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Registered number:
For the Year Ended
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LD Training Services Limited
Company Information
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LD Training Services Limited
Contents
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LD Training Services Limited
Strategic report
For the Year Ended 31 August 2024
The Directors present their annual report, including the Strategic Report and the Directors’ Report, along with the audited financial statements for the year ended 31 August 2024. The financial statements encompass the results for the year for LD Training Services Limited.
The Strategic Report is prepared to provide additional information to stakeholders, enabling them to assess LD Training’s strategies and the potential for those strategies to succeed. The Strategic Report contains forward-looking statements based on the information available to the Directors up to the time of their approval of this report. LD Training operates in partnership with two universities and provides privately funded Institute of Financial Accountants (IFA Direct) provision. The principal activity of LD Training, in both the current and prior year, has been the provision of both Higher and Further Education. LD Training is committed to delivering a student-centred learning experience that emphasises both academic and personal support to help students succeed. Our flexible approach ensures every student has the resources and environment needed to reach their goals. We take pride in offering a well-rounded experience that goes beyond academics through a range of tailored extra-curricular activities and support strategies. LD Training are a highly respected educational organisation recognised for offering students a comprehensive learning experience, with an emphasis on employability, career advancement, and high levels of student satisfaction.
LD Training delivered a solid financial performance for the year ending August 2024, showcasing resilience and effective financial management despite challenging market conditions. The company achieved a gross profit margin of 92.8%, reflecting strong cost control and improved operational efficiency. Although turnover decreased by 22.9% from the previous year, largely due to restrictions in recruitment, the company effectively managed its cost base and protected its core operations.
The financial management of the organisation remained robust, with close monitoring of costs and a disciplined approach to expenditure that ensured long-term stability. Cash reserves grew to £14.2m, providing a strong liquidity position to safeguard against external uncertainties while also enabling strategic reinvestment in growth and quality. Net assets increased to £14.9m, further strengthening the balance sheet and allowing the organisation to reinvest in areas directly benefiting students, staff, and stakeholders. LD Training continued to invest significantly in student support by expanding its team and strengthening services to ensure that every learner receives tailored academic, wellbeing, and personal guidance. Additional appointments in student services and academic support roles have enabled the organisation to maintain a highly personalised and responsive learning environment. Alongside this, stakeholder engagement was a priority, with enhanced dialogue across staff, students, university partners, regulators, and local communities, ensuring transparency, responsiveness, and collaboration in strategic decision-making. The year also marked several important milestones. Student satisfaction remained central to our mission, with the National Student Survey recording a 93% satisfaction rate, a clear reflection of our commitment to high-quality, student-focused education. In April 2024, we proudly hosted our first graduation ceremony, celebrating the achievements of our inaugural cohort of graduates. Our broader responsibilities were demonstrated through an expansion of corporate social responsibility initiatives, including tree planting for every student and staff member and donations to local and national charities. At the same time, we strengthened our organisational culture through staff wellbeing and team-building initiatives, ensuring colleagues remain motivated, connected, and supported. Collectively, these efforts reinforced our focus on enhancing academic, personal, and employability outcomes, while ensuring that students, staff, and partners continue to play an active role in shaping the direction of the organisation.
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LD Training Services Limited
Strategic report (continued)
For the Year Ended 31 August 2024
LD Training recognises the potential risks associated with reliance on franchise university partnerships. The February 2024 OfS investigation into Leeds Trinity University demonstrates the fragility of the sector and highlights the need for proactive mitigation strategies. In response, LD Training has taken steps to diversify provision, further strengthen compliance and quality assurance, and pursue alternative delivery models that reduce reliance on any single university partner. Broader risks around price, liquidity, and cash flow are mitigated through careful financial planning, maintaining strong reserves, and actively developing multiple income streams to ensure stability.
The directors consider the following metrics to be KPI's:
Turnover - 2024: £10,185,134 2023: £13,205,100 (23% decrease) Gross profit - 2024: 92.88% 2023: 91.72% (1.16% increase) EBITDA- 2024: £4,657,494 2023: £7,377,056 (37% decrease)
This report was approved by the board on 28 August 2025 and signed on its behalf.
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LD Training Services Limited
Directors' report
For the Year Ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £3,484,938 (2023 - £5,863,962).
During the year the directors declared interim dividends of £836,241 (2023: £1,299,258).
The directors who served during the year were:
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LD Training Services Limited
Directors' report (continued)
For the Year Ended 31 August 2024
Looking ahead, LD Training is actively pursuing diversification to ensure long-term resilience and sustainability. Discussions are underway with a college partner to diversify our provision, marking an important step in expanding our footprint in the Further Education sector. This move, alongside our established Higher Education delivery, will allow the organisation to strengthen its financial and operational independence from franchise instability, while continuing to provide students with high-quality, accessible learning opportunities. In parallel, our application for direct approval from the Office for Students is progressing in line with our strategic plan. Securing OfS approval will enhance our ability to operate more independently, provide greater flexibility in how we deliver Higher Education, provide students with greater programme options, increasing accessibility and reduce reliance on external franchise arrangements.
Our strategy remains focused on enhancing student satisfaction and outcomes, strengthening governance, compliance, and quality assurance frameworks, and investing in staff wellbeing, professional development, and organisational culture. We will continue to deliver sustainable growth by diversifying income streams, while also expanding our contribution to local communities through corporate social responsibility initiatives and outreach activities. Stakeholder engagement will remain central to this approach, ensuring that students, staff, partners, and regulators remain integral to shaping the organisation’s future. In summary, despite challenges in the higher education environment, LD Training remains in a strong financial and strategic position. With a clear focus on diversification, student satisfaction, staff wellbeing, and stakeholder engagement, the organisation is well-placed to build on its achievements and deliver sustainable growth in 2024/25 and beyond.
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LD Training Services Limited
Directors' report (continued)
For the Year Ended 31 August 2024
There have been no significant events affecting the Company since the year end.
The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LD Training Services Limited
Independent auditors' report to the members of LD Training Services Limited
We have audited the financial statements of LD Training Services Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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LD Training Services Limited
Independent auditors' report to the members of LD Training Services Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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LD Training Services Limited
Independent auditors' report to the members of LD Training Services Limited (continued)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.
∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
∙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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 Auditors' report.
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LD Training Services Limited
Independent auditors' report to the members of LD Training Services Limited (continued)
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 an Auditors' report 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 & Statutory Auditors
Suite 207 Equitable House
7 General Gordon Square
United Kingdom
SE18 6FH
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LD Training Services Limited
Statement of comprehensive income
For the Year Ended 31 August 2024
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LD Training Services Limited
Registered number: 06994831
Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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LD Training Services Limited
Statement of changes in equity
For the Year Ended 31 August 2024
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LD Training Services Limited
Statement of cash flows
For the Year Ended 31 August 2024
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LD Training Services Limited
Analysis of Net Debt
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
LD Training Services Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 06994831 and has its registered office address at Stanmore Business & Innovation Centre, Howard Road, Stanmore, England, HA7 1FW.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as described below:.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Profit and loss account
In the earlier accounting period management fees payable to university partners were over accrued by £205,526 which has been reversed in the current period financial statements as a prior period adjustments. Due to this error, opening reserves were understated and accruals were overstated by 205,526. Comparatives have been restated to reflect the relevant changes accordingly.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,270 (2023: £41,916).
Contributions totaling £9,041 (2023: £9,535) were payable to the fund at the reporting date and are included in creditors.
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LD Training Services Limited
Notes to the financial statements
For the Year Ended 31 August 2024
The company is controlled by L Johnson by the virtue of her shareholding.
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