Registration number:
Prepared for the registrar
for the
Year Ended 30 June 2024
Instep Training and Development Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Instep Training and Development Limited
Company Information
Directors |
J B Jarman A H Bird I R Evans M R Pilcher |
Registered office |
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Accountants |
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Instep Training and Development Limited
(Registration number: 13223461)
Balance Sheet as at 30 June 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
20,105 |
20,105 |
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Share premium reserve |
69,895 |
69,895 |
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Retained earnings |
(2,875,524) |
(1,927,575) |
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Shareholders' deficit |
(2,785,524) |
(1,837,575) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Instep Training and Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Reclassification of comparative amounts
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Instep Training and Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Instep Training and Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Provision |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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44 Catherine Place
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Subsidiary undertakings |
Instep UK Limited The principal activity of Instep UK Limited is |
Debtors |
2024 |
2023 |
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Receivables from related parties |
71,824 |
71,824 |
Instep Training and Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
2024 |
(As restated) |
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Due within one year |
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Amounts due to related parties |
845,759 |
784,664 |
Accruals expenses |
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2024 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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Loans and borrowings
Loans and borrowings comprise loan notes instruments with a carrying value of £10,656,525 (2023 - £9,021,296) with an interest rate of 8%. The only and final capital instalment is due in March 2031.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 (restated) |
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No. |
£ |
No. |
£ |
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|
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71 |
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71 |
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20,034 |
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20,034 |
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Rights, preferences and restrictions
Ordinary A and B shares have the following rights, preferences and restrictions: |
Related party transactions |
During the year a company under common control paid expenses on behalf of the company totalling £61,095 (2023 - £630,023). At the year end, the company owed £845,759 (2023 - £748,644). At the year end the company was also owed £71,824 (2023 - £71,824) by the same company under common control.
Parent and ultimate parent undertaking |