for the Period Ended 30 June 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes | |
| Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 30 June 2024
Principal activities of the company
Additional information
Statement of directors' responsibilities: The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts 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. Small company provisions: This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Directors
The director shown below has held office during the whole of the period from
1 July 2023
to
30 June 2024
The director shown below has held office during the period of
9 October 2023
to
30 June 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
| 2024 | 2023 | |
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| Turnover: |
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| Cost of sales: |
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| Gross profit(or loss): |
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| Distribution costs: |
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| Administrative expenses: |
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| Other operating income: |
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| Operating profit(or loss): |
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| Interest receivable and similar income: |
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| Interest payable and similar charges: |
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| Profit(or loss) before tax: |
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| Tax: |
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| Profit(or loss) for the financial year: |
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As at
| Notes | 2024 | 2023 | |
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| Fixed assets | |||
| Intangible assets: |
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| Tangible assets: | 3 |
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| Investments: |
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| Stocks: |
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| Debtors: | 4 |
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| Cash at bank and in hand: |
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| Total current assets: |
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| Prepayments and accrued income: |
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| Creditors: amounts falling due within one year: | 5 |
(
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(
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| Net current assets (liabilities): |
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| Total assets less current liabilities: |
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| Creditors: amounts falling due after more than one year: | 6 |
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| Total net assets (liabilities): |
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| Profit and loss account: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 30 June 2024
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Other accounting policies
for the Period Ended 30 June 2024
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| Average number of employees during the period |
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for the Period Ended 30 June 2024
| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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| Cost | £ | £ | £ | £ | £ | £ |
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| At 30 June 2024 |
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for the Period Ended 30 June 2024
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| £ | £ | |
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| Total |
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| Debtors due after more than one year: |
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for the Period Ended 30 June 2024
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| £ | £ | |
| Bank loans and overdrafts |
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| Total |
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for the Period Ended 30 June 2024
| 2024 | 2023 | |
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| £ | £ | |
| Bank loans and overdrafts |
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for the Period Ended 30 June 2024
for the Period Ended 30 June 2024
During the financial year, the company did not undertake active trading while engaging in a comprehensive strategic and operational review. This deliberate pause allowed the board to restructure its governance, refine its long-term service delivery model, and build a stronger foundation for the CIC’s future growth and resilience. Throughout this transitional period, the directors provided substantial personal investment and oversight, safeguarding the CIC’s financial health and strategic direction. The organisation also secured key long-term financial relationships that are expected to underpin its operations over the next 3 years and beyond, ensuring both sustainability and scalability in its community impact. In support of this evolution, the organisation expanded its operational capacity by working alongside retained legal professionals and assembling a trusted panel of advisors to support governance, and compliance. These appointments bring enhanced expertise and oversight across regulatory compliance, finance, strategy, and governance; embedding accountability at every level. As part of the wider review, the organisation also engaged appropriate external specialists to assess legacy obligations. A commercially strategic resolution was identified and executed, ensuring the CIC is no longer encumbered by historical liabilities and remains focused on forward delivery. Drawing upon the depth of insight gained during this process, the organisation has been asked and seeks to share its experiences more broadly through guest speaking appearances, sector-specific lectures, and contributions to national discourse. This includes petitioning for procedural reform with a focus on strengthening the long-term viability and integrity of community interest companies. The directors intend to selectively expose elements of the audit process, not for controversy, but for contribution; helping new and developing CICs avoid the structural pitfalls that can compromise community missions. Through this leadership, the organisation seeks not only to protect its own legacy, but to shape the broader standards of governance, accountability, and mission fidelity across the social enterprise landscape.
The directors have reviewed the company’s financial, legal, and operational standing and are satisfied that there are no material uncertainties casting doubt on the company’s ability to continue as a going concern. On the contrary, the CIC maintains a strong balance sheet, significantly strengthened during the year by substantial additional investment from both directors and newly acquired strategic stakeholders. This capital injection, coupled with long-term financial relationships already secured, provides the organisation with healthy reserves and sustained financial stability to support operational reactivation and community programme delivery over the next decade and beyond. The company has secured a new Northern-based headquarters and has already established an operational footprint spanning four cities across the North of the UK, further reinforcing its regional reach, infrastructure, and delivery capability. The company remains fully solvent, legally compliant, and structurally reinforced, with a clear roadmap for long-term community impact and national visibility. The company also continued to engage with its existing financial supporters and grant providers during the year, maintaining key relationships that further strengthen its funding base and demonstrate sustained external confidence in the CIC’s mission and governance. The organisation remains alert to lessons learned from previous governance cycles and has taken proactive steps to embed a culture of accountability, transparency, and legal oversight across all areas of operations. Enhanced internal controls, professional audit trails, and a reinforced governance framework have now been established to ensure that the organisation cannot be undermined by individual error, omission, or misalignment with its mission. The board has also reaffirmed its zero-tolerance approach to any future conduct that risks the integrity or reputation of the CIC. Strategic decisions are now subject to higher scrutiny, and new stakeholder relationships have been secured on a foundation of long-term trust, compliance, and shared purpose. The directors remain fully committed to safeguarding the company’s future, ensuring it is governed with the strength, integrity, and resilience needed to support veterans and deliver impact at scale. The board has unanimously resolved that the directors’ loan balances, collectively totalling just under £100,000 will remain within the company on a permanent basis and will not be subject to withdrawal at any point in the future. These balances are to be treated as subordinated capital, expressly designated to support the long-term financial stability of the CIC. This decision reflects the directors’ shared commitment to ensuring that no private interest shall override or compromise the public benefit objectives of the organisation, and that the CIC remains structurally aligned with its mission over the long term.
No remuneration was received
During the reporting period, the CIC transferred a significant sum of timber stock to the Viking Boat Company CIC, a separate community interest company with aligned objectives around heritage, skills development, and veteran engagement. The timber was originally acquired using grant funding from the Veterans Foundation, as part of a wider award intended to support the construction of infrastructure at a previous operational premises. Following the closure of that site and the CIC’s temporary operational pause, the board sought and obtained approval from the Veterans Foundation to reallocate the remaining timber stock to the Viking Boat Company CIC. The transfer was completed, ensuring the materials would continue to serve a community-benefit purpose in accordance with both the original spirit of the grant and the wider objectives of the Veterans Skills Academy CIC.
This report was approved by the board of directors on
4 June 2025
And signed on behalf of the board by:
Name: Mr Philip Peter Reynolds
Status: Director