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Registration number: 03638838

South West Peninsular Training Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

South West Peninsular Training Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

South West Peninsular Training Limited

(Registration number: 03638838)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

45,812

62,591

Current assets

 

Stocks

6

5,644

13,108

Debtors

7

61,589

95,055

Cash at bank and in hand

 

65,065

86,375

 

132,298

194,538

Creditors: Amounts falling due within one year

8

(141,910)

(229,695)

Net current liabilities

 

(9,612)

(35,157)

Total assets less current liabilities

 

36,200

27,434

Creditors: Amounts falling due after more than one year

8

(8,776)

(19,073)

Provisions for liabilities

(3,488)

(5,640)

Net assets

 

23,936

2,721

Capital and reserves

 

Called up share capital

2

2

Retained earnings

23,934

2,719

Shareholders' funds

 

23,936

2,721

 

South West Peninsular Training Limited

(Registration number: 03638838)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

Mr R H Clark
Director

   
     
 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
UK

The principal place of business is:
Unit 2
Westover Trading Estate
Langport
Somerset
TA10 9RB
England

These financial statements were authorised for issue by the Board on 22 May 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have considered the financial reserves of the company and concluded that the company will be able to pay its debts as they fall due for the foreseeable future. Accordingly, they have prepared the accounts on a going concern basis.

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 20 years

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

straight line over the life of the lease

Fixtures, fittings and equipment

15% to 33% straight line

Freehold land

nil

Classroom unit

15% to 20% straight line

Plant and machinery

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

60,000

60,000

At 31 August 2024

60,000

60,000

Amortisation

At 1 September 2023

60,000

60,000

At 31 August 2024

60,000

60,000

Carrying amount

At 31 August 2023 and 31 August 2024

-

-

5

Tangible assets

Property improvements
£

Freehold land and classroom unit
 £

Furniture, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

189,458

31,383

70,207

201,477

492,525

Additions

-

-

1,045

1,778

2,823

Disposals

-

-

(16,383)

(4,769)

(21,152)

At 31 August 2024

189,458

31,383

54,869

198,486

474,196

Depreciation

At 1 September 2023

176,807

3,974

59,794

189,359

429,934

Charge for the year

8,363

1,637

3,546

5,352

18,898

Eliminated on disposal

-

-

(15,679)

(4,769)

(20,448)

At 31 August 2024

185,170

5,611

47,661

189,942

428,384

Carrying amount

At 31 August 2024

4,288

25,772

7,208

8,544

45,812

At 31 August 2023

12,651

27,409

10,413

12,118

62,591

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Work in progress

1,267

7,602

Other inventories

4,377

5,506

5,644

13,108

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

37,977

61,486

Amounts owed by related parties

11

-

3,898

Other debtors

 

17,386

11,700

Prepayments

 

4,946

16,691

Income tax asset

1,280

1,280

 

61,589

95,055

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Bank loans and overdrafts

9

10,297

10,042

Trade creditors

 

11,808

84,499

Social security and other taxes

 

10,933

4,742

Other creditors

 

33,386

29,888

Accruals and deferred income

 

63,101

86,300

Corporation tax liability

12,385

14,224

 

141,910

229,695

Due after one year

 

Loans and borrowings

9

8,776

19,073

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,776

19,073

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,297

10,042

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £55,899 (2023 - £51,172).

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Loan received in the year

9,896

22,572

(15,082)

17,386

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Loan received in the year

2,375

17,121

(9,600)

9,896

 

Summary of transactions with other related parties

The company rents premises from a trust established for the benefit of the directors' family.
 

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

60,916

Amounts payable to related party

11,181

2023

Other related parties
£

Rendering of services

59,563

Amounts payable to related party

13,368

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

1,123

 

South West Peninsular Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

3,898

3,898

Advanced

1,178

1,178

Repaid

(5,076)

(5,076)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

2,844

2,844

Advanced

1,054

1,054

At end of period

3,898

3,898

Terms of loans to related parties

The loans are repayable on demand and had interest charged at the HM Revenue and Customs approved rate, where applicable.