Registered number:
For the year ended
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Intertrain UK Ltd.
Company Information
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Intertrain UK Ltd.
Contents
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Intertrain UK Ltd.
Strategic Report
For the year ended 31 August 2024
The directors present their Strategic Report for the year ending 31 August 2024.
The Company (Intertrain) was established in 2002 and specialises in the Training in the Rail Safety Sector. In November 2019, Intertrain joined The City & Guilds of London Institute Group. Intertrain currently operates from 13 training centres across the UK and employs over 133 employees. Through targeted development of commercial training, winning Master Vendor Contracts and government funding, Intertrain continues to grow its geographic and product portfolio. Intertrain works closely with industry regulators to ensure we are delivering the best.
Collaborative working is a fundamental part of Intertrains ethos. The company worked intensively on the development of a sub-contracting model working with a wide range of companies in varying industries to offer customers a comprehensive service of training programmes. Intertrain currently works with over 1,000 local and national clients delivering a broad range of courses in rail safety along side Bootcamps and Apprenticeships. Many of the Bootcamps and Apprentice programmes have been developed specifically for employers or in response to Government initiatives. In developing programmes for local, national and international clients, Intertrain proactively seeks out delivery partners, thus enhancing its own capability. In all aspects of developing programmes, Intertrain responds to the needs of the client in delivering to time, quality and cost as well as adhering to rail safety compliance requirements set out by Network Rail . Year ended 31 August 2024 Intertrain has continued its strong revenue growth trajectory in FY24, increasing from £10.9m in year to 31 August 2023 to £15.5m in year to 31 August 2024, but has been impacted by the control period switch from 6 to 7. This has slowed down work across the Rail industry as a whole and has been further compounded by a change in Government. This has led to a decline in commercial customer demand in the latter part of FY24, which in turn has reduced the profitability of some of Intertrain’s courses over that period. Intertrain was able to mitigate some of this hit with additional sub-contracted revenue, but this came through at a lower gross margin %. During the year, Intertrain have introduced a range of interventions to secure business going forward;
∙Introduced a trainer retention programme, providing additional remuneration and incentives for critical trainer roles.
∙Worked across new revenue streams in conjunction with deliverypartners, and enhanced our offer to our exisiting customers, based on their requirements.
∙Periodic review of our pricing to ensure we're competitive within the market.
∙Leveraged synergises across the City & Guilds Group to ensure our cost base is efficiently managed.
For the future
Intertrains high-level priorities going into FY25 are to;
∙Deliver high-quality training that meets the needs of learners and employers;
∙Maintain a strong reputation in the community;
∙Be financially sustainable, through diverse product offering;
∙Underpinned by a highly skilled and engaged workforce.
Intertrain will continue to review its training offering based on employer demand and performance. The business will look to expand its offer to other areas in Rail Safety, Electrical, Health & Safety, Project Management and Construction. Additionally, Intertrain will continue to look for cost saving opportunities in its existing operations to ensure that operating costs remain efficient for the business. The trainer retention initiative has had an impact with lower staff turnover resulting in lower onboarding costs.
Intertrain will continue to work with a range of stakeholders and partners, including: the ESFA, NSAR, Network Rail, CITB, ELCAS and the DfE.
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Intertrain UK Ltd.
Strategic Report (continued)
For the year ended 31 August 2024
Overall Intertrain, with City and Guilds’ support, is putting into place both the team and the resources necessary to effect a turnaround for FY25 and is well placed to face the future challenges of the market.
A summary of the financial key performance indicators ('KPIs') for the last two years is as follows:
This report was approved by the board and signed on its behalf.
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Intertrain UK Ltd.
Directors' Report
For the year ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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 profit for the year, after taxation, amounted to £85,910 (2023 - £100,698).
Dividends totalling £nil (2023: £nil) were paid during the year. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
Information pertaining to future developments has been included within the Strategic Report.
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Intertrain UK Ltd.
Directors' Report (continued)
For the year ended 31 August 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd.
We have audited the financial statements of Intertrain UK Ltd. (the 'Company') for the year ended 31 August 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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. 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 course of 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.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
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 auditors' 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.
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:
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 auditors' 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 an auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Intertrain UK Ltd.
Statement of Comprehensive Income
For the year ended 31 August 2024
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Intertrain UK Ltd.
Registered number: 04696164
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 23 form part of these financial statements.
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Intertrain UK Ltd.
Statement of Changes in Equity
For the year ended 31 August 2024
Analysis of Net Debt
For the year ended 31 August 2024
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
Intertrain UK Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 04696164 and the address of the registered office is Balby Court, Carr Hill, Doncaster, South Yorkshire, DN4 8DE.
The nature of the company's operation and principal activity is the provision of short courses, apprenticeships and bootcamps.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The City and Guilds of London Institute as at 31 August 2024 and these financial statements may be obtained from the Charity Commission..
The Company's functional and presentational currency is GBP.
The Company currently meets its working capital requirements through its cash balances and credit facilities. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period.
At the year end Intertrain UK Ltd owed The City and Guilds of London Institute £3,887,277 (2023: £1,740,909). The Company is in receipt of a letter from The City and Guilds of London Institute to confirm the total of £2,800,000 due to the parent entity will not be recalled at any time for a period of no less than 12 months from the date of approval of these financial statements. Therefore, the directors believe it is appropriate to prepare the accounts to 31 August 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a number of bases.
Depreciation is provided on the following basis:
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 amount and are recognised in profit or loss.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 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.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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 assets
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 asset(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 instruments 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.
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.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
recognised for the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. Accrued Income The company has assessed the carrying value of accrued income at £1,554,507 (2023: £1,422,271) and based on projections expect the amounts to be recovered in full.
The whole of the turnover is attributable to provision of short courses, bootcamps and apprenticeships.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
There are carried forward losses to be utilised in future.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
16.Deferred taxation (continued)
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2024
Profit and loss account
The company operates a defined contributions pension 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 £231,473 (2023: £111,391) Contributions totalling £54,609 (2023: £47,507) were payable to the fund at the balance sheet date.
The ultimate controlling party at the year end is The City and Guilds of London Institute, a body incorporated by Royal Charter and registered as a charity (charity number 312832), in England.
The City and Guilds of London Institute, registered office 1 Giltspur Street, London, EC1A 9DD, draws up consolidated accounts, copies of which can be obtained from the Charity Comission.
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