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REGISTERED NUMBER: 02749258 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

ACCESS FURTHER EDUCATION LIMITED

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 10

Statement of Income and Retained Earnings 11

Statement of Financial Position 12

Notes to the Financial Statements 13 to 21


ACCESS FURTHER EDUCATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: J W Beaumont
M Davies


REGISTERED OFFICE: Heath Mill Studios
68 Heath Mill Lane
Digbeth
Birmingham
West Midlands
B9 4AR


BUSINESS ADDRESS: 26 Hulme Street
Manchester
M1 5BW


REGISTERED NUMBER: 02749258 (England and Wales)


SENIOR STATUTORY AUDITOR: Michelle Coates


AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR


BANKERS: Royal Bank of Scotland plc
38 Mosley Street
Manchester
M60 2BE

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

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
The company's principal activities during the year continued to be state funded educational and vocational training provision, mainly in the subject areas of music, digital and sport related industries.

Learner numbers increased by 2% in the year with the strongest growth related to the Access Sport sites including the introduction of new sites. The company remains the largest independent training provider (ITP) in England that holds an ESFA contract.

The company operated for the full year from its August 2023 London MET Building in East Aldgate alongside consolidating its sports sites. The focused activities and spend within the year was on the equipment and technological provision, this will support additional learner capacity and an enhanced learner experience to facilitate future learner growth. The London campus is still expected to be the last significant investment in additional capacity in the short to medium term and the main strategic focus for the business will now be incremental improvement of provision and on filling existing capacity.

The last full Ofsted inspection remains the inspection conducted in March 2022 with a rating of Good which was consistent with the previous inspection in May 2016.

The key financial and other performance indicators during the year were as follows:

31.07.2024 31.07.2023 Change
£ £ %

Turnover 26,530,206 24,871,001 7
Operating loss (1,993,772 ) (1,421,823 ) 40
Loss before tax (1,319,678 ) (889,052 ) 48
Equity shareholders' funds 7,310,804 8,436,043 (13 )

Total learner numbers 4,491 4,396 2


Turnover increased by 7% due to the growth in learner numbers combined with increased Further Education core funding per learner from the ESFA.

Loss before tax increased by 48% as a result of costs increasing by a larger amount compared to turnover. The additional costs primarily relate to a full operational year of the new London site and costs to further establish and promote the new site which will support higher learner capacity in the future. Other factors outside of inflationary pressures, included additional marketing and senior resources to support future growth.

Shareholders' funds decreased by (13%) due to the retained earnings in the year.

The core ESFA contracts are Government led and therefore open to change between parliamentary terms. The business has regular contact with the Department of Education to ensure the business has a good amount of lead time relating to any proposed changes and the ability to help shape strategy where support and input is requested by the ESFA. The ESFA have confirmed an increase of c.2% in the base funding per learner for academic year 2024-25.


ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive Risks

The availability of funding from the ESFA is by specific contract with high barriers to entry. As the largest ITP in England, we are well placed to maintain our market share in core music provision courses while also expanding into growing curriculum areas of Digital, Games Design and Sports. The company also intends to enhance our qualifications offering by changing awarding body for certain FE courses in FY25/26. The change is expected to have a positive impact on the quality of learning and courses provided to the students, with potential financial benefits as a result. Planning has already commenced within the business to ensure a smooth transition between qualifications.

Legislative Risks

The core ESFA contracts are Government led and therefore open to change between parliamentary terms. The business has regular contact with the Department of Education to ensure the business has a good amount of lead time relating to any proposed changes and the ability to help shape strategy where support and input is requested by the ESFA.

Going Concern Risks

The company remains a going concern due to the cash management strategy, strategic forward planning and ability to raise funds from existing shareholders in the future to satisfy the year on year growth in student numbers.

Exposure to price, credit, liquidity and cash flow risk

The national funding formula for 16-18 year olds can be reviewed annually with rate changes and cash receipt dates open to review. These are still set annually in advance for the year so impacts can be planned well in advance and risks mitigated.

ON BEHALF OF THE BOARD:





J W Beaumont - Director


14 April 2025

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

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.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £nil (2023: £nil).

RESEARCH AND DEVELOPMENT
Research and development expenditure is written off in the year in which it is incurred.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
J W Beaumont has 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:

P D Smith - resigned 10 June 2024
M Davies - appointed 1 July 2024

EMPLOYMENT OF DISABLED PERSONS
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions, and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT
The company recognises the significant contribution to the business of the commitment and quality of our employees. The company's policy is to consult and discuss the employee matters likely to affect their interests. This is generally achieved through briefing local centre managers.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes the likely future developments of the business.

The strategic report can be found on page 2-3 of these financial statements.

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.


ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

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.

AUDITORS
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J W Beaumont - Director


14 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCESS FURTHER EDUCATION LIMITED


Opinion
We have audited the financial statements of Access Further Education Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 loss 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCESS FURTHER EDUCATION LIMITED


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 pages four and five, 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
ACCESS FURTHER EDUCATION 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance including the design of the company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified the outcome of professional body audits as a key audit matter related to the potential risk of fraud or irregularities. The company is regulated by Ofsted and is also audited by the ESFA. Health and Safety regulations must also be adhered to in all colleges.

Our procedures to respond to risks identified included the following:
- reviewing any audits completed by professional bodies in the year and the outcomes of these to ensure the company has met the relevant obligations.
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCESS FURTHER EDUCATION LIMITED

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCESS FURTHER EDUCATION 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.




Michelle Coates (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

16 April 2025

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.23
Notes £    £   

TURNOVER 26,530,206 24,871,001

Cost of sales (19,913,905 ) (19,128,549 )
GROSS PROFIT 6,616,301 5,742,452

Administrative expenses (8,621,073 ) (7,175,275 )
(2,004,772 ) (1,432,823 )

Other operating income 11,000 11,000
OPERATING LOSS 4 (1,993,772 ) (1,421,823 )

Interest receivable and similar income 676,091 533,218
(1,317,681 ) (888,605 )

Interest payable and similar expenses 6 (1,997 ) (447 )
LOSS BEFORE TAXATION (1,319,678 ) (889,052 )

Tax on loss 7 194,437 441,148
LOSS FOR THE FINANCIAL YEAR (1,125,241 ) (447,904 )

Retained earnings at beginning of year 8,436,043 8,883,947

RETAINED EARNINGS AT END OF
YEAR

7,310,802

8,436,043

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 8,580,407 8,093,899
Investments 9 2 2
8,580,409 8,093,901

CURRENT ASSETS
Debtors 10 10,119,820 11,530,671
Cash at bank and in hand 1,122,770 248,688
11,242,590 11,779,359
CREDITORS
Amounts falling due within one year 11 (12,347,195 ) (11,261,218 )
NET CURRENT (LIABILITIES)/ASSETS (1,104,605 ) 518,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,475,804

8,612,042

CREDITORS
Amounts falling due after more than one
year

12

(165,000

)

(175,997

)
NET ASSETS 7,310,804 8,436,045

CAPITAL AND RESERVES
Called up share capital 15 2 2
Retained earnings 16 7,310,802 8,436,043
SHAREHOLDERS' FUNDS 7,310,804 8,436,045

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





J W Beaumont - Director


ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Access Further Education Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is to provide a range of state funded education and vocational training, mainly in the subject areas of music and related creative industries.

2. 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.

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

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Project Alpha Topco Limited which can be obtained from 6 Warwick Street, London, United Kingdom, W1B 5LX. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
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. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

GOING CONCERN
The company has made an operating loss in the amount of £1,993,772 in the financial year to 31 July 2024. Following the end of the reporting period the company has made profits after interest in the period to 28 February 2025.

The business has invested in improving and adding capacity to its centres. This investment is expected to deliver growth in learner numbers which will improve the profitability of the business going forward.

The company has the continued support of its bankers, other lenders and creditors and has managed its cash flow position effectively. The directors are confident that the actions and activities already initiated alongside the company's cash management strategy are sufficient for the company to continue to trade for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Turnover represents income receivable for services provided in the period, exclusive of Value Added Tax and trade discounts. Turnover is recognised in the academic year to which it relates.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - straight line over the life of the lease
Instruments - 20% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

RESEARCH AND DEVELOPMENT
Research expenditure is written off in the period in which it is incurred.

DEFINED CONTRIBUTION PLANS
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 10,955,156 10,636,556
Social security costs 1,013,493 920,161
Other pension costs 357,362 313,818
12,326,011 11,870,535

The average number of employees during the year was as follows:
31.7.24 31.7.23

Total number of staff 401 395

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. EMPLOYEES AND DIRECTORS - continued

The directors' aggregate remuneration in respect of qualifying services was:

31.7.24 31.7.23
£ £
Directors' remuneration 297,132 334,431
Company contributions to defined contribution pension plans 42,820 45,142
339,952 379,573

The number of directors who accrued benefits under company pension plans was as follows:

31.7.24 31.7.23

Defined contribution plans 3 3

4. OPERATING LOSS

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

31.7.24 31.7.23
£    £   
Depreciation - owned assets 1,679,378 1,539,405
Profit on disposal of fixed assets - (14,696 )

5. AUDITORS' REMUNERATION
31.7.24 31.7.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

43,815

36,736

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Other interest payable and
similar charges 1,997 447
1,997 447

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
Overprovision of corporation
tax in prior periods - (33,432 )

Deferred tax (194,437 ) (407,716 )
Tax on loss (194,437 ) (441,148 )

RECONCILIATION OF TOTAL TAX CREDIT 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:

31.7.24 31.7.23
£    £   
Loss before tax (1,319,678 ) (889,052 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

(329,920

)

(222,263

)

Effects of:
Expenses not deductible for tax purposes 103 100
Depreciation in excess of capital allowances 135,380 109,659
Utilisation of tax losses - 133,305
Over/ under provision in the prior year - (33,432 )
Unrelieved tax losses carried forward - (428,517 )
changes in tax rates
Total tax credit (194,437 ) (441,148 )

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor
property Instruments fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 11,850,506 382,335 4,411,698 35,553 16,680,092
Additions 1,569,227 - 596,659 - 2,165,886
At 31 July 2024 13,419,733 382,335 5,008,357 35,553 18,845,978
DEPRECIATION
At 1 August 2023 4,459,413 382,335 3,708,892 35,553 8,586,193
Charge for year 1,116,162 - 563,216 - 1,679,378
At 31 July 2024 5,575,575 382,335 4,272,108 35,553 10,265,571
NET BOOK VALUE
At 31 July 2024 7,844,158 - 736,249 - 8,580,407
At 31 July 2023 7,391,093 - 702,806 - 8,093,899

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 2
NET BOOK VALUE
At 31 July 2024 2
At 31 July 2023 2

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Live Atom Limited
Registered office: 26 Hulme Street, Manchester, M1 5BW
Nature of business: The company was dormant during the year
%
Class of shares: holding
Ordinary 100.00

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 154,831 443,098
Amounts owed by group undertakings 2,404,518 2,817,861
Other debtors 79,043 107,454
Deferred tax asset 207,695 13,258
Prepayments and accrued income 1,553,323 1,573,848
4,399,410 4,955,519

Amounts falling due after more than one year:
Amounts owed by group undertakings 5,720,410 6,575,152

Aggregate amounts 10,119,820 11,530,671

Deferred tax asset
31.7.24 31.7.23
£    £   
Accelerated capital allowances (686,508 ) (689,891 )
Tax losses carried forward 894,203 703,149
207,695 13,258

Amounts owed by group undertakings within one year are unsecured, interest free and are repayable on demand.

The company charges 5% plus base rate per annum on the amounts due from group undertakings after more than one year. The loan is unsecured.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 1,501,306 1,414,521
Amounts owed to group undertakings 5,822,253 6,027,248
Social security and other taxes 233,005 414,838
VAT 10,536 16,122
Other creditors 209,199 308,983
Accruals and deferred income 4,570,896 3,079,506
12,347,195 11,261,218

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

There is a charge in favour of Santander UK PLC as Security Trustee dated 28 June 2022 giving a fixed and floating charge over all the assets of the company.

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Accruals and deferred income 165,000 175,997

Deferred income relates to a government grant that is being recognised over 30 years.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.24 31.7.23
£    £   
Within one year 1,399,850 1,266,246
Between one and five years 6,704,868 8,216,147
In more than five years 22,623,764 10,457,108
30,728,482 19,939,501

14. DEFERRED TAX
£   
Balance at 1 August 2023 (13,258 )
Provided during year (194,437 )
Balance at 31 July 2024 (207,695 )

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
2 Ordinary £1 2 2

16. RESERVES

Retained earnings - This reserve records retained earnings and accumulated losses.

17. RELATED PARTY DISCLOSURES

Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS102.

18. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events up to the date of approval of the financial statements by the Board.

ACCESS FURTHER EDUCATION LIMITED (REGISTERED NUMBER: 02749258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


19. ULTIMATE CONTROLLING PARTY

The parent company is Project Alpha TopCo Limited a company registered in England. Project Alpha Topco Limited is the only group company that prepares consolidated financial statements, including the accounts of the company. A copy of the financial statements can be obtained from the 6 Warwick Street, London, W1B 5LX.

The ultimate controlling entity of the company is Apiary Capital LLP, a limited liability partnership incorporated in England. The ultimate controlling party is Mr M Salter by virtue of his controlling interest in Apiary Capital LLP.