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Registration number: 13223461

Prepared for the registrar

Instep Training and Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Instep Training and Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Instep Training and Development Limited

Company Information

Directors

J B Jarman

A H Bird

I R Evans

M R Pilcher

Registered office

44 Catherine Place
London
SW1E 6HL

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Instep Training and Development Limited

(Registration number: 13223461)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)
2023
£

Fixed assets

 

Investments

4

9,870,459

9,120,459

Current assets

 

Debtors

5

71,824

71,824

Creditors: Amounts falling due within one year

6

(887,385)

(824,665)

Net current liabilities

 

(815,561)

(752,841)

Total assets less current liabilities

 

9,054,898

8,367,618

Creditors: Amounts falling due after more than one year

6

(11,840,422)

(10,205,193)

Net liabilities

 

(2,785,524)

(1,837,575)

Capital and reserves

 

Called up share capital

7

20,105

20,105

Share premium reserve

69,895

69,895

Retained earnings

(2,875,524)

(1,927,575)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 20 March 2025 and signed on its behalf by:
 


I R Evans
Director

 

Instep Training and Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
44 Catherine Place
London
SW1E 6HL

 

2

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

The comparative balances for other financial liabilities have been restated to be shown as all due after one year, further to clarification of when the balances fall due for repayment. The restatement has had no impact on the results of the prior year nor on the capital and reserves brought forward to the current financial period.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

4

Investments

2024
£

2023
£

Investments in subsidiaries

9,870,459

9,120,459

Subsidiaries

£

Cost

At 1 July 2023

12,430,034

Additions

750,000

At 30 June 2024

13,180,034

Provision

At 1 July 2023

3,309,575

At 30 June 2024

3,309,575

Carrying amount

At 30 June 2024

9,870,459

At 30 June 2023

9,120,459

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

2024

2023

Subsidiary undertakings

Instep UK Limited

44 Catherine Place
London
SW1E 6HL

Ordinary

100%

100%

Subsidiary undertakings

Instep UK Limited

The principal activity of Instep UK Limited is the provision of education in training in qualifications through both commercial programmes and apprenticeships.

 

5

Debtors

2024
£

2023
£

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

 

6

Creditors

2024
£

(As restated)
2023
£

Due within one year

Amounts due to related parties

845,759

784,664

Accruals expenses

41,626

40,001

887,385

824,665

2024
£

(As restated)
2023
£

Due after one year

Loans and borrowings

10,656,525

9,021,296

Other non-current financial liabilities

1,183,897

1,183,897

11,840,422

10,205,193

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.

 

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023 (restated)

 

No.

£

No.

£

Ordinary share class A of £0.01 each

7,116

71

7,116

71

Ordinary share class B of £0.01 each

2,003,350

20,034

2,003,350

20,034

 

2,010,466

20,105

2,010,466

20,105

Rights, preferences and restrictions

Ordinary A and B shares have the following rights, preferences and restrictions:
Ordinary A and B shares carry weighted voting rights as set out in the articles. They rank pari passu in all other respects.

 

8

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.

 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Scaleup Capital General Partner LLP, acting on behalf of and as General Partner of Root Capital Fund III LP.