4,713,879
CREDITORS
Amounts falling due within one year 10 1,045,018 1,082,563
NET CURRENT ASSETS 2,484,579 3,631,316
TOTAL ASSETS LESS CURRENT LIABILITIES 2,630,929 3,834,560

PROVISIONS FOR LIABILITIES 12 36,588 50,811
NET ASSETS 2,594,341 3,783,749

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 2,594,241 3,783,649
SHAREHOLDERS' FUNDS 2,594,341 3,783,749

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





Mr D M Mydat - Director


London Teaching Pool Limited (Registered number: 05723823)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 100 4,548,650 4,548,750

Changes in equity
Dividends - (1,946,000 ) (1,946,000 )
Total comprehensive income - 1,180,999 1,180,999
Balance at 31 August 2023 100 3,783,649 3,783,749

Changes in equity
Dividends - (1,823,500 ) (1,823,500 )
Total comprehensive income - 634,092 634,092
Balance at 31 August 2024 100 2,594,241 2,594,341

London Teaching Pool Limited (Registered number: 05723823)

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,389,370 1,767,085
Tax paid (288,679 ) (276,987 )
Net cash from operating activities 1,100,691 1,490,098

Cash flows from investing activities
Purchase of tangible fixed assets (3,616 ) (197,966 )
Sale of tangible fixed assets 26,638 -
Interest received 43,332 14,193
Net cash from investing activities 66,354 (183,773 )

Cash flows from financing activities
Equity dividends paid (1,823,500 ) (1,946,000 )
Net cash from financing activities (1,823,500 ) (1,946,000 )

Decrease in cash and cash equivalents (656,455 ) (639,675 )
Cash and cash equivalents at beginning of
year

2

3,183,742

3,823,417

Cash and cash equivalents at end of year 2 2,527,287 3,183,742

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
£    £   
Profit for the financial year 634,092 1,180,999
Depreciation charges 58,173 56,437
Profit on disposal of fixed assets (24,301 ) -
Decrease in amounts owed by group undert - 507
Finance income (43,332 ) (14,193 )
Taxation 202,485 327,764
827,117 1,551,514
Decrease in trade and other debtors 527,827 662,889
Increase/(decrease) in trade and other creditors 34,426 (447,318 )
Cash generated from operations 1,389,370 1,767,085

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 2,527,287 3,183,742
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 3,183,742 3,823,417


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 3,183,742 (656,455 ) 2,527,287
3,183,742 (656,455 ) 2,527,287
Total 3,183,742 (656,455 ) 2,527,287

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

London Teaching Pool Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on the historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of revision and future periods, if the revision affects both current and future periods.

Management considers that there are no judgements that have been made in the process of applying the entity's accounting policies that have a significant effect on the financial statements. Furthermore, management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Rendering of Services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be reliably measured
- it is probable that the company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in profit or loss.

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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 assets and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial instruments

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash held at bank and in hand, together with short-term highly liquid investments with an original maturity of less than three months that are readily convertible to known amounts of cash and subject to an insignificant change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.8.24 31.8.23
£    £   
Education 10,300,180 9,631,553
Medical 5,959,695 8,224,055
Care 403,259 915,667
16,663,134 18,771,275

4. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 3,296,343 3,310,596
Social security costs 413,809 417,774
Other pension costs 84,007 79,084
3,794,159 3,807,454

The average number of employees during the year was as follows:
31.8.24 31.8.23

Permanent employees 42 45
Temporary employees 40 37
82 82

Temporary employment costs are included within cost of sales. A breakdown of these costs are as follows:

31.8.2431.8.23
£   £   
Wages and salaries11,366,89312,895,637
Social security costs99,18683,553
Other pension costs12,2059,744
11,478,28412,988,934

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. EMPLOYEES AND DIRECTORS - continued

31.8.24 31.8.23
£    £   
Directors' remuneration 1,265,609 1,557,213

Information regarding the highest paid director is as follows:
31.8.24 31.8.23
£    £   
Emoluments etc 461,072 466,306

During the year, retirement benefits were accruing to no directors (2023 - Nil) in respect of defined contribution pension schemes.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

The total accrued pension provision of the highest paid director at 31 August 2024 amounted to £Nil (2023 - £Nil).

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Hire of plant and machinery 888 514
Depreciation - owned assets 58,173 56,437
Profit on disposal of fixed assets (24,301 ) -
Auditors' remuneration 12,500 13,714

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 216,708 288,679

Deferred tax (14,223 ) 39,085
Tax on profit 202,485 327,764

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Profit before tax 836,577 1,508,763
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.500%)

209,144

324,384

Effects of:
Expenses not deductible for tax purposes 14,543 342
Capital allowances in excess of depreciation (6,979 ) (5,618 )
Corporation tax rate change - 8,656
Deferred tax (14,223 ) -
Total tax charge 202,485 327,764

7. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary shares of £1 each
Final 1,823,500 1,946,000

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 187,807 72,242 115,501 375,550
Additions 1,177 - 2,439 3,616
Disposals (5,379 ) (72,242 ) - (77,621 )
Reclassification/transfer 41,643 - (41,643 ) -
At 31 August 2024 225,248 - 76,297 301,545
DEPRECIATION
At 1 September 2023 19,234 61,705 91,367 172,306
Charge for year 37,718 8,200 12,255 58,173
Eliminated on disposal (5,379 ) (69,905 ) - (75,284 )
Reclassification/transfer 41,643 - (41,643 ) -
At 31 August 2024 93,216 - 61,979 155,195
NET BOOK VALUE
At 31 August 2024 132,032 - 14,318 146,350
At 31 August 2023 168,573 10,537 24,134 203,244

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 806,493 1,305,729
Other debtors 88,099 1,100
Prepayments and accrued income 107,718 223,308
1,002,310 1,530,137

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 45,241 54,990
Tax 216,708 288,679
Social security and other taxes 157,827 130,329
Wages control 605 -
Pension payable 24,517 19,888
VAT 354,206 308,061
Other creditors 98,116 34,949
Accruals and deferred income 147,798 245,667
1,045,018 1,082,563

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 114,700 114,700
Between one and five years 458,800 458,800
In more than five years 344,100 458,800
917,600 1,032,300

12. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 36,588 50,811

Deferred
tax
£   
Balance at 1 September 2023 50,811
Credit to Income Statement during year (14,223 )
Balance at 31 August 2024 36,588

London Teaching Pool Limited (Registered number: 05723823)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
100 Ordinary £1 100 100

14. RESERVES
Retained
earnings
£   

At 1 September 2023 3,783,649
Profit for the year 634,092
Dividends (1,823,500 )
At 31 August 2024 2,594,241

15. PENSION COMMITMENTS

The company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £96,212 (2023: 88,828). At 31 August 2024, the balance owing to the pension scheme was £Nil (2023: £Nil).

16. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 1,477,425 (2023 - £ 1,833,143 ) was paid.