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Registration number: 10738093

LTC Training Services Ltd

Filleted Financial Statements

for the Year Ended 31 August 2024

 

LTC Training Services Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

LTC Training Services Ltd

(Registration number: 10738093)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

76,079

89,505

Current assets

 

Debtors

5

1,019,767

985,616

Cash at bank and in hand

 

123,487

112,009

 

1,143,254

1,097,625

Creditors: Amounts falling due within one year

6

(451,166)

(454,329)

Net current assets

 

692,088

643,296

Total assets less current liabilities

 

768,167

732,801

Creditors: Amounts falling due after more than one year

6

(21,704)

(37,025)

Provisions for liabilities

(19,020)

(22,376)

Net assets

 

727,443

673,400

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

717,443

663,400

Shareholders' funds

 

727,443

673,400


These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 February 2025
 


Mr N K Gray
Director

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
Wixenford Depot
Colesdown Hill
PLYMOUTH
Devon
PL9 8AA

Principal activity

The principal activity of the company is the provision of training services.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 10 April 2025 was Adam Croney ACA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 - 15% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 12).

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

113,378

113,378

At 31 August 2024

113,378

113,378

Depreciation

At 1 September 2023

23,873

23,873

Charge for the year

13,426

13,426

At 31 August 2024

37,299

37,299

Carrying amount

At 31 August 2024

76,079

76,079

At 31 August 2023

89,505

89,505

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

197,760

165,850

Amounts owed by group undertakings

812,193

812,225

Other debtors

 

50

300

Prepayments

 

9,764

7,241

 

1,019,767

985,616

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

15,321

15,321

Trade creditors

 

30,845

23,723

Amounts owed to group undertakings

6,521

16,691

Taxation and social security

 

125,247

141,755

Accruals and deferred income

 

235,728

226,014

Other creditors

 

37,504

30,825

 

451,166

454,329

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

21,704

37,025

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

LTC Training Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

21,704

37,025

Current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

15,321

15,321

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

7,000

-

Later than one year and not later than five years

-

19,000

7,000

19,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £12,000 (2023 - £12,000).