REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Expert Training Systems P.l.c. |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Expert Training Systems P.l.c. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Expert Training Systems P.l.c. |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
1 Minster Court |
Tuscam Way |
Camberley |
Surrey |
GU15 3YY |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Strategic Report |
for the Year Ended 31 December 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
REVIEW OF BUSINESS |
The directors present herein the company's financial statements for 2024. These highlight our continuing investment in our people and in the range of services we support our clients with. Our drive continues to be to improve the working experiences of our clients' employees, which in turn improves the success of both those employees and the organisations that they work in. In addition to the range of services we partner with our clients on, we have again been investing in the development of our technology. |
We are pleased to report revenue growth in these financial statements with turnover of £2,683,733 (2023: £2,493,965) and closing the year with another strong order book (as represented by our deferred revenue shown in note 14). These reflect the quality and depth of our service offering to our clients. |
The gross assets of the company were £791,026 as at 31 December 2024 compared with £1,315,568 as at 31 December 2023. Net cash reserves were £335,695 as at 31 December 2024 versus £297,097 as at 31 December 2023. |
As we have reported in recent years and note above, we have continued our investment in our technology. In previous years this has been supported by tax credits from HMRC. In 2024 we adapted our business to no longer budget for the support of these tax credits. The positive impact of these internal changes will impact our 2025 results as we focus on operating profit to generate the cash that the tax credits have provided in the past. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have considered the principal risks and uncertainties facing the company and consider there to be none which are a fundamental risk to the business. |
Of the other risks identified, the biggest factor affecting both the company and our clients is the geopolitical uncertainty at the time of publishing these statements. |
As noted above, we continue to invest in our products and services to mitigate risk and develop our client base. |
In relation to other risks, the company uses various financial instruments including cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. |
The main risks arising from the company's financial instruments are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised as follows: |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Credit risk |
The company's principal financial assets are cash, trade debtors and amounts recoverable in respect of accrued income. The credit risk associated with the cash is limited as the counterparties are commercial banks. Credit given to trade debtors is reviewed on a regular basis to ensure credit terms are adhered to. Amounts recoverable regarding accrued income are also regularly reviewed to ensure that the balances are not overstated. |
Cash flow risk |
The directors continually update cash flow forecasts and manage the business cost base to mitigate cash flow risk and to ensure that a suitable level of liquid funds is always available. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Strategic Report |
for the Year Ended 31 December 2024 |
SECTION 172(1) STATEMENT |
The board of directors of Expert Training Systems plc consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act). |
The Company's approach to business has always been that being passionate about the people in a company, what drives them and motivates them and enabling this, will result in those people having the best work experience and most impact on their business. This has been our approach to our own team members too with the full enabling of working from home. |
Another key pillar of how we do business is our approach to working in partnership with others, be they suppliers, customers or other stakeholders. We maintain strong relationships with our clients and aim to delight them with each interaction that we have together. Similarly, we aim to nurture long-term relationships with our suppliers to benefit both our organisations, not just our own, and encourage all our team members to act professionally and ethically in all that we do with our clients, suppliers and others that we come into contact with through business. |
ON BEHALF OF THE BOARD: |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of business management solutions to industry and commerce in the public, private and government sectors in the UK and overseas. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2024. |
RESEARCH AND DEVELOPMENT |
The company develops its own IT platforms from which it is able to offer many of the services it delivers to its customers. These platforms are the result of research into, and understanding of, its clients' differing requirements. The company then uses its experienced and skilled team to develop its proprietary software which can in turn be configured later to meet these various and different needs of its clients. This development includes innovations and advancements along the technology roadmap that the company designs and updates. |
FUTURE DEVELOPMENTS |
The board is mindful of the current economic climate and global factors such as the conflict in Ukraine and the Middle East, together with general geopolitical uncertainty. The directors are confident that their strategic direction for the company will deliver growth in both the services it can offer to its customers and its financial performance. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
We encourage all our team members to act professionally and ethically in all that we do with our clients, suppliers and others that we come into contact with through business. |
The company's current policy concerning the payment of trade creditors is to agree the contractual terms including as to timing with each supplier, and then pay in accordance with the terms of the contract. |
The company is committed to maintaining strong relationships with our clients and aim to delight them with each interaction that we have together. |
STREAMLINED ENERGY AND CARBON REPORTING |
As the company has not consumed more than 40,000kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information relating to principal risks and uncertainties is shown in the Strategic Report, under s414C(11) of the Companies Act 2006. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Report of the Directors |
for the Year Ended 31 December 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Expert Training Systems P.l.c. |
Opinion |
We have audited the financial statements of Expert Training Systems P.l.c. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its loss 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 company 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 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 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 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 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 |
Expert Training Systems P.l.c. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 five, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Expert Training Systems P.l.c. |
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: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- The nature of the industry and the specific sector the company is in; |
- The company's control environment and business performance including the design of the company's policies, key drivers for directors' remuneration including bonuses, and staff bonus levels; |
- Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
Our procedures to respond to risks identified included the following: |
- Enquiries of management and staff, including concerning any actual or potential litigation and claims, and any instances of non-compliance with laws; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Obtaining an understanding of provisions, and holding discussions with management to understand the basis of recognition or non-recognition of provisions; and |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed per company policy and assessing their suitability; assessing the judgements made in making accounting estimates; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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. |
Report of the Independent Auditors to the Members of |
Expert Training Systems P.l.c. |
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 Accountants and Statutory Auditor |
1 Minster Court |
Tuscam Way |
Camberley |
Surrey |
GU15 3YY |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Statement of Income and Retained Earnings |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | 6 | ( |
) | ( |
) |
Interest receivable and similar income | 8 |
(322,402 | ) | (434,741 | ) |
Interest payable and similar expenses | 9 | ( |
) | ( |
) |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 10 | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR | ( |
) | ( |
) |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Cash Flow Statement |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
761,324 |
Cash and cash equivalents at end of year |
2 |
335,695 |
297,097 |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2024 |
1. | RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
Depreciation charges |
Finance costs | 531 | 780 |
Finance income | (7,192 | ) | (4,009 | ) |
Taxation |
(322,684 | ) | (433,195 | ) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 December 2024 |
31.12.24 | 1.1.24 |
£ | £ |
Cash and cash equivalents | 335,695 | 297,097 |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 297,097 | 761,324 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.24 | Cash flow | At 31.12.24 |
£ | £ | £ |
Net cash |
Cash at bank | 297,097 | 38,598 | 335,695 |
297,097 | 335,695 |
Debt |
Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
Debts falling due after 1 year | (15,833 | ) | 10,000 | (5,833 | ) |
(25,833 | ) | 10,000 | (15,833 | ) |
Total | 271,264 | 48,598 | 319,862 |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Expert Training Systems P.l.c. is a public company, limited by shares, registered in England and Wales. The company's registered office address can be found on the Company Information page. |
The financial statements are prepared in the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Expert Training Systems P.l.c. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Revenue is derived from the provision of services and is stated net of VAT. There are four forms of revenue for which recognition is described below: |
1. Revenue for system development work is recognised when the associated work is performed. |
2. Revenue for use of systems developed by the company is recognised when the licences are made available to the clients. |
3. Revenue from hosting systems on the company's secure IT infrastructure is recognised on the accruals basis. |
4. Revenue from consultancy services is recognised on delivery to the client. |
Where revenue should be determined in accordance to the work carried out, this is estimated using the company's project management records, which are analysed by client and task. Amounts accrued into the current period are shown under debtors, and amounts deferred into future periods are shown under creditors. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Computer equipment: 50% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Investments in subsidiaries |
Investments in subsidiary undertakings are stated at cost less impairment. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised initially at the transaction price. Any that are not payable within twelve months are amortised using the effective interest method less any provision for impairment. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development expenditure |
Research expenditure is written off against the profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Income and Retained Earnings on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed. |
Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Judgements in applying accounting policies |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
In preparing these financial statements, the directors have made the following judgements: |
To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching a decision include the state of repair and the expected future performance of the asset. |
To determine whether provisions such as deferred tax or bad debt provision are required. The directors looked at the likelihood of these provisions crystallising by assessing all the information available at the time in determining their decision. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Revenue recognition is applied in accordance with the accounting policy. The application of the revenue recognition policy requires the estimation of revenue to be accrued in the current year or deferred to a later period. The estimates are made on a contract by contract basis. Each contract is assessed by management to determine the revenue recognition policy which is appropriate to it. Where revenue should be determined in accordance to the work carried out, this is estimated using the company's project management records, which are analysed by client and task. |
4. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Other | 145,123 | 436,674 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 3 | 3 |
Sales and operations | 28 | 27 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
The directors consider that the board of directors comprise the key management personnel of the company. |
6. | OPERATING LOSS |
The operating loss is stated after charging: |
2024 | 2023 |
£ | £ |
Leasing - motor vehicles |
Rent re operating leases |
Depreciation - owned assets |
Foreign exchange differences |
7. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
13,000 |
13,000 |
Total audit fees | 13,000 | 13,000 |
Additional fees paid to the company's auditors totalled £2,358 (2023: £9,481) and are as follows: |
- For other taxation services £594 (2023: £1,386). |
- For all other non-audit services £1,764 (2023: £8,095). |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on loss |
UK corporation tax was charged at 19%) in 2023. |
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 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses |
Adjustments to tax charge in respect of previous periods |
Effect of losses carried forward | 40,296 | 82,065 |
Total tax charge | 136,547 | - |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
PROVISIONS |
At 1 January 2024 |
and 31 December 2024 | 2,015 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Calle Camino San Sebastian 7, Bloque 3, Despacho 1, Piso h-1, Boadilla Del Monte, Spain |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
In addition to its investment in the share capital of the subsidiary above of £2,015 which has been fully provided against, the company has also made, and fully provided against, a loan of £26,382 made to the subsidiary. The gross value of the investment is therefore £28,397, and the net value of the investment is £nil. |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Social security and other taxes |
VAT | 161,396 | 166,337 |
Other creditors |
Deferred income |
Accruals |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Expert Training Systems P.l.c. (Registered number: 02196081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Voting of 10p each | .10 | 10,000 | 10,000 |
Capital of 10p each | .10 | 30,000 | 30,000 |
Income of 10p each | .10 | 12,651 | 12,651 |
52,651 | 52,651 |
Voting shares: shall have one vote per share; shall not have any dividend entitlements or rights on a return of capital; and shall not be sold, transferred, pledged, charged or otherwise disposed of except as permitted by the Articles of Association. |
Capital shares: gives the holder the right to participate in any return of assets of the company; shall not have any voting rights or dividend entitlements; and shall not be sold, transferred, pledged, charged or otherwise disposed of except as permitted by the Articles of Association. |
A, B, C, D, and E income shares: entitles the holder to the right to participate in the profits of the company available for distribution; the right to receive a dividend at the discretion of the board and so that dividends can be declared separately on each class of income share; shall not have any voting rights or rights on return of capital; and shall not be sold, transferred, pledged, charged or otherwise disposed of except as permitted by the Articles of Association. |
19. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2024 | ( |
) | 213,824 |
Deficit for the year | ( |
) | - | ( |
) |
At 31 December 2024 | ( |
) | (245,656 | ) |
20. | PENSION COMMITMENTS |
During the year the charge to the company was £33,284 (2023: £29,327) of which £7,583 (2023: £6,314) was outstanding at the balance sheet date. |