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Registered number: 02864918
The Sherwood Psychotherapy Training Institute Limited
Directors' Report and
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Company Information 1
Directors' Report 2
Independent Auditor's Report 3—6
Income Statement 7
Statement of Financial Position 8
Statement of Cash Flows 9
Notes to the Statement of Cash Flows 10
Notes to the Financial Statements 11—14
Page 1
Company Information
Directors Mrs A J Fookes
Ms J Dearden
R Langford-Bellaby
Secretary Mrs A J Fookes
Company Number 02864918
Registered Office 22 Eldon Business Park
Eldon Road, Attenborough
Beeston
Nottingham
NG9 6DZ
Accountants Nuvo Accountancy Limited
Chartered Certified Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Auditors Rogers Spencer
Chartered Accountants & Statutory Auditors
Newstead House
Pelham Road
Nottingham
NG5 1AP
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Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Principal Activity
The principal activity of the company and its wholly owned subsidiary continues to be that of psychotherapy trainng.
Directors
The directors who held office during the year were as follows:
Mrs A J Fookes
Ms J Dearden
R Langford-Bellaby
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report 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 the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Small Company Rules
This report has 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.
On behalf of the board
Mrs A J Fookes
Director
23 January 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of The Sherwood Psychotherapy Training Institute Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; 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 Auditor's 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 the provisions available for small entities, in the circumstances set out in note 14 to the financial statements, 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 
The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Directors' Report have been prepared in accordance with applicable legal requirements.
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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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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, or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement, 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 is 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'sability 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.
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Auditor's 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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:  
 
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
· The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
· We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry and sector;
· We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
· We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
· Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
· Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
· Understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
· Performed analytical procedures to identify any unusual or unexpected relationships;
· Tested journal entries to identify unusual transactions;
· Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
· Investigated the rationale behind significant or unusual transactions. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
· Agreeing financial statement disclosures to underlying supporting documentation;
· Enquiring of management as to actual and potential litigation and claims; and 
· Reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that we are required to state to them in an auditor's report 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.
Melvin Bailey FCCA DChA (Senior Statutory Auditor)
for and on behalf of Rogers Spencer , Statutory Auditor
3 February 2025
Rogers Spencer
Chartered Accountants & Statutory Auditors
Newstead House
Pelham Road
Nottingham
NG5 1AP
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Income Statement
2024 2023
Notes £ £
TURNOVER 19,870 3,000
GROSS PROFIT 19,870 3,000
Administrative expenses (26,595 ) (3,992 )
OPERATING LOSS AND LOSS BEFORE TAXATION (6,725 ) (992 )
Tax on Loss 6 286 -
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (6,439 ) (992 )
The notes on pages 10 to 14 form part of these financial statements.
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Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 7 57,615 316
Investments 8 2 2
57,617 318
CURRENT ASSETS
Debtors 9 16,959 196
Cash at bank and in hand 35,252 32,348
52,211 32,544
Creditors: Amounts Falling Due Within One Year 10 (89,911 ) (6,506 )
NET CURRENT ASSETS (LIABILITIES) (37,700 ) 26,038
TOTAL ASSETS LESS CURRENT LIABILITIES 19,917 26,356
NET ASSETS 19,917 26,356
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 19,817 26,256
SHAREHOLDERS' FUNDS 19,917 26,356
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mrs A J Fookes
Director
Ms J Dearden
Director
23 January 2025
The notes on pages 10 to 14 form part of these financial statements.
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 62,613 2,964
Tax paid - (57 )
Net cash generated from operating activities 62,613 2,907
Cash flows from investing activities
Purchase of tangible assets (59,709 ) -
Increase in cash and cash equivalents 2,904 2,907
Cash and cash equivalents at beginning of year 2 32,348 29,441
Cash and cash equivalents at end of year 2 35,252 32,348
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Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash generated from operations
2024 2023
£ £
Loss for the financial year (6,439 ) (992 )
Adjustments for:
Tax on loss (286 ) -
Depreciation of tangible assets 2,410 56
Movements in working capital:
Increase in trade and other debtors (16,477 ) -
Increase in trade and other creditors 83,405 3,900
Net cash generated from operations 62,613 2,964
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 35,252 32,348
3. Analysis of changes in net funds
As at 1 September 2023 Cash flows As at 31 August 2024
£ £ £
Cash at bank and in hand 32,348 2,904 35,252
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Notes to the Financial Statements
1. General Information
The Sherwood Psychotherapy Training Institute Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02864918 . The registered office is 22 Eldon Business Park, Eldon Road, Attenborough, Beeston, Nottingham, NG9 6DZ.
The trading address is 2 Castle Quay, Castle Boulevard, Nottingham, NG7 1FW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents amounts due in respect of services provided during the year.
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 it is probable the expenses recognised will be recovered.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% reducing balance
Fixtures & Fittings 15% reducing balance
Investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.
2.4. Investments
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 2,410 56
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4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 2,160 2,100
5. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
6. Tax on Profit
The tax credit on the loss for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% - -
Deferred Tax
Deferred taxation (286 ) -
Total tax charge for the period (286 ) -
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (6,725) (992)
Tax on profit at 0% (UK standard rate) - -
Total tax charge for the period - -
7. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 9,492 21,374 30,866
Additions 59,709 - 59,709
As at 31 August 2024 69,201 21,374 90,575
Depreciation
As at 1 September 2023 9,385 21,165 30,550
Provided during the period 2,379 31 2,410
As at 31 August 2024 11,764 21,196 32,960
...CONTINUED
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Net Book Value
As at 31 August 2024 57,437 178 57,615
As at 1 September 2023 107 209 316
8. Investments
Other
£
Cost
As at 1 September 2023 2
As at 31 August 2024 2
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 2
As at 1 September 2023 2
9. Debtors
2024 2023
£ £
Due within one year
Other debtors 16,959 196
10. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to group undertakings 79,763 3,234
Other creditors 10,148 3,272
89,911 6,506
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 45,180 -
Later than one year and not later than five years 180,720 -
Later than five years 212,723 -
438,623 -
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13. Related Party Disclosures
The Company is controlled by its principal shareholder, Mrs A J Fookes.
Sherwood Counselling and Psychotherapy Limited paid £19,870 (2023 - £3000) for management services provided during the year.
At 31 August 2024 The Sherwood Psychotherapy Training Institute Limited owed £79,763 (2023 - £3,324) to Sherwood Counselling and Psychotherapy Limited.
14. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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