Company registration number 02963163 (England and Wales)
POINT BLANK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
POINT BLANK LIMITED
COMPANY INFORMATION
Directors
R A Cowan
M J Brookes
A Hamad
A C Gower
K Harris
D P Black
M Sannie
Secretary
M J Brookes
Company number
02963163
Registered office
c/o Jack Ross Chartered Accountants
Barnfield House
Salford Approach
Blackfriars Road
Manchester
M3 7BX
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Business address
23/28 Penn Street
London
N1 5DL
POINT BLANK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Governance statement
5
Statement on internal controls
6
Statement on regularity, propriety and compliance
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 31
POINT BLANK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

The directors of the business are pleased with the results for the year ended 31 December 2024 which show a stable year for income despite a tough period in the sector. The direct costs and administrative expenses have both been managed below the budgeted expenses showing the business continues to control expenditure effectively.

Principal risks and uncertainties

The School has a Partnership Agreement in place with Middlesex University. Students receive a Middlesex award on successful completion of their course.

 

The majority of the School’s revenue is generated by the London college and online school and is secured before each term starts (October, January, April and June) by virtue of the recruitment process. Most students have contracts in place by the start of each academic term.

 

The principal risk to the School is student achievement and retention rates. If these were to fall significantly, this could result in a decline in student numbers and potential losses could be incurred. This risk is managed by providing focused student support and engagement across the schools which is delivered both through the Virtual Learning Environment (VLE) and face-to-face delivery.

 

The retention and achievement rates are strong and are monitored on a regular basis and reviewed by the Retention Working Group and consists of School Administrators, Managers and Directors. This process is also supported by both Quality Assurance and Student Support teams who also review the information and follow up and resolve issues as they occur.

 

Point Blank became an Approved (Fee Cap) provider in July 2020. The School has continually invested in key areas of staffing in order to fulfil its obligations under its Access and Participation Plan (APP) which sits at the centre of the Approved (Fee Cap) application.

 

Office for Students grant funding became applicable from July 2020 and so 2024 is the fourth full year of reporting the grant for 23/24. The grant is key in enabling the School to fund the resources needed to expand all areas of student support, e.g. in recruitment of new members of staff in key roles such as teaching, widening participation management and student liaison. This has contributed to the School's ability to meet the commitment to enrol students from diverse backgrounds who may need additional support, both financially and otherwise, to seek a successful career in the music industry.

 

The major risk to the School is a slow down in increasing the student cohort. The School completed the expansion of its campus in September 2024, a project that began in 2023. This expansion will allow the School to cater to an increased number of students whilst providing world class facilities. The School has a growth mindset and is therefore investing in growth which we expect to see come to further fruition in the coming years.

 

There still continues to be a risk to the number of international student numbers resulting from Brexit as it is now more difficult for international students to apply and receive visas.

Development and performance

The principal activity of the School is the provision of higher education courses in music with a focus on continued expansion and development of both the London and Online schools.

Key performance indicators

The School's key financial and other performance indicators during the year were as follows:

 

2024     2023     Variance

Turnover         £9,905k     £10,308k         -3.9%

Gross profit margin     38.7%     46.0%         -7.3%

EBITDA             £2,355k     £3,502k         -32.8%

POINT BLANK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Financial Risk

The School's principal financial instruments comprise of bank balances, trade debtors and trade creditors. The purpose of these instruments is to raise funds to finance the School's operations. As a result, the main risks the School is exposed to are credit and liquidity.

 

The academic fees are set annually and students enrolling on degree courses are able to avail themselves of a student loan paid by the Student Loans Company with the fees being subject to the statutory fee cap from September 2020. Student loans are paid by the Student Loans Company directly to Point Blank during the course of the year. The Board consider there to be sufficient access to working capital facilities to manage the cycle with appropriate levels of fiscal headroom. Students who pay privately are required to do so in advance of each term and international visa students in advance of the start of their academic year.

On behalf of the board

R A Cowan
M J Brookes
Director
Director
28 May 2025
28 May 2025
POINT BLANK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is the provision of higher education courses in music. The company has a Collegiate agreement in place with Middlesex University that awards students degrees upon the successful completion of their courses.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R A Cowan
M J Brookes
A Hamad
A C Gower
K Harris
D P Black
M Sannie
Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £1,946,000 (2023: £996,000). The directors do not recommend payment of a final dividend.

Financial instruments
Credit risk

The company's principle financial assets are investments, bank balances and cash, and trade debtors. Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All students who wish to trade on credit terms are subject to credit verification procedures. The amounts presented in the balance sheet are net of allowances for doubtful debts where necessary.

Research and development

The company undertakes research and development activities in order to continually enhance and improve it's digital management systems and e-learning platform, the Virtual Learning Environment (VLE).

Auditor

PM+M Solutions for Business LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

POINT BLANK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen 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.

On behalf of the board
R A Cowan
M J Brookes
Director
Director
28 May 2025
28 May 2025
POINT BLANK LIMITED
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Point Blank is committed to the highest standards of governance and probity.
Point Blank's Board of Directors is responsible for the affairs of Point Blank and for corporate governance reporting.  The powers and responsibilities of the Board of Directors are limited and managed by its by-laws and Schedule of Delegation, as well as the obligation to provide higher education services in line with the regulations and requirements of Middlesex University. Point Blank Music School is a collegiate partner of Middlesex University and as such, all higher education courses are validated and awarded by Middlesex University.
The Board of Directors confirm that the School operates by and complies with the Office for Students' public interest principles. All Directors have agreed to adhere to and conduct all business in line with the seven Nolan principles. The Board of Directors have agreed to conduct all business and make decisions in line with the CUC Higher Education Code of Governance and CUC Remuneration Code as appropriate to the School.
The Board of Directors is responsible for ensuring the following: financial regularity; safeguarding of assets; ensuring value for money for the School and students; effective academic governance (e.g. overseeing the Academic Board); strategic planning and direction; providing a high quality education and making sure students get a valuable and worthwhile degree; and ensuring the reputation of the School.
The Board is 57% independent and its committees, chaired by non-executive directors, are as follows: the Nomination and Remuneration Committee which oversees the process of senior staff recruitment and setting remuneration levels; and the Audit and Value for Money Committee which ensures that the finances of the School are in order and that funds are being spent efficiently and correctly.
In addition, the Board review reports from two further committees: the Executive Committee chaired by the General Manager and comprising all department heads plus Student Representatives to review Operations and Strategic Planning at departmental levels; the Academic Board chaired by the Head of Education and Development and also comprising of all department heads plus Student Representatives and is responsible for all aspects of academic standards, quality of courses, student feedback and course development.
Committee meetings were held quarterly, with the exception of the Nomination and Remuneration Committee, which met annually.
Board meetings were held quarterly to receive the Committee reports, engage with the committee Chairs and to act on the recommendations made.
The Board have acted to implement the Governance requirements of the Office for Students and consider that it has established robust procedures to meet its regulatory obligations and ensure academic experience. Systems are in place to review quarterly management accounts and approve the annual budget and strategic plan.
Internal audit procedures have been documented and an external review of internal controls was last carried out in November 2024. The Audit and Value for Money Committee have proposed that the School implements an annual cycle of external review of its broader management systems commencing in 2024. The Board reappointed PM+M Solutions for Business LLP as its external auditor for 2024.
POINT BLANK LIMITED
STATEMENT ON INTERNAL CONTROLS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Scope of Responsibility
Point Blank acknowledges that it has responsibility for ensuring that an effective system of internal control is maintained and operated. This responsibility takes account of the Regulatory Advice 9; Accounts Direction published by the Office for Students.
Purpose of the System of Internal Control
The system of internal control is designed to manage risk to a tolerable level rather than to eliminate it. The system can therefore only provide reasonable assurance that assets are safeguarded, transactions authorised and properly recorded and that material errors or irregularities are either prevented or detected in a timely manner.
The system of internal control, which has been in place for the year ended 31st December 2024 and up to the date of approval of the Financial Statements, is commensurate with the size of the organisation and accords with the guidance issued by the Office for Students.
Risk and Control Framework
The Risk and Control Framework consists of an ongoing review process which identifies the main risks to the School's policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. Risk management processes and procedures evolve from within our internal processes with the support and assistance of our outsourced management accountancy provider. The outcome of these assessments is used to plan and allocate resources to ensure risks are managed to an acceptable level. The system of internal control incorporates a comprehensive financial planning process including assessment of income, expenditure, capital and cash flow budgets during the year and periodic review of management information including the reporting of material variances and the projection of turnover for the year.
Ongoing Monitoring and Review
On behalf of the Board, the Audit and Value for Money Committee monitors the effectiveness of control, governance, the management of risk and gains assurance on the School's arrangements to secure value for money. It receives reports from the Heads of Department, and where relevant, the external auditors.  Senior management provides updates on the steps they are taking to manage risks in their area of responsibility and are delivered to the Audit and Value for Money Committee for review on a quarterly basis. An internal auditor was appointed with a review of financial controls carried out in November 2024.
Review of Effectiveness
The Audit and Value for Money Committee continues to review all internal systems covering financial, academic and human resources to ensure that they are fully documented. The School maintains a robust and vastly improved system to maintain effective general debt management. Both the General Manager and Finance Manager continuously review and correspond with students who are non-paying with resources available to help these students. The further recruitment in the Finance department has provided increased manpower to ensure that the School is able to manage student debts more effectively despite the trend of a larger number of students having access to funding by the Student Loans Company.
Outcome of Review
The Audit and Value for Money Committee were satisfied with the results of the outsourced independent internal auditor report into the financial controls which was carried out in November 2024.
The Board is confident that there are robust and proper arrangements in place to ensure that the School uses its publicly apportioned funds for the purpose intended by the Student Loans Company and the Office for Students.
POINT BLANK LIMITED
STATEMENT ON REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Point Blank can confirm that after due consideration and review, there are no instances of irregularity, impropriety, bribery or funding non-compliance that have been discovered to date. If any instances are identified subsequently, these will be notified to the Board and the Office for Students accordingly.
Regulatory & Quality Assurance
As a UK HE provider, the School is regulated by the Office for Students (OfS), which is advised by the Education and Skills Funding Agency (ESFA). The School has implemented systems and processes to ensure compliance with relevant regulations and standards. Management regularly reviews systems and procedures in order to manage regulatory risk.
POINT BLANK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF POINT BLANK LIMITED
- 8 -
Opinion

We have audited the financial statements of Point Blank Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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 are 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 report. 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. 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.

POINT BLANK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF POINT BLANK LIMITED
- 9 -
Opinion on other matters required by the Office for Students (‘OfS')

In our opinion, in all material respects;

 

We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you if, in our opinion:

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 and 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

In addition, we also report to you whether income from funding bodies, grants and income for specific purposes and from other restricted funds administered by the Company have been properly applied only for the purposes for which they were received and whether income has been applied in accordance with the statutes and, where appropriate, with the Terms and Conditions of Funding with the OfS.

POINT BLANK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF POINT BLANK LIMITED
- 10 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
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 have considered the following:

 

As a result of these 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: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

POINT BLANK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF POINT BLANK LIMITED
- 11 -
Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, 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 non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://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 member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

 

 

Claire Layton ACA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP, Statutory Auditor
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Date:
28 May 2025
POINT BLANK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
2
9,904,768
10,308,074
Cost of sales
(6,067,791)
(5,563,916)
Gross profit
3,836,977
4,744,158
Administrative expenses
(3,707,551)
(2,956,328)
Other operating income
1,957,905
1,574,528
Operating profit
4
2,087,331
3,362,358
Interest receivable and similar income
5
45,592
51,173
Interest payable and similar expenses
6
-
0
(634)
Amounts written off investments
7
57,203
49,266
Profit before taxation
2,190,126
3,462,163
Tax on profit
11
(513,735)
(859,588)
Profit for the financial year
1,676,391
2,602,575

The profit and loss account has been prepared on the basis that all operations are continuing operations.

POINT BLANK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
6,428,087
4,827,335
Investments
14
631,941
574,738
7,060,028
5,402,073
Current assets
Debtors
15
2,181,621
3,356,940
Cash at bank and in hand
2,470,163
3,597,878
4,651,784
6,954,818
Creditors: amounts falling due within one year
16
(3,389,297)
(3,962,487)
Net current assets
1,262,487
2,992,331
Total assets less current liabilities
8,322,515
8,394,404
Creditors: amounts falling due after more than one year
17
(318,186)
(368,439)
Provisions for liabilities
18
(983,804)
(674,831)
Accruals and deferred income
20
(328,687)
(389,687)
Net assets
6,691,838
6,961,447
Capital and reserves
Called up share capital
21
102
102
Profit and loss reserves
6,691,736
6,961,345
Total equity
6,691,838
6,961,447
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
R A Cowan
M J Brookes
Director
Director
Company Registration No. 02963163
POINT BLANK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
102
5,354,770
5,354,872
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,602,575
2,602,575
Dividends
12
-
(996,000)
(996,000)
Balance at 31 December 2023
102
6,961,345
6,961,447
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,676,391
1,676,391
Dividends
12
-
(1,946,000)
(1,946,000)
Balance at 31 December 2024
102
6,691,736
6,691,838
POINT BLANK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,076,046
5,674,035
Interest paid
-
0
(634)
Income taxes paid
(434,733)
(600,055)
Net cash inflow from operating activities
2,641,313
5,073,346
Investing activities
Purchase of tangible fixed assets
(1,875,797)
(3,756,175)
Proceeds on disposal of tangible fixed assets
7,175
-
0
Purchase of fixed asset investments
(204,595)
(18)
Proceeds on disposal of fixed asset investments
204,171
-
0
Proceeds from other investments and loans
426
-
0
Interest received
38,126
44,348
Dividends received
7,466
6,825
Net cash used in investing activities
(1,823,028)
(3,705,020)
Financing activities
Dividends paid
(1,946,000)
(996,000)
Net cash used in financing activities
(1,946,000)
(996,000)
Net (decrease)/increase in cash and cash equivalents
(1,127,715)
372,326
Cash and cash equivalents at beginning of year
3,597,878
3,225,552
Cash and cash equivalents at end of year
2,470,163
3,597,878
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Point Blank Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Jack Ross Chartered Accountants, Barnfield House, Salford Approach, Manchester, Blackfriars Road, M3 7BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Point Blank Holdings Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period, after adjusting for income relating to future courses.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold properties
5% straight line / 20% straight line / lease term
Fixtures, fittings & equipment
3 years straight line / 25% reducing balance
Studio equipment
25% reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Leases

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.

1.13
Government grants

Government grants are recognised in accordance with the accrual model within the Statement of Comprehensive Income when the School is entitled to the income on a systematic basis over the periods in which the School recognises the related costs for which the grant is intended to compensate. Capital grants are initially recognised as deferred income within the Balance Sheet and subsequently in the Statement of Comprehensive Income over the useful life of the asset. The Office for Students (OfS) provides all of the government grant income.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of Services
9,889,624
10,283,837
Sale of Equipment
14,593
22,870
Advertising Income
500
1,288
Royalties Income
51
79
9,904,768
10,308,074
2024
2023
£
£
Other significant revenue
Interest received
38,126
44,348
Dividends received
7,466
6,825
Grants received
1,957,905
1,574,528
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,899,785
10,212,824
Rest of the World
4,983
95,250
9,904,768
10,308,074
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Grant and fee income

2024          2023

£          £

Grant income from the OfS                         1,935,440 1,573,606

Release of capital grant income from the OfS                     20,930 922

Grant income from other bodies                         1,535         -

Fee income for taught awards (exclusive of VAT)                 8,271,839 8,504,339

Fee income from non-qualifying courses (exclusive of VAT)             1,617,785 1,779,498

─────── ────────

Total grant and fee income                     11,847,529 11,858,365

═══════ ════════     

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
245
29,762
Government grants
(1,957,905)
(1,574,528)
Fees payable to the company's auditor for the audit of the company's financial statements
14,280
13,458
Depreciation of owned tangible fixed assets
269,680
140,085
Profit on disposal of tangible fixed assets
(1,811)
-
0
Operating lease charges
739,275
357,529
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,121
44,348
Other interest income
5
-
0
Total interest revenue
38,126
44,348
Other income from investments
Dividends received
7,466
6,825
Total income
45,592
51,173
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,121
44,348
Dividends from financial assets measured at fair value through profit or loss
7,466
6,825
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
634
7
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(24,171)
49,266
Other gains/(losses)
Gain on disposal of financial assets held at fair value through profit or loss
81,374
-
0
57,203
49,266
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management
5
5
Admissions
20
13
Marketing
14
16
Education
126
124
Office
6
4
171
162

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,609,144
4,220,321
Social security costs
442,143
400,330
Pension costs
140,647
92,711
5,191,934
4,713,362
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Employees
(Continued)
- 24 -

Number of staff with pay in excess of £100,000 in £5,000 bandings:                    

2024        2023

£110,000 - £114,999                             1     -

 

Head of provider total remuneration:

2024        2023

£         £

Basic pay                                 23,510     17,020

Dividends in lieu of salary                             151,000 151,000

Performance related pay and other bonuses                     -     -

Pension contributions                             24,000     4,000

Other benefits/remuneration                         8,273     12,980

─────── ───────

                     206,783     185,000

═══════ ═══════

 

The remuneration of the head of provider is commensurate with the duties and obligations of the office.

 

Relationship of head of provider basic pay and total remuneration expressed as a multiple:

 

2024        2023

Head of provider's basic pay as a multiple of the median of all staff          0.66     0.48

Head of provider's total remuneration as a multiple of the median of all staff     5.79     5.26

 

There was no compensation for loss of office paid.

9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,647
92,711

The company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company. The company contributes a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions.

10
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
187,455
161,861
Company pension contributions to defined contribution schemes
39,321
9,321
226,776
171,182
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Directors' remuneration
(Continued)
- 25 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).

11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
204,762
434,087
Deferred tax
Origination and reversal of timing differences
308,973
385,012
Changes in tax rates
-
0
40,489
Total deferred tax
308,973
425,501
Total tax charge
513,735
859,588

On 1 April 2023, the standard rate of corporation tax increased from 19% to 25% on profits in excess of £250,000. The effective rate of corporation tax used in the comparative period is a blend of the two rates based on the number of days each tax rate applied.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,190,126
3,462,163
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
547,532
814,320
Tax effect of expenses that are not deductible in determining taxable profit
5,935
5,522
Tax effect of income not taxable in determining taxable profit
(5,232)
(216)
Effect of revaluations of investments
6,043
(11,588)
Dividend income
(1,867)
(1,605)
Deferred Tax
308,973
425,501
Depreciation Add Back
46,624
32,949
Capital Allowances
(412,904)
(370,502)
Other Tax Adjustments
-
0
(34,793)
Chargeable Gains
18,631
-
0
Taxation charge for the year
513,735
859,588
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
12
Dividends
2024
2023
£
£
Interim paid
1,946,000
996,000
13
Tangible fixed assets
Leasehold properties
Assets under construction
Fixtures, fittings & equipment
Studio equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
864,810
3,448,654
766,404
823,432
5,903,300
Additions
1,651,814
-
0
134,224
89,759
1,875,797
Disposals
-
0
-
0
(8,122)
(6,307)
(14,429)
Transfers
3,448,654
(3,448,654)
-
0
-
0
-
0
At 31 December 2024
5,965,278
-
0
892,506
906,884
7,764,668
Depreciation and impairment
At 1 January 2024
326,214
-
0
357,472
392,279
1,075,965
Depreciation charged in the year
146,517
-
0
76,016
47,147
269,680
Eliminated in respect of disposals
-
0
-
0
(7,522)
(1,542)
(9,064)
At 31 December 2024
472,731
-
0
425,966
437,884
1,336,581
Carrying amount
At 31 December 2024
5,492,547
-
0
466,540
469,000
6,428,087
At 31 December 2023
538,596
3,448,654
408,932
431,153
4,827,335
14
Fixed asset investments
2024
2023
£
£
Listed investments
631,941
574,738

Listed investments included above:

Listed investments carrying amount
631,941
574,738
Fixed asset investments revalued

Fixed asset investments are valued with reference to market value.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2024
574,738
Additions
204,595
Valuation changes
(24,171)
Disposals
(123,221)
At 31 December 2024
631,941
Carrying amount
At 31 December 2024
631,941
At 31 December 2023
574,738
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
669,427
844,832
Corporation tax recoverable
133,651
-
0
Amounts owed by group undertakings
1,153,364
2,158,235
Other debtors
3,548
129,169
Prepayments and accrued income
221,631
224,704
2,181,621
3,356,940

The amounts owed by group undertakings are provided interest free, unsecured and are repayable on demand.

16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Payments received on account
1,723,433
1,905,452
Trade creditors
804,555
1,094,030
Amounts owed to group undertakings
4,027
24,607
Corporation tax
-
0
96,320
Other taxation and social security
110,215
113,068
Deferred income
20
724,881
672,396
Other creditors
22,186
56,614
3,389,297
3,962,487

The amounts owed to group undertakings are interest free, unsecured and are repayable on demand.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Deferred income
20
318,186
368,439
18
Provisions for liabilities
2024
2023
Notes
£
£
Deferred tax liabilities
19
983,804
674,831
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
983,804
674,831
2024
Movements in the year:
£
Liability at 1 January 2024
674,831
Charge to profit or loss
308,973
Liability at 31 December 2024
983,804

The deferred tax liability set out above in relation to capital allowances is not expected to fully reverse within 12 months as it relates to accelerated capital allowances that are not expected to mature within the same period.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
20
Accruals and deferred income
2024
2023
£
£
Arising from government grants
1,043,067
1,040,835
Accruals
314,772
367,832
Deferred income
13,915
21,855
1,371,754
1,430,522

Deferred income is included in the financial statements as follows:

Current liabilities
724,881
672,396
Non-current liabilities
318,186
368,439
Shown as deferred income on the face of the balance sheet
328,687
389,687
1,371,754
1,430,522
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
102
102
102
102
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
1,195,307
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
709,179
709,720
Between two and five years
1,504,806
2,372,577
In over five years
1,480,192
1,480,192
3,694,177
4,562,489
POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Related party transactions
Transactions with related parties

The only key management personnel are the Directors and their remuneration is disclosed in Note 10.

 

During the year the company entered into the following transactions with related parties:

There was also an amount outstanding in respect of loans advanced of £9,945 (2023: £844,982) due from Point Blank Holdings Limited, the parent company.

 

There was an amount outstanding in respect of loans advanced of £977,001 (2023: £1,111,197) due from Point Blank Properties Limited, which is a 100% owned subsidiary of the parent company Point Blank Holdings Limited.

 

In addition there was an amount outstanding in respect of loans advanced of £60,309 (2023: £124,687) due from Point Blank Los Angeles Inc, which is a 100% owned subsidiary of the parent company Point Blank Holdings Limited.

 

There was an amount outstanding in respect of loans advanced of £106,109 (2023: £77,368) due from Point Blank Music Limited, which is a 100% owned subsidiary of the parent company Point Blank Holdings Limited.

 

There was an amount outstanding in respect of loans received from Point Blank International Limited, a 100% owned subsidiary of the parent company Point Blank Holdings Limited, of £4,027 (2023: £24,607) which was still outstanding at the balance sheet date.

 

There was also an amount outstanding in respect of loans received from Point Blank Music Publishing Limited, a company under common control of the directors, of £114 (2023: £720 loan due) which was still outstanding at the balance sheet date.

 

There was an amount advanced in respect of invoices due to entities which share common key management personnel with the reporting entity. The outstanding balance at the balance sheet date was £6,289 (2023: £50,898 due).

 

During the year the above entity sold services to the company for £151,592 (2023: £123,012). These transactions were made on an arm's length basis.

 

Included in other debtors is an amount owed from the directors of £61 (2023: £487). This loan is provided interest free, unsecured and repayable on demand. The maximum balance in the year was £4,006 and the total of repayments made was £39,394.

The company has taken advantage of the exemption in FRS 102 from disclosing related party transactions with fellow members of the group which are wholly owned subsidiaries.

25
Ultimate controlling party

The immediate and ultimate parent company is Point Blank Holdings Limited, a company registered in England and Wales with its registered office at c/o Jack Ross Chartered Accountants, Barnfield House, Salford Approach, Manchester, Blackfriars Road, M3 7BX.

The ultimate controlling party is the director, Mr R Cowan, by virtue of his interest in the share capital of the immediate and ultimate parent company, Point Blank Holdings Limited.

POINT BLANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
26
Access and participation expenditure

2024         2023

£         £

Access investment                             229,378     206,268

Financial support provided to students                     124,707     100,631

Support for disabled students                         17,901     17,355

Research and evaluation expenditure                     68,744     74,344

───── ─────

                     440,730     398,598

═════ ═════

 

The total of the approved expenditure in the Access and Participation Plan for the year ended 31 December 2024 was £422,829 (2023: £381,243). Included within this expenditure are staff costs amounting to £219,873 (2023: £214,803) which are already included in the staff cost figure in the financial statements, note 8.

 

To note that support for disabled students is wholly comprised of the Disabled Student Premium grant funding and so already included in the grant and fee income figure, note 3.

 

Details of the approved plan can be found at:

https://apis.officeforstudents.org.uk/accessplansdownloads/2024/PointBlankLtd_APP_2020-21_V1_10019178.pdf

27
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,676,391
2,602,575
Adjustments for:
Taxation charged
513,735
859,588
Finance costs
-
0
634
Investment income
(45,592)
(51,173)
Gain on disposal of tangible fixed assets
(1,811)
-
0
Depreciation and impairment of tangible fixed assets
269,680
140,085
Amounts written off investments
(57,203)
(49,266)
Decrease/increase in accruals and deferred income
(61,000)
83,155
Movements in working capital:
Decrease in debtors
1,308,969
113,343
(Decrease)/increase in creditors
(529,355)
934,259
Increase in deferred income
2,232
1,040,835
Cash generated from operations
3,076,046
5,674,035
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