| REGISTERED NUMBER: 03509985 (England and Wales) |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| REGISTERED NUMBER: 03509985 (England and Wales) |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountant & Statutory Auditor |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
| FAIR REVIEW OF THE BUSINESS |
| During the 2023/24 year trading was weaker than expected throughout the group, with turnover down at £4,963m. (2023 - £5,729m), and profit before tax significantly down at £621k (2023 - £1,157m). |
| The activity level of the main subsidiary, Skills to Group, at the end of the 2024 year for apprenticeship numbers is at its lowest level. There has since been an Ofsted inspection during the summer of 2024 whereby the group gained a 'Good' OFSTED grading which puts the group in a strong reputational position within the market. |
| The group's key financial and other performance indicators during the year were as follows: |
| Financial KPIs |
| Unit | 2024 | 2023 |
| Turnover | £m | 4.96 | 5.73 |
| Profit before Tax | £m | 0.62 | 1.16 |
| Net asset value | £m | 7.78 | 7.66 |
| Cash reserves | £m | 2.49 | 1.55 |
| The group benefits from owning the majority of the trading premises which provides stability for the trading companies. Additionally the group is diversified by owning investment properties that are fully rented. This supports profitability within the group and gives a steady cashflow. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group funds the day to day working capital and the purchase of plant and equipment through cash reserves or hire purchase arrangement. The group does not utilise any other funding from outside entities. As interest rates on hire purchase liabilities are fixed, there is little exposure to interest rate risk. |
| The management of the business is subject to one principal business risk. Due to the nature of the business, a total loss of funding is not likely, however, reduction in unit income below delivery cost is a realistic risk in the current climate and a focus upon services with maintainable margins an ongoing necessity. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The group manages its its working capital so that it has sufficient cash to cover liabilities for a minimum of six months, and has a facility to provide cover for a minimum of 12 months. The group holds sufficient land and buildings for operations into the foreseeable future within the group structure. As a result of these accounts the group still has an outstanding grade of EFSA evaluation, the objective for 2025 is to be at least good or to maintain the outstanding grade we currently hold, as measured by EFSA financial ratios. |
| PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK |
| The group has little control over pricing, however, rates set by the government for supply of training are consistent and reliable, although weaker than hoped for. The rents from tenanted units are set and controlled by lease and present minimal risk, with only 1 unit untenanted. The group has an excellent credit rating but plans for no borrowing, it is extremely liquid (even the main property could be liquidated with 6 months) and cash flow is strong given the reliability of payments by the government. A revolving credit facility has been negotiated with shareholders on a draw down basis, this facility provides back up cash flow and liquidity should it be required at short notice. |
| GOING CONCERN |
| The group's trading position remains reasonable and while we continue to follow a programme of caution, we expect to contract again in 2025, and for staff numbers to decrease at year end. Turnover and profitability are likely to reduce in 2025. In spite of this the directors have not identified any material uncertainties related to going concern, and we have prepared the financial statements on a going concern basis. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2024 |
| DISCLOSURE OF INFORMATION TO THE AUDITOR |
| Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware. |
| ON BEHALF OF THE BOARD: |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review were those of the provision of training for clients of all ages, the secondary activity is that of the holding of commercial property for rent. |
| DIVIDENDS |
| During the year there was a total distribution of dividends totalling £326,400. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Information regarding business performance, risk and KPIs is reported in the strategic report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, WP Audit Services LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| Opinion |
| We have audited the financial statements of PSC Training & Development Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Objectives |
| The objectives of our audit in respect of fraud, are; |
| - to identify and assess the risks of material misstatement of the financial statements due to fraud; |
| - to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and |
| - to respond appropriately to instances of fraud or suspected fraud identified during the audit. |
| However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company and group. |
| Audit Approach |
| Our approach was as follows: |
| - We obtained an understanding of the legal and regulatory requirements applicable to the Company and group and considered that the most significant are: Education and Skills Funding Agency Funding rules, Ofsted inspection guidelines, Companies Act 2006, UK Tax legislation and Data Protection Regulations (UK GDPR). |
| - We obtained an understanding of how the Company and group comply with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications. |
| - We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and group and the industry in which it operates to determine if management's explanations were consistent with our own conclusions. |
| - Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area. |
| No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures. |
| As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
| - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
| - Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's and group's internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
| - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company or group to cease to continue as a going concern. |
| - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED |
| We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| Context of the ability of the audit to detect fraud or breaches of law or regulation |
| 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 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 remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountant & Statutory Auditor |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 5 | 4,962,602 | 5,728,691 |
| Cost of sales | (2,819,925 | ) | (3,041,004 | ) |
| GROSS PROFIT | 2,142,677 | 2,687,687 |
| Administrative expenses | (1,408,929 | ) | (1,319,780 | ) |
| OPERATING PROFIT | 8 | 733,748 | 1,367,907 |
| Interest receivable and similar income | 32,395 | 977 |
| 766,143 | 1,368,884 |
| Interest payable and similar expenses | 9 | (144,935 | ) | (211,705 | ) |
| PROFIT BEFORE TAXATION | 621,208 | 1,157,179 |
| Tax on profit | 10 | (171,975 | ) | (252,953 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 449,233 | 904,226 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 449,233 | 904,226 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 449,233 | 904,226 |
| Total comprehensive income attributable to: |
| Owners of the parent | 449,233 | 904,226 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONSOLIDATED BALANCE SHEET |
| 31 JULY 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 | - | - |
| Tangible assets | 15 | 2,327,571 | 2,453,010 |
| Investments | 16 | - | - |
| Investment property | 17 | 3,326,897 | 3,326,897 |
| 5,654,468 | 5,779,907 |
| CURRENT ASSETS |
| Debtors | 18 | 614,890 | 1,117,074 |
| Cash at bank and in hand | 2,487,640 | 1,554,818 |
| 3,102,530 | 2,671,892 |
| CREDITORS |
| Amounts falling due within one year | 19 | 700,917 | 489,531 |
| NET CURRENT ASSETS | 2,401,613 | 2,182,361 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 8,056,081 | 7,962,268 |
| CREDITORS |
| Amounts falling due after more than one year | 20 | (55,577 | ) | (69,947 | ) |
| PROVISIONS FOR LIABILITIES | 22 | (220,422 | ) | (235,072 | ) |
| NET ASSETS | 7,780,082 | 7,657,249 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 68 | 68 |
| Share premium | 24 | 24,975 | 24,975 |
| Capital redemption reserve | 24 | 57 | 57 |
| Retained earnings | 24 | 7,754,982 | 7,632,149 |
| 7,780,082 | 7,657,249 |
| The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by: |
| M J Boulting - Director |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| COMPANY BALANCE SHEET |
| 31 JULY 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 |
| Tangible assets | 15 |
| Investments | 16 |
| Investment property | 17 |
| CURRENT ASSETS |
| Debtors | 18 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 19 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 22 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Share premium | 24 |
| Capital redemption reserve | 24 |
| Retained earnings | 24 |
| Company's profit for the financial year | 249,804 | 1,376,734 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JULY 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 August 2022 | 68 | 8,047,087 | 24,975 |
| Changes in equity |
| Prior year adjustment - reserve transfer | - | 210,836 | - |
| Dividends | - | (1,530,000 | ) | - |
| Total comprehensive income | - | 904,226 | - |
| Balance at 31 July 2023 | 68 | 7,632,149 | 24,975 |
| Changes in equity |
| Dividends | - | (326,400 | ) | - |
| Total comprehensive income | - | 449,233 | - |
| Balance at 31 July 2024 | 68 | 7,754,982 | 24,975 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 August 2022 | 210,836 | 57 | 8,283,023 |
| Changes in equity |
| Prior year adjustment - reserve transfer | (210,836 | ) | - | - |
| Dividends | - | - | (1,530,000 | ) |
| Total comprehensive income | - | - | 904,226 |
| Balance at 31 July 2023 | - | 57 | 7,657,249 |
| Changes in equity |
| Dividends | - | - | (326,400 | ) |
| Total comprehensive income | - | - | 449,233 |
| Balance at 31 July 2024 | - | 57 | 7,780,082 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JULY 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 August 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 July 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 July 2024 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,716,170 | 1,397,204 |
| Tax paid | (232,025 | ) | (149,174 | ) |
| Net cash from operating activities | 1,484,145 | 1,248,030 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (964 | ) | (18,191 | ) |
| Sale of tangible fixed assets | 2,950 | - |
| Interest received | 32,395 | 977 |
| Net cash from investing activities | 34,381 | (17,214 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (14,369 | ) | - |
| Amount introduced by directors | 2,000,000 | - |
| Amount withdrawn by directors | (2,100,000 | ) | - |
| Interest paid | (144,935 | ) | (211,705 | ) |
| Equity dividends paid | (326,400 | ) | (1,530,000 | ) |
| Net cash from financing activities | (585,704 | ) | (1,741,705 | ) |
| Increase/(decrease) in cash and cash equivalents | 932,822 | (510,889 | ) |
| Cash and cash equivalents at beginning of year | 2 | 1,554,818 | 2,065,707 |
| Cash and cash equivalents at end of year | 2 | 2,487,640 | 1,554,818 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Profit before taxation | 621,208 | 1,157,179 |
| Depreciation charges | 126,402 | 148,167 |
| Profit on disposal of fixed assets | (2,950 | ) | - |
| Finance costs | 144,935 | 211,705 |
| Finance income | (32,395 | ) | (977 | ) |
| 857,200 | 1,516,074 |
| Decrease/(increase) in trade and other debtors | 602,185 | (389,278 | ) |
| Increase in trade and other creditors | 256,785 | 270,408 |
| Cash generated from operations | 1,716,170 | 1,397,204 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 July 2024 |
| 31.7.24 | 1.8.23 |
| £ | £ |
| Cash and cash equivalents | 2,487,640 | 1,554,818 |
| Year ended 31 July 2023 |
| 31.7.23 | 1.8.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 1,554,818 | 2,065,707 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.8.23 | Cash flow | At 31.7.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,554,818 | 932,822 | 2,487,640 |
| 1,554,818 | 932,822 | 2,487,640 |
| Debt |
| Finance leases | (84,316 | ) | 14,370 | (69,946 | ) |
| (84,316 | ) | 14,370 | (69,946 | ) |
| Total | 1,470,502 | 947,192 | 2,417,694 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 1. | STATUTORY INFORMATION |
| PSC Training & Development Group Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| Going concern |
| The 12 months leading up to July 2024 continued to be a challenging time for the skills sector and the Skills Group. The environment has continued to be subject to increased bureaucracy while dealing with a consistent loss of revenue over the past 4 years. |
| Competitors have continued to leave the Apprenticeship space due to the unattractiveness of the sector and regulatory intervention. Sales and profitability continues to diminish year on year. With the change in government, and therefore policies, we are expecting to have to endure a period of uncertainty and tough trading conditions. Throughout the remainder of 2024 and into 2025 we plan to carry out cost cutting and streamlining exercises in order to continue trading for at least another 2 years. |
| This is in line with expectations contained within our accounts year ending 2023 and these expectations continue to be valid. |
| However, despite this, the directors have not identified any material uncertainties related to going concern, and the financial statements have been prepared on a going concern basis. The group has net current assets and remains profitable and has no external debt, other than hire purchase arrangements. |
| Basis of consolidation |
| The consolidated financial statements present the results of PSC Training & Development Group Limited and its owned subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| Assets and liabilities of subsidiaries are shown in the consolidated accounts at their fair value on the date of acquisition. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 rendering of services. |
| The group recognises revenue when the amount can be reliably measured, it is probable that future economic benefits will flow to the entity, and the specific contract criteria have been met. Training income is recognised based on the timing of delivery and meeting of specific performance obligations. |
| Rental income is recognised on a time apportioned basis. |
| Goodwill |
| Goodwill is amortised over its useful life, for the goodwill recorded this was considered to be 26 months. The goodwill is now fully amortised. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are shown at cost with impairment losses recognised in profit or loss. The directors review the investments for impairment on an annual basis and any impairment is recognised immediately in the Income Statement.. |
| Tangible fixed assets |
| Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses. |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property - 2% on cost |
| Long leasehold - 2% on cost |
| Improvements to property - straight line over 10 - 50 years |
| Plant and machinery - 33% on cost, and 10% on cost |
| Fixtures and fittings - 25% on cost, and 10% on cost |
| Motor vehicles - 25% on cost |
| Impairment of Assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash at bank and in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
| Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
| Hire purchase and leasing commitments |
| At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease / hire purchase arrangement or an operating lease based on the substances of the arrangement. |
| Hire purchase arrangements are leases of assets that transfer substantially all the risks and rewards of ownership to the group. |
| Assets held under hire purchase arrangements are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a hire purchase obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
| Assets held under hire purchase arrangements are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
| Provisions for liabilities |
| Provisions are recognised when the group has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
| The group recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
| Dividends |
| Dividends are recognised when they become legally payable. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
| The estimates and assumptions made by management in the course of preparing the financial statements are set out below: |
| (i) Useful economic life of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| 5. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Rendering of services | 4,761,765 | 5,305,968 |
| Income generated from property | 200,837 | 422,723 |
| 4,962,602 | 5,728,691 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Wages and salaries | 2,113,485 | 2,141,728 |
| Social security costs | 165,883 | 195,308 |
| Other pension costs | 42,836 | 32,960 |
| 2,322,204 | 2,369,996 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| as restated |
| Directors of Group | 3 | 3 |
| Assessors / Trainers | 44 | 48 |
| Coordinators / Administrators / Managers | 26 | 29 |
| Domiciliary / Support Services | 4 | 4 |
| 7. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Directors' remuneration | 147,757 | 124,839 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 7. | DIRECTORS' EMOLUMENTS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | - |
| In addition to the gross salary amounts disclosed above, contributions were also made to defined contribution pension schemes for directors totalling £2,212 (2023: £2,091). |
| 8. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Hire of plant and machinery | 7,874 | 63,801 |
| Other operating leases | 41,240 | 34,285 |
| Depreciation - owned assets | 93,438 | 115,203 |
| Depreciation - assets on hire purchase contracts | 32,965 | 32,964 |
| Profit on disposal of fixed assets | (2,950 | ) | - |
| Audit fees | 13,300 | 11,730 |
| Other services | 38,098 | 45,671 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Directors loan interest | 144,144 | 211,705 |
| Interest on overdue taxation | 791 | - |
| 144,935 | 211,705 |
| 10. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 185,039 | 272,457 |
| Over / under provision of CT | 1,586 | - |
| Total current tax | 186,625 | 272,457 |
| Deferred tax | (14,650 | ) | (19,504 | ) |
| Tax on profit | 171,975 | 252,953 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 10. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Profit before tax | 621,208 | 1,157,179 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.010 %) |
155,302 |
243,123 |
| Effects of: |
| Expenses not deductible for tax purposes | 2,987 | 12,945 |
| Depreciation in excess of capital allowances | 26,844 | 16,389 |
| Adjustments to tax charge in respect of previous periods | 1,589 | - |
| Marginal relief | (97 | ) | - |
| Movement in deferred tax | (14,650 | ) | (19,504 | ) |
| Total tax charge | 171,975 | 252,953 |
| 11. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 12. | DIVIDENDS |
| Interim dividends have been voted on ordinary shares totalling £326,400 (2023: £1,530,000). |
| 13. | PRIOR YEAR ADJUSTMENT |
| In the previous year, significant repair and renewal costs were incurred, relating to one of the group's investment properties. This was recharged onto the previous tenant as a dilapidation in the 2024 year. |
| The 2023 comparatives have been restated to recognise the accrued income in the same period that the costs were incurred. Therefore, accrued income of £134,634 has been recognised in 2023 and the tax liability has been increased by £28,300. |
| As the income was formally invoiced in 2024, there is no accrued income outstanding at the 2024 year end. |
| In addition, a prior year adjustment has been processed in order to correctly include investment property revaluation uplifts within retained earnings, rather than a separate revaluation reserve. This was a movement within equity only, as illustrated in the Statement of Changes in Equity. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 14. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 August 2023 |
| and 31 July 2024 | 882,329 |
| AMORTISATION |
| At 1 August 2023 |
| and 31 July 2024 | 882,329 |
| NET BOOK VALUE |
| At 31 July 2024 | - |
| At 31 July 2023 | - |
| 15. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | Long | to |
| property | leasehold | property |
| £ | £ | £ |
| COST |
| At 1 August 2023 | 1,530,067 | 1,015,735 | 304,723 |
| Additions | - | - | - |
| Disposals | - | - | (116,079 | ) |
| At 31 July 2024 | 1,530,067 | 1,015,735 | 188,644 |
| DEPRECIATION |
| At 1 August 2023 | 253,218 | 124,355 | 149,683 |
| Charge for year | 30,072 | 18,013 | 4,125 |
| Eliminated on disposal | - | - | (116,079 | ) |
| At 31 July 2024 | 283,290 | 142,368 | 37,729 |
| NET BOOK VALUE |
| At 31 July 2024 | 1,246,777 | 873,367 | 150,915 |
| At 31 July 2023 | 1,276,849 | 891,380 | 155,040 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 15. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2023 | 533,275 | 541,041 | 331,266 | 4,256,107 |
| Additions | - | 964 | - | 964 |
| Disposals | (254,345 | ) | (302,555 | ) | (38,750 | ) | (711,729 | ) |
| At 31 July 2024 | 278,930 | 239,450 | 292,516 | 3,545,342 |
| DEPRECIATION |
| At 1 August 2023 | 501,070 | 509,434 | 265,337 | 1,803,097 |
| Charge for year | 27,418 | 13,810 | 32,965 | 126,403 |
| Eliminated on disposal | (254,345 | ) | (302,555 | ) | (38,750 | ) | (711,729 | ) |
| At 31 July 2024 | 274,143 | 220,689 | 259,552 | 1,217,771 |
| NET BOOK VALUE |
| At 31 July 2024 | 4,787 | 18,761 | 32,964 | 2,327,571 |
| At 31 July 2023 | 32,205 | 31,607 | 65,929 | 2,453,010 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 August 2023 |
| and 31 July 2024 | 131,858 |
| DEPRECIATION |
| At 1 August 2023 | 65,928 |
| Charge for year | 32,965 |
| At 31 July 2024 | 98,893 |
| NET BOOK VALUE |
| At 31 July 2024 | 32,965 |
| At 31 July 2023 | 65,930 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 15. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2023 |
| and 31 July 2024 |
| DEPRECIATION |
| At 1 August 2023 |
| Charge for year |
| At 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| 16. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2023 |
| and 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 16. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Skills To Group Limited |
| Registered office: Horizon Building Western Wood Way, Langage Business Park, Plymouth, Devon, United Kingdom, PL7 5BG |
| Nature of business: Training for clients |
| % |
| Class of shares: | holding |
| Ordinary | 100 |
| Drake Court Property Limited |
| Registered office: Horizon Building Western Wood Way, Langage Science Park, Plympton, Devon, United Kingdom, PL7 5BG |
| Nature of business: Letting of commercial property |
| % |
| Class of shares: | holding |
| Ordinary | 100 |
| PSC Training & Development Limited |
| Registered office: Horizon Building Western Wood Way, Langage Business Park, Plympton, Devon, United Kingdom, PL7 5BG |
| Nature of business: Marketing services |
| % |
| Class of shares: | holding |
| Ordinary | 100 |
| 17. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2023 |
| and 31 July 2024 | 3,326,897 |
| NET BOOK VALUE |
| At 31 July 2024 | 3,326,897 |
| At 31 July 2023 | 3,326,897 |
| A formal valuation of the investment property was carried out in July 2021 by an independent property consultant. The directors assess fair value annually, having regard for current market prices for comparable real estate and using observable market prices. This is adjusted if necessary for any difference in the nature, location or condition of the specific asset. |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 18. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 397,559 | 648,709 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 61,553 | 280,349 |
| Directors' current accounts | 111,453 | - | - | - |
| Tax | 45 | - |
| VAT | - | 16,934 |
| Prepayments and accrued income | 44,280 | 171,082 |
| 614,890 | 1,117,074 |
| 19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 21) | 14,369 | 14,369 |
| Trade creditors | 42,356 | 150,589 |
| Amounts owed to group undertakings | - | - |
| Tax | 110,728 | 136,706 |
| Social security and other taxes | 37,828 | 45,943 |
| VAT | 7,207 | - | - | - |
| Other creditors | 356,778 | 97,495 |
| Accruals and deferred income | 131,651 | 44,429 |
| 700,917 | 489,531 |
| 20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Hire purchase contracts (see note 21) | 55,577 | 69,947 |
| 21. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year | 14,369 | 14,369 |
| Between one and five years | 55,577 | 69,947 |
| 69,946 | 84,316 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 21. | LEASING AGREEMENTS - continued |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Within one year | 36,324 | 36,324 |
| Between one and five years | 55,503 | 91,827 |
| 91,827 | 128,151 |
| Future expected income as a Lessor |
| The total of future minimum lease payments to be received as lessor is as follows: |
| 2024 | 2023 |
| £ | £ |
| Due within 1 year | 276,750 | 174,093 |
| Due between 2 - 5 years | 1,023,042 | 399,042 |
| Due in more than 5 years | 447,427 | 198,167 |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Deferred tax | 220,422 | 235,072 | 72,000 | 77,939 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2023 | 235,072 |
| Utilised during year | (14,650 | ) |
| Balance at 31 July 2024 | 220,422 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2023 |
| Utilised during year | ( |
) |
| Balance at 31 July 2024 |
| PSC TRAINING & DEVELOPMENT GROUP LIMITED (REGISTERED NUMBER: 03509985) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 23. | CALLED UP SHARE CAPITAL |
| The total number of shares issued, allotted and fully paid are as follows: |
| Value per share |
Number in issue |
Total value |
| Ordinary B | 10p | 640 | £64 |
| Ordinary C | 10p | 16 | £1.60 |
| Ordinary D | 10p | 16 | £1.60 |
| Ordinary E | 10p | 8 | 80p |
| £68 |
| All shares hold full rights to a vote, with separate rights to dividends. |
| 24. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 August 2023 | 7,632,149 | 24,975 | 57 | 7,657,181 |
| Profit for the year | 449,233 | 449,233 |
| Dividends | (326,400 | ) | (326,400 | ) |
| At 31 July 2024 | 7,754,982 | 24,975 | 57 | 7,780,014 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 August 2023 | 3,565,294 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 July 2024 | 3,488,698 |
| 25. | RELATED PARTY DISCLOSURES |
| Loans with Directors |
| During the year, a director advanced £1,250,000 (2023: £2,500,000) to the company. The loan incurred interest at 11.25%, totalling £144,144 (2023: £211,336) in the year. In addition, a loan was made to a director totalling £2,000,000, on which interest was charged at 2.25%, totalling £27,616. As at the year end, these balances were repaid and cleared to nil. |
| Another director had an overdrawn loan account at the year end totalling £111,453 (2023: £11,204). Subsequent to the year end, the director passed away and this balance is now due from the estate. |
| Transactions with other related parties |
| During the year, Board fees were paid to the 2 Non Executive Directors (£4,800 to each director). As at year end, the balance owed to each director was nil. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mrs A Roseen Boulting. |