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ITEC Training Solutions Ltd

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 July 2024






ITEC Training Solutions Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: E J Barnes
S Davies
G Matthews
C J Murphy
C E Roberts-Straw



REGISTERED OFFICE: ITEC House
Penarth Road
Cardiff
CF11 8TT



REGISTERED NUMBER: 06345434 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Andrew Miller FCA



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

ITEC Training Solutions Ltd (Registered number: 06345434)

Strategic Report
for the Year Ended 31 July 2024


The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
In the year to 31 July 2024 ITEC Training Solutions Ltd reported a 17.4% increase in turnover with a 21.6% increase in profit after tax for the financial year.

ITEC retained a good level of engagement with learners throughout the year due to it's online learning platforms.

KEY PERFORMANCE INDICATORS (KPI'S)
The company's KPI's are summarised below:

31 July 31 July
2024 2023

Turnover £23.3m £19.8m

Gross Margin 41.5% 41.0%

Gross Margin is the ratio of gross profit to sales expressed as a percentage.

Operating Profit % 18.3% 16.9%

Operating Profit % is the ratio of operating profit to sales expressed as a percentage.

The increase in learner volumes of the Welsh Government Jobs Growth Wales contract yielded higher revenue.

PRINCIPAL RISKS, UNCERTAINTIES & FUTURE DEVELOPMENTS
Generally
The company consolidated its contracts during the year to limit any risk.

THIS REPORT WAS APPROVED BY THE BOARD:





S Davies - Director


8 April 2025

ITEC Training Solutions Ltd (Registered number: 06345434)

Report of the Directors
for the Year Ended 31 July 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of high quality training.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £3,267,000 (2023 - £3,000,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

E J Barnes
S Davies
G Matthews
C J Murphy

Other changes in directors holding office are as follows:

S P Doyle - resigned 31 July 2024
C E Roberts-Straw - appointed 29 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 these financial statements, the directors are required to:

-select suitable accounting policies 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 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.

ITEC Training Solutions Ltd (Registered number: 06345434)

Report of the Directors
for the Year Ended 31 July 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:





S Davies - Director


8 April 2025

Report of the Independent Auditors to the Members of
ITEC Training Solutions Ltd


Opinion
We have audited the financial statements of ITEC Training Solutions Ltd (the 'company') for the year ended 31 July 2024 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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 UK, including the FRC'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.

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 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.

Report of the Independent Auditors to the Members of
ITEC Training Solutions Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 and 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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's ability 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.

Report of the Independent Auditors to the Members of
ITEC Training Solutions Ltd


Auditors' 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws, Employment Law, Health and Safety Regulations and Provider Assurance and Governance Service (PAGS) Regulations.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
ITEC Training Solutions Ltd


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 we are required to state to them in a Report of the Auditors 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.




Andrew Miller FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

8 April 2025

ITEC Training Solutions Ltd (Registered number: 06345434)

Profit & Loss Account
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 23,256,604 19,816,497

Cost of sales (13,597,480 ) (11,678,034 )
GROSS PROFIT 9,659,124 8,138,463

Administrative expenses (5,405,929 ) (4,780,108 )
OPERATING PROFIT 4 4,253,195 3,358,355

Interest receivable & similar income 80,180 24,828
4,333,375 3,383,183

Interest payable and similar
expenses

5

-

(2,206

)
PROFIT BEFORE TAXATION 4,333,375 3,380,977

Tax on profit 6 (1,086,485 ) (711,689 )
PROFIT FOR THE FINANCIAL YEAR 3,246,890 2,669,288

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,246,890

2,669,288

ITEC Training Solutions Ltd (Registered number: 06345434)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 172,321 218,012

CURRENT ASSETS
Debtors 9 3,819,877 4,346,905
Cash at bank and in hand 1,909,879 1,752,846
5,729,756 6,099,751
CREDITORS
Amounts falling due within one year 10 2,886,889 3,274,765
NET CURRENT ASSETS 2,842,867 2,824,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,015,188

3,042,998

PROVISIONS FOR LIABILITIES 12 30,300 38,000
NET ASSETS 2,984,888 3,004,998

CAPITAL AND RESERVES
Called up share capital 13 30 30
Retained earnings 14 2,984,858 3,004,968
SHAREHOLDERS' FUNDS 2,984,888 3,004,998

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





S Davies - Director


ITEC Training Solutions Ltd (Registered number: 06345434)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 30 3,335,680 3,335,710

Changes in equity
Dividends - (3,000,000 ) (3,000,000 )
Total comprehensive income - 2,669,288 2,669,288
Balance at 31 July 2023 30 3,004,968 3,004,998

Changes in equity
Dividends - (3,267,000 ) (3,267,000 )
Total comprehensive income - 3,246,890 3,246,890
Balance at 31 July 2024 30 2,984,858 2,984,888

ITEC Training Solutions Ltd (Registered number: 06345434)

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


1. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is the consideration received or receivable by the company, excluding discounts, rebates, value added tax and other sales taxes, in respect of its principal activities as a provider of training courses including apprenticeships and trusteeships.

Turnover is recognised in line with the delivery of the training courses, with relevant adjustments made for income received in advance or arrears.

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 - 25% straight line
Office equipment, furniture and
fixtures & fittings

-
33% straight line, 25% straight line, 20% straight line and 10% straight line
Motor vehicles - 20% straight line
Computer software & hardware - 50% straight line, 33% straight line, 25% straight line and 20% straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.


ITEC Training Solutions Ltd (Registered number: 06345434)

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


1. ACCOUNTING POLICIES - continued
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.

Pension costs
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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,783,602 5,631,868
Social security costs 658,690 555,129
Other pension costs 242,779 190,986
7,685,071 6,377,983

The average number of employees during the year was as follows:
2024 2023

Employees 225 187

ITEC Training Solutions Ltd (Registered number: 06345434)

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


3. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 521,613 513,759
Directors' pension contributions to money purchase schemes 26,413 24,928

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 152,737 151,383
Pension contributions to money purchase schemes 10,149 9,578

Key management personnel
The directors are considered to be the key management of the company. Total costs in relation to the directors during the year was £612,419 (2023 - £615,629).

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 120,115 129,951
Profit on disposal of fixed assets - (833 )
Audit fees 21,075 22,350
Auditors fees - non-audit 28,617 13,397
Operating lease land & buildings 679,934 657,507
Operating lease plant & machinery 172,790 119,601

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest - 2,206

ITEC Training Solutions Ltd (Registered number: 06345434)

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


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,094,185 726,289

Deferred tax (7,700 ) (14,600 )
Tax on profit 1,086,485 711,689

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,333,375 3,380,977
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 21.005%)

1,083,344

710,174

Effects of:
Expenses not deductible for tax purposes - 191
Income not taxable for tax purposes - (175 )
Depreciation in excess of capital allowances 10,069 8,508
Adjustments to tax charge in respect of previous periods 772 7,591
Deferred tax movement (7,700 ) (14,600 )
Total tax charge 1,086,485 711,689

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Paid 3,267,000 3,000,000

ITEC Training Solutions Ltd (Registered number: 06345434)

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


8. TANGIBLE FIXED ASSETS
Office
equipment,
furniture
Improvements and Computer
to fixtures Motor software
property & fittings vehicles & hardware Totals
£    £    £    £    £   
COST
At 1 August 2023 11,794 235,193 7,166 545,017 799,170
Additions 6,322 30,402 - 37,700 74,424
At 31 July 2024 18,116 265,595 7,166 582,717 873,594
DEPRECIATION
At 1 August 2023 2,238 163,866 7,166 407,888 581,158
Charge for year 3,108 19,402 - 97,605 120,115
At 31 July 2024 5,346 183,268 7,166 505,493 701,273
NET BOOK VALUE
At 31 July 2024 12,770 82,327 - 77,224 172,321
At 31 July 2023 9,556 71,327 - 137,129 218,012

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,885,262 2,385,611
Amounts owed by group undertakings 1,679,824 1,679,824
Other debtors 33,428 5,481
Prepayments 221,363 275,989
3,819,877 4,346,905

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 512,813 786,021
Amounts owed to group undertakings 313,803 314,648
Corporation tax 380,739 13,860
Social security and other taxes 217,153 269,972
Other creditors & accruals 1,462,381 1,890,264
2,886,889 3,274,765

ITEC Training Solutions Ltd (Registered number: 06345434)

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


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 485,990 415,538
Between one and five years 558,700 852,712
In more than five years - 2,685
1,044,690 1,270,935

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 30,300 38,000

Deferred
tax
£   
Balance at 1 August 2023 38,000
Utilised during year (7,700 )
Balance at 31 July 2024 30,300

The deferred tax liability relates to accelerated capital allowances.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30 Ordinary £1 30 30

14. RESERVES
Retained
earnings
£   

At 1 August 2023 3,004,968
Profit for the year 3,246,890
Dividends (3,267,000 )
At 31 July 2024 2,984,858

ITEC Training Solutions Ltd (Registered number: 06345434)

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


15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Amounts owed at the year end amounted to £40,100 (2023 - £35,503) and are included in creditors.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group. The ultimate parent company's address is ITEC House, Penarth Road, Cardiff, CF11 8TT.

17. ULTIMATE PARENT COMPANY

The ultimate controlling party is ITEC Employee Trustee Limited, a company incorporated in England and Wales, acting as corporate trustee of the ITEC Employee Ownership Trust.

The immediate parent company is Itec Training Solutions (Holdings) Limited, which prepares group financial statements. Copies can be obtained from ITEC House, Penarth Road, Cardiff CF11 8TT.

The shares of Itec Training Solutions (Holdings) Limited are held by ITEC Employee Trustee Limited.