REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
ACCESS FURTHER EDUCATION LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
BANKERS: |
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: |
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 |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(2,004,772 | ) | (1,432,823 | ) |
Other operating income |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
(1,317,681 | ) | (888,605 | ) |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
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 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
Leasehold property | - |
Instruments | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Total number of staff |
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 |
Profit on disposal of fixed assets | ( |
) |
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 |
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 | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses |
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 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 26 Hulme Street, Manchester, M1 5BW |
Nature of business: |
% |
Class of shares: | holding |
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 |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Deferred tax asset |
31.7.24 | 31.7.23 |
£ | £ |
Accelerated capital allowances | ( |
) | ( |
) |
Tax losses carried forward |
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 |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 10,536 | 16,122 |
Other creditors |
Accruals and deferred income |
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 |
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 |
Between one and five years |
In more than five years |
14. | DEFERRED TAX |
£ |
Balance at 1 August 2023 | ( |
) |
Provided during year | ( |
) |
Balance at 31 July 2024 | ( |
) |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
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. |