REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Access Training Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Access Training Limited |
Access Training Limited (Registered number: 02332842) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Access Training Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
17 Queens Lane |
Newcastle |
NE1 1RN |
BANKERS: |
243 High St. |
Gateshead |
Tyne and Wear |
NE8 1YU |
Access Training Limited (Registered number: 02332842) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Access Training Limited (Registered number: 02332842) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Access Training Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
On 4th October 2024, Sandco 1038 Ltd, the parent company of Access Training Ltd, was acquired by University of Sunderland. Access Training Ltd remains a wholly owned subsidiary of Sandco 1038 Ltd and continues to operate as a wholly owned subsidiary of University of Sunderland. |
The company's financial performance continues to improve with improved levels of turnover, profitability and improved cash flow. The growth in income is driven through an increase in the number of apprentices and a funding band increase in a number of the company's most popular programmes. Turnover is expected to increase by over 30% in 2024/2025. |
Cash flow has improved both due to the increase in profitability and a significant reduction in the debtor days of the UK Shared Prosperity Fund contract with Sunderland City Council than there was for its predecessor, a European Social Fund contract. |
The company's financial security and stability is further strengthened through its parent company, University of Sunderland. |
Turnover |
Turnover represents income from contracts recognised on an accruals basis when there is a right to consideration based on performance. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed assets |
Training aids | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Access Training Limited (Registered number: 02332842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | ACCOUNTING POLICIES - continued |
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Taxation |
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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 and other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. |
Current and deferred tax assets and liabilities are not discounted. |
Leasing |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Employee benefits |
Short term employee benefits, including contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Access Training Limited (Registered number: 02332842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Training | Plant and | and |
aids | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Taxation and social security |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Access Training Limited (Registered number: 02332842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | SECURED DEBTS |
The company is subject to a cross guarantee with a its parent company in respect of an inter company balance. At the balance sheet date the amount outstanding, to which this guarantee relates, amounted to £300,000 (2023 - £300,000). |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | POST BALANCE SHEET EVENTS |
Sandco 1038 Limited, the parent company of Access Training Ltd, was acquired by University of Sunderland on 4th October 2024. Access Training Ltd remains a wholly owned subsidiary of Sandco 1038 Ltd and continues to operate as a wholly owned subsidiary of University of Sunderland. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M A Armstrong, by virtue of his 100% shareholding in the parent company, Sandco 1038 Limited. The registered office of Sandco 1038 Limited is Gateshead Skills Academy, 8th Avenue, Kingsway South, Team Valley, Gateshead, NE11 0JL. |