ITEC Training Solutions |
(Holdings) Limited |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31 July 2024 |
ITEC Training Solutions |
(Holdings) Limited |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31 July 2024 |
ITEC Training Solutions |
(Holdings) Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Andrew Miller FCA |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Group Strategic Report |
for the Year Ended 31 July 2024 |
The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
ITEC Training Solutions (Holdings) Limited |
The company's only transactions relates to dividends up from its subsidiaries and any appropriate onward payments. |
ITEC Training Solutions Ltd |
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. |
Centre For Strategy & Communication Limited |
The company was dormant for the year after the trade was transferred to ITEC Training Solutions Ltd during the July 2023 year end. |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Group Strategic Report |
for the Year Ended 31 July 2024 |
PRINCIPAL RISKS, UNCERTAINTIES & FUTURE DEVELOPMENTS |
ITEC Training Solutions (Holdings) Limited |
The company was effectively dormant during the year and therefore the only possible risks and uncertainties will relate to its subsidiary companies as detailed below. |
ITEC Training Solutions Ltd |
Generally |
The company consolidated its contracts during the year to limit any risk. |
THIS REPORT WAS APPROVED BY THE BOARD: |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Report of the Directors |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a dormant holding company. The principal activities of the subsidiary companies are disclosed in note 12. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 July 2024 was £nil (2023 - £nil). |
From 25 January 2019 gifts were distributed to the new Employee Ownership Trust. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
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 group'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 group's auditors are aware of that information. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Report of the Independent Auditors to the Members of |
ITEC Training Solutions |
(Holdings) Limited |
Opinion |
We have audited the financial statements of ITEC Training Solutions (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Profit & Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 July 2024 and of the group's 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 group 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 group's and the parent 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 |
(Holdings) Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 four, 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 group's and the parent 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 group or the parent 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 |
(Holdings) Limited |
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 |
(Holdings) Limited |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Consolidated 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 | (5,405,961 | ) | (4,780,108 | ) |
OPERATING PROFIT | 4 | 4,253,163 | 3,358,355 |
Interest receivable & similar income | 80,180 | 24,828 |
4,333,343 | 3,383,183 |
Interest payable and similar expenses |
5 |
- |
(2,206 |
) |
PROFIT BEFORE TAXATION | 4,333,343 | 3,380,977 |
Tax on profit | 6 | (1,087,330 | ) | (711,689 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,246,013 |
2,669,288 |
Profit attributable to: |
Owners of the parent | 3,246,013 | 2,669,288 |
Total comprehensive income attributable to: |
Owners of the parent | 3,246,013 | 2,669,288 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Consolidated Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 172,321 | 218,012 |
Investments | 12 | - | - |
172,321 | 218,012 |
CURRENT ASSETS |
Debtors | 13 | 2,145,543 | 2,672,571 |
Cash at bank and in hand | 1,926,210 | 1,769,209 |
4,071,753 | 4,441,780 |
CREDITORS |
Amounts falling due within one year | 14 | 2,573,086 | 2,960,117 |
NET CURRENT ASSETS | 1,498,667 | 1,481,663 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,670,988 |
1,699,675 |
PROVISIONS FOR LIABILITIES | 16 | 30,300 | 38,000 |
NET ASSETS | 1,640,688 | 1,661,675 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 23 | 23 |
Merger reserve | 18 | 189,718 | 189,718 |
Retained earnings | 18 | 1,450,947 | 1,471,934 |
SHAREHOLDERS' FUNDS | 1,640,688 | 1,661,675 |
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 |
(Holdings) Limited (Registered number: 07600962) |
Company Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
3,267,000 |
3,000,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 | 23 | 1,802,646 | 189,718 | 1,992,387 |
Changes in equity |
Dividends/Gifts to Employee |
Ownership Trust | - | (3,000,000 | ) | - | (3,000,000 | ) |
Total comprehensive income | - | 2,669,288 | - | 2,669,288 |
Balance at 31 July 2023 | 23 | 1,471,934 | 189,718 | 1,661,675 |
Changes in equity |
Dividends/Gifts to Employee |
Ownership Trust | - | (3,267,000 | ) | - | (3,267,000 | ) |
Total comprehensive income | - | 3,246,013 | - | 3,246,013 |
Balance at 31 July 2024 | 23 | 1,450,947 | 189,718 | 1,640,688 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Company 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 |
Changes in equity |
Dividends/Gifts to Employee |
Ownership Trust | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends/Gifts to Employee |
Ownership Trust | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,146,396 | 4,092,565 |
Interest paid | - | (2,206 | ) |
Tax paid | (728,151 | ) | (914,633 | ) |
Net cash from operating activities | 3,418,245 | 3,175,726 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (74,424 | ) | (67,513 | ) |
Sale of tangible fixed assets | - | 833 |
Interest received | 80,180 | 24,828 |
Net cash from investing activities | 5,756 | (41,852 | ) |
Cash flows from financing activities |
Gifts to Employee Ownership | (3,267,000 | ) | (3,000,000 | ) |
Net cash from financing activities | (3,267,000 | ) | (3,000,000 | ) |
Increase in cash and cash equivalents | 157,001 | 133,874 |
Cash and cash equivalents at beginning of year |
2 |
1,769,209 |
1,635,335 |
Cash and cash equivalents at end of year |
2 |
1,926,210 |
1,769,209 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 4,333,343 | 3,380,977 |
Depreciation charges | 120,115 | 129,951 |
Profit on disposal of fixed assets | - | (833 | ) |
Finance costs | - | 2,206 |
Finance income | (80,180 | ) | (24,828 | ) |
4,373,278 | 3,487,473 |
Decrease/(increase) in trade and other debtors | 527,028 | (726,028 | ) |
(Decrease)/increase in trade and other creditors | (753,910 | ) | 1,331,120 |
Cash generated from operations | 4,146,396 | 4,092,565 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31/7/24 | 1/8/23 |
£ | £ |
Cash and cash equivalents | 1,926,210 | 1,769,209 |
Year ended 31 July 2023 |
31/7/23 | 1/8/22 |
£ | £ |
Cash and cash equivalents | 1,769,209 | 1,635,335 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/8/23 | Cash flow | At 31/7/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,769,209 | 157,001 | 1,926,210 |
1,769,209 | 157,001 | 1,926,210 |
Total | 1,769,209 | 157,001 | 1,926,210 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced value of services, less related value added tax where appropriate, in relation to the provision of training courses. |
Goodwill |
Goodwill is being assessed annually and written off as appropriate in accordance with FRS 10 - Accounting for Intangible Fixed Assets. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Office equipment, furniture & fixtures & fittings |
- |
Motor vehicles | - |
Computer software & hardware | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit & 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 |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,783,602 | 5,631,868 |
Social security costs | 658,691 | 555,130 |
Other pension costs | 242,778 | 190,986 |
7,685,071 | 6,377,984 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Training & administration |
3. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 533,606 | 533,910 |
Directors' pension contributions to money purchase schemes | 27,664 | 26,600 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 5 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 164,730 | 171,534 |
Pension contributions to money purchase schemes | 11,400 | 11,250 |
Key management personnel |
The directors are considered to be the key management of the group. Total costs in relation to the directors of all group companies during the year was £809,700 (2023 - £821,283). |
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' remuneration for non audit work | 28,617 | 13,397 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest | - | 2,206 |
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 | 1,095,030 | 726,289 |
Deferred tax | (7,700 | ) | (14,600 | ) |
Tax on profit | 1,087,330 | 711,689 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | TAXATION - continued |
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 | 4,333,343 | 3,380,977 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.005 %) |
1,083,336 |
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 | 1,625 | 7,591 |
Deferred tax | (7,700 | ) | (14,600 | ) |
Total tax charge | 1,087,330 | 711,689 |
7. | INDIVIDUAL PROFIT & LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS/GIFTS TO EMPLOYEE |
OWNERSHIP TRUST |
2024 | 2023 |
£ | £ |
Ordinary 1p shares of £0.01 each |
Gifts to Employee |
Ownership Trust | 3,267,000 | 3,000,000 |
3,267,000 | 3,000,000 |
9. | GIFT TO THE EMPLOYEE OWNERSHIP TRUST |
On 24 January 2019 the shares of Itec Training Solutions (Holdings) Limited were acquired by the Itec Employee Trustee Limited ('on behalf of the Trust') in order to establish an employee ownership structure. |
During the year gifts of £3,267,000 were made to the Trust by ITEC Training Solutions (Holdings) Limited (2023 : £3,000,000). The funds are treated as a gift from equity. Further cash gifts are available up to a total of £4,181,437 (2023 : £6,174,568). |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 | 3,026,895 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 | 3,026,895 |
NET BOOK VALUE |
At 31 July 2024 | - |
At 31 July 2023 | - |
Goodwill in relation to Itec Training Solutions Limited is being written off over 88 months in line with anticipated future contract periods. At the 31 July 2019 year end the goodwill had been fully written off. |
Goodwill in relation to the Centre for Strategy and Communication Limited is being written off over 50 months also in line with anticipated future contract periods. At the 31 July 2019 year end the goodwill had been fully written off. |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Office |
equipment, |
Improvements | furniture | 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 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
During the previous year, the trade and assets of the Centre For Strategy & Communication Limited (CSC) were transferred to ITEC Training Solutions Limited. The investment in CSC has been impaired down to its recoverable value. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 1,885,262 | 2,385,611 |
Other debtors | 38,918 | 10,971 |
Prepayments | 221,363 | 275,989 |
2,145,543 | 2,672,571 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 512,813 | 786,021 |
Amounts owed to group undertakings | - | - |
Corporation tax | 380,739 | 13,860 |
Social security and other taxes | 217,153 | 269,972 |
Other creditors, accruals |
& deferred income | 1,462,381 | 1,890,264 |
2,573,086 | 2,960,117 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
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 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 30,300 | 38,000 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 38,000 |
Credit to Profit & Loss Account during year | (7,700 | ) |
Balance at 31 July 2024 | 30,300 |
ITEC Training Solutions |
(Holdings) Limited (Registered number: 07600962) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
The provision for deferred taxation relates to accelerated capital allowances. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary 1p | £0.01 | 23 | 23 |
18. | RESERVES |
Group |
Retained | Merger |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 1,471,934 | 189,718 | 1,661,652 |
Profit for the year | 3,246,013 | - | 3,246,013 |
Dividends/Gifts to Employee |
Ownership Trust | (3,267,000 | ) | - | (3,267,000 | ) |
At 31 July 2024 | 1,450,947 | 189,718 | 1,640,665 |
Company |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends/Gifts to Employee |
Ownership Trust | ( |
) |
At 31 July 2024 |