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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: A M Roseen Boulting
M J Boulting





REGISTERED OFFICE: Horizon Building Western Wood Way
Langage Business Park
Plymouth
Devon
PL7 5BG





REGISTERED NUMBER: 03509985 (England and Wales)





AUDITORS: WP Audit Services LLP
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:





M J Boulting - Director


19 June 2025

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.

A M Roseen Boulting
M J Boulting

Other changes in directors holding office are as follows:

S L Chaffe ceased to be a director after 31 July 2024 but prior to the date of this report.

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:





M J Boulting - Director


19 June 2025

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.




Stephanie Williams (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP
Chartered Accountant & Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

19 June 2025

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 449,233 904,226
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 1,309,100 1,357,824
Investments 16 300 300
Investment property 17 - -
1,309,400 1,358,124

CURRENT ASSETS
Debtors 18 2,259,431 2,253,410
Cash at bank 41,634 54,386
2,301,065 2,307,796
CREDITORS
Amounts falling due within one year 19 49,699 22,619
NET CURRENT ASSETS 2,251,366 2,285,177
TOTAL ASSETS LESS CURRENT LIABILITIES 3,560,766 3,643,301

PROVISIONS FOR LIABILITIES 22 72,000 77,939
NET ASSETS 3,488,766 3,565,362

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 3,463,666 3,540,262
3,488,766 3,565,362

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 19 June 2025 and were signed on its behalf by:





M J Boulting - Director


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 68 3,693,528 24,975 57 3,718,628

Changes in equity
Dividends - (1,530,000 ) - - (1,530,000 )
Total comprehensive income - 1,376,734 - - 1,376,734
Balance at 31 July 2023 68 3,540,262 24,975 57 3,565,362

Changes in equity
Dividends - (326,400 ) - - (326,400 )
Total comprehensive income - 249,804 - - 249,804
Balance at 31 July 2024 68 3,463,666 24,975 57 3,488,766

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
77 84

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 1,503,577 248,896 191,910 1,944,383
DEPRECIATION
At 1 August 2023 165,179 236,429 184,951 586,559
Charge for year 30,072 12,467 6,185 48,724
At 31 July 2024 195,251 248,896 191,136 635,283
NET BOOK VALUE
At 31 July 2024 1,308,326 - 774 1,309,100
At 31 July 2023 1,338,398 12,467 6,959 1,357,824

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 300
NET BOOK VALUE
At 31 July 2024 300
At 31 July 2023 300


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 - - 2,256,900 2,251,000
Other debtors 61,553 280,349 2,531 -
Directors' current accounts 111,453 - - -
Tax 45 - - -
VAT - 16,934 - 2,410
Prepayments and accrued income 44,280 171,082 - -
614,890 1,117,074 2,259,431 2,253,410

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 - 14,460
Amounts owed to group undertakings - - 39,000 -
Tax 110,728 136,706 10,699 8,159
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 49,699 22,619

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 77,939
Utilised during year (5,939 )
Balance at 31 July 2024 72,000

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 3,540,262 24,975 57 3,565,294
Profit for the year 249,804 249,804
Dividends (326,400 ) (326,400 )
At 31 July 2024 3,463,666 24,975 57 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.