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Financial Statements

for the Year Ended 31 March 2024

for

Runway Apprenticeships Limited

Runway Apprenticeships Limited (Registered number: 08957135)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Runway Apprenticeships Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: O Jude-Trailor





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 08957135 (England and Wales)





AUDITORS: Williams & Co Epsom LLP
Statutory Auditors
8-10 South Street
Epsom
Surrey
KT18 7PF

Runway Apprenticeships Limited (Registered number: 08957135)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 125,087 130,569
125,087 130,569

CURRENT ASSETS
Debtors 6 687,466 966,081
Cash at bank 133,017 66,041
820,483 1,032,122
CREDITORS
Amounts falling due within one year 7 479,087 276,148
NET CURRENT ASSETS 341,396 755,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,483

886,543

PROVISIONS FOR LIABILITIES 9 25,706 25,607
NET ASSETS 440,777 860,936

CAPITAL AND RESERVES
Called up share capital 10 95 95
Capital redemption reserve 5 5
Retained earnings 440,677 860,836
SHAREHOLDERS' FUNDS 440,777 860,936

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





O Jude-Trailor - Director


Runway Apprenticeships Limited (Registered number: 08957135)

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


1. STATUTORY INFORMATION

Runway Apprenticeships 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents invoiced sales of services exclusive of value added tax, after adjusting for accrued income.

The company recognises income once delivery of training to individuals has taken place.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 3 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Runway Apprenticeships Limited (Registered number: 08957135)

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


2. ACCOUNTING POLICIES - continued

Going concern
The company suffered a loss during the year, with a major income provider entering administration in the year under review. However as costs are committed ahead of delivery it was not possible reduce costs to match the lost income and the contract suffered a significant loss.

In addition the company invested additional resource into bidding and maintaining existing contracts to generate a sustainable pipeline of income.

The director has prepared forecasts that show a return to profitability in 2024/25 and onwards and positive cashflow for the business for the next 15 months, therefore the accounts have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 240,000
AMORTISATION
At 1 April 2023
and 31 March 2024 240,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 19,446 71,167 82,128 132,700 305,441
Additions 13,858 17,653 - 26,633 58,144
Disposals - - (12,913 ) - (12,913 )
At 31 March 2024 33,304 88,820 69,215 159,333 350,672
DEPRECIATION
At 1 April 2023 17,941 33,176 50,829 72,926 174,872
Charge for year 4,610 16,008 7,832 33,799 62,249
Eliminated on disposal - - (11,536 ) - (11,536 )
At 31 March 2024 22,551 49,184 47,125 106,725 225,585
NET BOOK VALUE
At 31 March 2024 10,753 39,636 22,090 52,608 125,087
At 31 March 2023 1,505 37,991 31,299 59,774 130,569

Runway Apprenticeships Limited (Registered number: 08957135)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 136,803 224,525
Other debtors 142,263 154,427
Tax 59,019 -
Prepayments and accrued income 349,381 587,129
687,466 966,081

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 374,907 61,574
Tax 37,412 112,544
Social security and other taxes 24,712 27,975
Other creditors 5,902 11,204
Directors' current accounts 324 306
Deferred income - 5,400
Accrued expenses 35,830 57,145
479,087 276,148

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 15,000 71,057
Between one and five years 27,000 118,437
42,000 189,494

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,706 25,607

Deferred
tax
£   
Balance at 1 April 2023 25,607
Provided during year 99
Balance at 31 March 2024 25,706

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
95 Ordinary £1 95 95

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Williams FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP

Runway Apprenticeships Limited (Registered number: 08957135)

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


12. RELATED PARTY DISCLOSURES

Included within other debtors is a balance of £63,800 (2023:£69,000) owed from Platforma Technologies Limited the company is under common control.

13. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors of the company.