| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS (REGISTERED NUMBER: 14665082) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditors and Chartered Accountants |
| Rutland House |
| 90-92 Baxter Avenue |
| Southend on Sea |
| Essex |
| SS2 6HZ |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS (REGISTERED NUMBER: 14665082) |
| ABRIDGED BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
| NET (LIABILITIES)/ASSETS | ( |
) |
| RESERVES |
| Income and expenditure account | 6 | ( |
) | 10,486 |
| ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS (REGISTERED NUMBER: 14665082) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| South Essex Advanced Technical Skills is a |
| The business address differs to the registered office address. The business address is located in Basildon, Essex. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company was incorporated on the 15 February 2023 and commenced trading on the 16 February 2023, and hence the financial statements for the prior year are drawn up for a period of less than 7 months. As the current year reports a full year, for this reason, the figures are not entirely comparable. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS (REGISTERED NUMBER: 14665082) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Grants |
| Grant income is based on the performance model where the grant is recognised in income only when the performance related conditions are satisfied. The directors have assessed the substantial grants the company is entitled to for the first few years of its life, and the various performance obligations arising thereunder. Although the grants themselves do not explicitly stipulate the value attaching to each obligation, the directors have taken an informed view of how the total grant income should be apportioned across the various milestones, and then when the company substantially met each milestone at which point the grant income is recognised. |
| Any income received in advance of that is deferred (including long-term, where the milestone is unable to be met for at least 12 months after the balance sheet date). |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements - Lever Bros and Co |
- |
3,500 |
| Fees payable to the company's auditors for the audit of the company's financial statements - Goldwyns Limited |
7,500 |
- |
| Total fees payable to company's auditors for audit work | 7,500 | 3,500 |
| Auditors' remuneration for non audit work - Lever Bros and Co | 3,685 | 300 |
| Auditors' remuneration for non audit work - Goldwyns Limited | 300 | - |
| Total fees payable to company's auditors for non audit work | 3,985 | 300 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| SOUTH ESSEX ADVANCED TECHNICAL SKILLS (REGISTERED NUMBER: 14665082) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 6. | RESERVES |
| Income |
| and |
| expenditure |
| account |
| £ |
| At 1 September 2023 | ( |
) |
| Prior year adjustment |
| Deficit for the year | ( |
) |
| At 31 August 2024 | ( |
) |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charges representing contributions payable by the company to the funds amounted to £1,932 (2023 - £nil). At the balance sheet date the company owed £450 (2023 - £nil) of contributions. |
| 9. | LIMITED BY GUARANTEE |
| The company is a private company limited by guarantee. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. At the 31 August 2024, the number of members was 3. |
| 10. | GOING CONCERN |
| Although the balance sheet reports a net deficit of £58,627 (at 31 August 2024), this is primarily caused by £278,000 of grant income which has been received from Thames Freeport Limited but which does not yet meet the income recognition criteria (and has been deferred accordingly). The company has already expended substantial effort and expense toward its obligations under those grants though, which it therefore expects to complete in the subsequent periods. The directors have also reviewed whether it holds sufficient current and anticipated cash reserves to meet its commitments as they fall due, which they consider it does. |
| Consequently, the company remains a going concern, and the accounts are prepared on that basis. |
| 11. | OTHER INCOME |
| During the year, the company was in receipt of Government grants. Within other operating income is £96,000 (2023 - £36,000) in respect of these grants. |