Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30falsefalsefalse2023-10-014245false 01392643 2023-10-01 2024-09-30 01392643 2022-10-01 2023-09-30 01392643 2024-09-30 01392643 2023-09-30 01392643 2022-10-01 01392643 1 2023-10-01 2024-09-30 01392643 1 2022-10-01 2023-09-30 01392643 2 2023-10-01 2024-09-30 01392643 2 2022-10-01 2023-09-30 01392643 5 2023-10-01 2024-09-30 01392643 5 2022-10-01 2023-09-30 01392643 d:CompanySecretary1 2023-10-01 2024-09-30 01392643 d:Director1 2023-10-01 2024-09-30 01392643 d:Director2 2023-10-01 2024-09-30 01392643 d:Director3 2023-10-01 2024-09-30 01392643 d:Director4 2023-10-01 2024-09-30 01392643 d:RegisteredOffice 2023-10-01 2024-09-30 01392643 e:FurnitureFittings 2023-10-01 2024-09-30 01392643 e:FurnitureFittings 2024-09-30 01392643 e:FurnitureFittings 2023-09-30 01392643 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01392643 e:ComputerEquipment 2023-10-01 2024-09-30 01392643 e:ComputerEquipment 2024-09-30 01392643 e:ComputerEquipment 2023-09-30 01392643 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01392643 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01392643 e:CurrentFinancialInstruments 2024-09-30 01392643 e:CurrentFinancialInstruments 2023-09-30 01392643 e:Non-currentFinancialInstruments 2024-09-30 01392643 e:Non-currentFinancialInstruments 2023-09-30 01392643 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 01392643 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 01392643 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 01392643 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 01392643 f:UnitedKingdom 2023-10-01 2024-09-30 01392643 f:UnitedKingdom 2022-10-01 2023-09-30 01392643 f:RestEuropeOutsideUK 2023-10-01 2024-09-30 01392643 f:RestEuropeOutsideUK 2022-10-01 2023-09-30 01392643 f:RestWorldOutsideUK 2023-10-01 2024-09-30 01392643 f:RestWorldOutsideUK 2022-10-01 2023-09-30 01392643 e:ShareCapital 2024-09-30 01392643 e:ShareCapital 2023-09-30 01392643 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01392643 e:RetainedEarningsAccumulatedLosses 2024-09-30 01392643 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 01392643 e:RetainedEarningsAccumulatedLosses 2023-09-30 01392643 e:RetainedEarningsAccumulatedLosses 2022-10-01 01392643 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01392643 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 01392643 e:TaxLossesCarry-forwardsDeferredTax 2024-09-30 01392643 e:TaxLossesCarry-forwardsDeferredTax 2023-09-30 01392643 d:OrdinaryShareClass1 2023-10-01 2024-09-30 01392643 d:OrdinaryShareClass1 2024-09-30 01392643 d:OrdinaryShareClass1 2023-09-30 01392643 d:FRS102 2023-10-01 2024-09-30 01392643 d:Audited 2023-10-01 2024-09-30 01392643 d:FullAccounts 2023-10-01 2024-09-30 01392643 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01392643 e:WithinOneYear 2024-09-30 01392643 e:WithinOneYear 2023-09-30 01392643 g:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 01392643







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


LEARNING TREE INTERNATIONAL LIMITED






































img4b6f.png                        

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
COMPANY INFORMATION


Directors
D Brown 
B Kite 
J T Larsson 
M Nylund 




Company secretary
J T Larsson



Registered number
01392643



Registered office
Riverbridge House
Guildford Road

Leatherhead

England

KT22 9AD




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


LEARNING TREE INTERNATIONAL LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 23

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal activity and review of the business
 
Learning Tree International Limited (“Learning Tree”) is a leading provider of training and workforce development to information technology professionals and managers.  The company markets and delivers a broad, predominately proprietary library of intensive instructor-led courses covering a wide range of technical and management disciplines.
 
We also partner with other organisations to broaden the training that we offer to our customers.  We are a Microsoft approved training partner which allows us to deliver Microsoft approved courses and accept Microsoft training vouchers.  We are able to offer our customers courses that we do not have in our course library from approved Partner providers.  This enables us to offer courses in several different vendor technologies including Cisco, Adobe, IBM, Red Hat, VMware, Hewlett Packard and Amazon Web Services.
In addition to training, we offer a suite of Workforce Optimisation Solutions to support an IT organisation’s life cycle of workforce development needs. Our solutions help ensure that an organisation’s investment in training is relevant and leveraged to improving overall organisation performance. These solutions range from helping organisations define their job roles, to assessing the current skills of the staff, providing coaching and mentoring of staff, and serving as an outsourcer of an organisation’s learning and training requirements.
We coordinate, plan and deliver our courses at a variety of classroom venues, including customer sites, worldwide. We also offer courses through our proprietary live on-line learning platform, Learning Tree AnyWare™, which allows individuals located anywhere in the world to use an Internet browser to participate online in instructor-led classes being conducted live in our Education Centres or at customer locations.  
We have grown revenue against the prior year. The gross profit % achieved in 2024 has reduced by 3 percentage points versus that achieved in 2023, reflecting a more costly course mix of events delivered physically rather than remotely. Despite the drop in overall course profitability, the company has still achieved a healthy operating profit. One of our key strengths is a lack of large, fixed overheads such as long-term leases. This allows us to flex overhead costs more easily and protect operating profits.

Financial key performance indicators
 
The company’s key financial performance indicators during the year were as follows:
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Page 1

 


LEARNING TREE INTERNATIONAL LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
Fluctuations in operating results
The Company continues to trade profitably. The lack of long-term lease obligations on office space mean that the company has relatively low long term fixed overheads and so can respond rapidly to any significant downturn in business to protect profitability. In the light of this the Directors have no hesitation in preparing the accounts on a Going Concern basis.
Risks associated with technology changes
A lack of adequate response on our part to changes in information technology platforms, customer preferences or software technology could have a material adverse impact on our operating results. Changes in technology can affect our business in at least two principal ways. First, we must anticipate and keep pace with the introduction of new hardware, software and other information technologies and develop courses that effectively train customers in the technologies they use now and will use in the future. Second, we must adapt to changes in the technologies by which we can deliver training to our customers’ employees.
As a result of technology developments, we may have to make substantial and unanticipated investments to develop new course titles, buy new equipment, or invest in further course development software and processes to deliver our training solutions. 
Competitive risks
If our customers decide they prefer training offered by new or existing competitors, it could have a material adverse effect on our operating results.
The IT and management training markets are fragmented with low barriers to entry.  We face intense competition from both established entities and new entrants to the market.  Our primary competitors include independent training companies, in-house training departments within our current and potential customers, computer hardware and software vendors and their authorised training partners and software systems integrators.
Financial risk management objectives and policies
The company’s credit risk is primarily attributable to its trade debtors.  The reported balances are net of provisions for doubtful accounts where there is evidence of a collection risk. The exposure to credit risk is low because a significant proportion of training is paid for in advance and the outstanding debt is spread across a large number of customers.
The directors confirm that, in accordance with Schedule 7 of the Large & Medium Sized Companies and Groups (Accounts and Reports) regulations 2008 (SI 2008/410), they have considered and reviewed the provision included within Schedule 7(6(1)a), relating to the financial risk management and policies of the company.  As a result of the review, the directors have concluded that no further disclosures are necessary.
Future Developments
The Company will continue to deliver high quality IT and management training courses as well as developing new courses to cover fresh developments in each sector. Cybersecurity and AI are notable areas with growth potential.
The method of course delivery will continue to be a mix of hybrid, physical and remote to cater for all client needs in the new post Covid working environment.


This report was approved by the board and signed on its behalf.



J T Larsson
Director

Date: 16 April 2025
Page 2

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £346,224 (2023 - £596,760).
The directors did not pay an interim dividend (2023: £Nil).
The directors do not recommend a dividend (2023: £Nil).

Directors

The directors who served during the year were:

D Brown 
B Kite 
J T Larsson 
M Nylund 

Matters covered 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 within the Company's Strategic Report the Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 3

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J T Larsson
Director
Date: 16 April 2025
Riverbridge House
Guildford Road
Leatherhead
England
KT22 9AD
Page 4

 


LEARNING TREE INTERNATIONAL LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEARNING TREE INTERNATIONAL LIMITED

Opinion


We have audited the financial statements of Learning Tree International Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 


LEARNING TREE INTERNATIONAL LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEARNING TREE INTERNATIONAL LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 


LEARNING TREE INTERNATIONAL LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEARNING TREE INTERNATIONAL LIMITED (CONTINUED)

Auditor's 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 an Auditor's report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant including:
 
°The Companies Act 2006;
°Financial Reporting Standard 102;
°UK employment legislation;
°UK health and safety legislation;
°UK tax legislation; and
°General Data Protection Regulations.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related
financial statements items.
 
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures. We corroborated our inquiries through our
review of relevant documentation.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°The application of inappropriate judgments or estimation to manipulate the Company's financial position;
°Posting of unusual journals and complex transactions; and
°The use of management override of controls to manipulate results, or to cause the Company to enter into
transactions not in its best interest.
 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
Page 7

 


LEARNING TREE INTERNATIONAL LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEARNING TREE INTERNATIONAL LIMITED (CONTINUED)

to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


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 2006Our 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 an Auditor's report 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.





Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

16 April 2025
Page 8

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,226,640
11,920,898

Cost of sales
  
(7,481,357)
(6,488,337)

Gross profit
  
5,745,283
5,432,561

Administrative expenses
  
(5,358,465)
(5,204,408)

Operating profit
 5 
386,818
228,153

Interest receivable and similar income
 9 
72,951
49,642

Interest payable and similar expenses
 10 
(136)
(84)

Profit before tax
  
459,633
277,711

Tax on profit
 11 
(113,409)
319,049

Profit after tax
  
346,224
596,760

  

  

Retained earnings at the beginning of the year
  
1,233,695
636,935

  
1,233,695
636,935

Profit for the year
  
346,224
596,760

Retained earnings at the end of the year
  
1,579,919
1,233,695

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 


LEARNING TREE INTERNATIONAL LIMITED
REGISTERED NUMBER:01392643



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
69,278
95,451

  
69,278
95,451

Current assets
  

Debtors: amounts falling due after more than one year
 13 
191,600
298,994

Debtors: amounts falling due within one year
 13 
2,934,536
2,715,538

Cash at bank and in hand
  
2,621,647
2,016,028

  
5,747,783
5,030,560

Creditors: amounts falling due within one year
 14 
(3,936,142)
(3,591,316)

Net current assets
  
 
 
1,811,641
 
 
1,439,244

Total assets less current liabilities
  
1,880,919
1,534,695

  

Net assets
  
1,880,919
1,534,695


Capital and reserves
  

Called up share capital 
 16 
301,000
301,000

Profit and loss account
 17 
1,579,919
1,233,695

  
1,880,919
1,534,695


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J T Larsson
Director

Date: 16 April 2025

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 


LEARNING TREE INTERNATIONAL LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
346,224
596,760

Adjustments for:

Depreciation of tangible assets
35,041
20,067

Loss on disposal of tangible assets
2,869
3,058

Interest paid
136
84

Interest received
(72,951)
(49,642)

Taxation charge
113,409
(319,049)

(Increase)/decrease in debtors
(272,499)
64,738

Decrease in amounts owed by groups
47,482
129,023

Increase/(decrease) in creditors
302,020
(24,957)

Increase in amounts owed to groups
42,806
119,011

Net cash generated from operating activities

544,537
539,093


Cash flows from investing activities

Purchase of tangible fixed assets
(11,733)
(66,895)

Interest received
72,951
49,642

Net cash from investing activities

61,218
(17,253)

Cash flows from financing activities

Interest paid
(136)
(84)

Net cash used in financing activities
(136)
(84)

Net increase in cash and cash equivalents
605,619
521,756

Cash and cash equivalents at beginning of year
2,016,028
1,494,272

Cash and cash equivalents at the end of year
2,621,647
2,016,028


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,621,647
2,016,028

2,621,647
2,016,028


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 


LEARNING TREE INTERNATIONAL LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

2,016,028

605,619

2,621,647


2,016,028
605,619
2,621,647

The notes on pages 13 to 23 form part of these financial statements.
Page 12

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Learning Tree International Limited is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is disclosed on the Company Information page. This is the same as the Company's principal place of business.
The significant accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied across all periods unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue represents sales of courses and is recognised on the first day of each course. Where turnover is generated from the sale of training programmes valid for a limited number of courses, revenue is deferred until the courses take place. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 13

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line
Computer equipment
-
20-33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with Generally Accepted Accounting Practice (GAAP) requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period.
Critical judgements and estimates
There were no judgements or estimates required to be made that could have had a material impact on the accounts.

Page 15

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of courses and training services
13,226,640
11,920,898

13,226,640
11,920,898


2024
2023
£
£

United Kingdom
10,398,426
10,163,541

Rest of Europe
1,125,702
745,504

Rest of the world
1,702,512
1,011,853

13,226,640
11,920,898



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
35,041
20,067

Exchange differences
21,551
35,435

Operating lease rentals
185,705
174,203

Loss on sale of assets
2,867
3,057


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
25,750
22,400

Fees payable to the Company's auditor in respect of:

Accounts preparation
2,250
935

Taxation compliance services
2,915
2,750

Page 16

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,781,131
2,664,963

Social security costs
340,192
314,128

Cost of defined contribution scheme
127,402
115,963

3,248,725
3,095,054


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and marketing
21
14



Operations
2
12



Administration
15
15



Directors
4
4

42
45


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
331,558
342,256

Company contributions to defined contribution pension schemes
21,777
19,059

353,335
361,315


During the year retirement benefits were accruing to one director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £218,081 (2023 - £204,987).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £21,777 (2023 - £19,059).

Page 17

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
72,951
49,642

72,951
49,642


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
136
84

136
84


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
115,699
(319,049)

Adjustments to prior periods
(2,290)
-

Total deferred tax
113,409
(319,049)


Taxation on profit/(loss) on ordinary activities
113,409
(319,049)
Page 18

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)



The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
459,633
277,711


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
114,908
61,119

Effects of:


Fixed asset differences
-
(112)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
791
1,063

Adjustments to tax charge in respect of prior periods
-
(442)

Adjustments to tax charge in respect of prior periods - deferred tax
(2,290)
-

Remeasurement of deferred tax for changes in tax rates
-
8,438

Movement in deferred tax not recognised
-
(391,847)

Other
-
2,732

Total tax charge for the year
113,409
(319,049)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
36,170
474,528
510,698


Additions
-
11,733
11,733


Disposals
(29,954)
(27,473)
(57,427)



At 30 September 2024

6,216
458,788
465,004



Depreciation


At 1 October 2023
35,963
379,284
415,247


Charge for the year
207
34,834
35,041


Disposals
(29,954)
(24,608)
(54,562)



At 30 September 2024

6,216
389,510
395,726



Net book value



At 30 September 2024
-
69,278
69,278



At 30 September 2023
207
95,244
95,451
Page 20

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
191,600
298,994

191,600
298,994


2024
2023
£
£

Due within one year

Trade debtors
2,244,874
1,970,337

Amounts owed by group undertakings
-
47,482

Other debtors
110,000
110,000

Prepayments and accrued income
460,846
462,884

Deferred taxation
118,816
124,835

2,934,536
2,715,538



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
326,581
420,060

Amounts owed to group undertakings
175,398
132,592

Other taxation and social security
265,533
179,695

Other creditors
306,925
328,832

Accruals and deferred income
2,861,705
2,530,137

3,936,142
3,591,316


Page 21

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Deferred taxation




2024


£






At beginning of year
423,829


Charged to profit or loss
(113,413)



At end of year
310,416

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
64,439
71,619

Losses and other deductions
245,977
352,210

310,416
423,829


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



301,000 (2023 - 301,000) Ordinary shares of £1.00 each
301,000
301,000

Each ordinary share carries one voting right. The shareholders can authorise dividends up to the value of retained earnings.



17.


Reserves

Profit and loss account

The profit and loss account reserve records retained earnings and accumulated losses.

Page 22

 


LEARNING TREE INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
34,280
82,500

34,280
82,500


19.


Related party transactions

The Company has taken advantage of the exemption available within FRS 102 Section 33.1A, from disclosing transactions entered into with entities which are wholly owned members of the same group.


20.


Controlling party

The Company's immediate parent undertaking is Learning Tree International, Inc., which is incorporated in the United States of America. 
Learning Tree International Inc. is owned by The Kevin Ross Gruneich Legacy Trust, the Company's ultimate controlling party.
 
Page 23