Registered number
06904595
Institute of Training and Occupational Learning Limited
Filleted Accounts
31 May 2024
Institute of Training and Occupational Learning Limited
Registered number: 06904595
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 52,500
Tangible assets 4 - 96
- 52,596
Current assets
Debtors 5 22,672 22,672
Cash at bank and in hand 189,250 24,995
211,922 47,667
Creditors: amounts falling due within one year 6 (526) (3,158)
Net current assets 211,396 44,509
Total assets less current liabilities 211,396 97,105
Creditors: amounts falling due after more than one year 7 (272,414) (147,080)
Net liabilities (61,018) (49,975)
Capital and reserves
Called up share capital 1 1
Profit and loss account (61,019) (49,976)
Shareholder's funds (61,018) (49,975)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Harry Bundred
Director
Approved by the board on 9 June 2025
Institute of Training and Occupational Learning Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 522,626
At 31 May 2024 522,626
Amortisation
At 1 June 2023 470,126
Provided during the year 52,500
At 31 May 2024 522,626
Net book value
At 31 May 2024 -
At 31 May 2023 52,500
Goodwill is being written off in equal annual installments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 3,056
At 31 May 2024 3,056
Depreciation
At 1 June 2023 2,960
Charge for the year 96
At 31 May 2024 3,056
Net book value
At 31 May 2024 -
At 31 May 2023 96
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 22,672 22,672
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs (176) -
Other creditors 702 3,158
526 3,158
Other creditors includes an amount of £nil (2023: £2,365) owing to the director
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 272,414 147,080
Other creditors represents the amount owing to the director
8 Controlling party
The company is controlled by the director who owns 100% of the issued share capital.
9 Other information
Institute of Training and Occupational Learning Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 401, Cotton Exchange Building
Old Hall Street
Liverpool
L3 9LQ
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