VETERANS SKILLS ACADEMY CIC

Company limited by guarantee

Company Registration Number:
13481081 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

VETERANS SKILLS ACADEMY CIC

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

VETERANS SKILLS ACADEMY CIC

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The principal activity of the business for the period under review was the provision of training and support to Veterans to develop their life skills.

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

Mr Philip Peter Reynolds


The director shown below has held office during the period of
9 October 2023 to 30 June 2024

Mr Iain Kay


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
4 June 2025

And signed on behalf of the board by:
Name: Mr Philip Peter Reynolds
Status: Director

VETERANS SKILLS ACADEMY CIC

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 4,637 0
Cost of sales: ( 172 ) ( 32,362 )
Gross profit(or loss): 4,465 (32,362)
Distribution costs: 0 0
Administrative expenses: ( 52,488 ) ( 25,900 )
Other operating income: 72,500 0
Operating profit(or loss): 24,477 (58,262)
Interest receivable and similar income: 0 140
Interest payable and similar charges: ( 3,168 ) 0
Profit(or loss) before tax: 21,309 (58,122)
Tax: 0 0
Profit(or loss) for the financial year: 21,309 (58,122)

VETERANS SKILLS ACADEMY CIC

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 193,440 24,914
Investments:   0 0
Total fixed assets: 193,440 24,914
Current assets
Stocks:   0 0
Debtors: 4 81,200 0
Cash at bank and in hand: 60,535 341
Investments:   0 0
Total current assets: 141,735 341
Prepayments and accrued income: 967 967
Creditors: amounts falling due within one year: 5 ( 128,930 ) ( 87,218 )
Net current assets (liabilities): 13,772 (85,910)
Total assets less current liabilities: 207,212 ( 60,996)
Creditors: amounts falling due after more than one year: 6 ( 133,777 ) 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 73,435 (60,996)
Members' funds
Profit and loss account: 73,435 ( 60,996)
Total members' funds: 73,435 (60,996)

The notes form part of these financial statements

VETERANS SKILLS ACADEMY CIC

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The notes form part of these financial statements

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Land & buildings 20% written down value Plant & machinery 20% written down value Fixtures & fittings 20% written down value Computer equipment 20% written down value

    Other accounting policies

    Basis of preparation: The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. Presentation currency: The accounts are presented in £ sterling. Going concern: The company meets its day-to-day working capital requirements through it's bank facilities and Director's loans. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of it's current facilities. After making enquiries, the members have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. Deferred taxation: Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 30,693 0 225 269 0 31,187
Additions 89,294 95,170 15,198 3,315 0 202,977
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 30 June 2024 119,987 95,170 15,423 3,584 0 234,164
Depreciation
At 1 July 2023 6,138 0 81 54 0 6,273
Charge for year 11,680 19,034 3,031 706 0 34,451
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 30 June 2024 17,818 19,034 3,112 760 0 40,724
Net book value
At 30 June 2024 102,169 76,136 12,311 2,824 0 193,440
At 30 June 2023 24,555 0 144 215 0 24,914

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 81,200 0
Total 81,200 0
Debtors due after more than one year: 0 0

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 9,656 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 3,442 1,200
Other creditors 115,832 86,018
Total 128,930 87,218

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 133,777 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 0 0
Total 133,777 0

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Loans to directors

Mr Philip Reynolds (Director), has made significant funds available to VSA, by way of advances and paying for costs and overheads to enable the CIC to continue. At 30th June 2023, the balance owing to Mr Philip Reynolds was £81,151. During the year of account, this balance was increased by £5,815. The amount owing to Mr Philip Reynolds at 30th June 2024 is £86,966.

VETERANS SKILLS ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

8. Off balance sheet arrangements

Capital contribution reserve: The Capital Contribution reserve relates to new donated assets by a doner to Veterans Skills Academy CIC. These assets have been placed under an Asset Lock.

COMMUNITY INTEREST ANNUAL REPORT

VETERANS SKILLS ACADEMY CIC

Company Number: 13481081 (England and Wales)

Year Ending: 30 June 2024

Company activities and impact

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.

Consultation with stakeholders

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.

Directors' remuneration

No remuneration was received

Transfer of assets

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