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Registered number: 06994831









LD Training Services Limited









Annual report and financial statements

For the Year Ended 31 August 2024

 
LD Training Services Limited
 
 
Company Information


Directors
Linda Johnson 
Glen Johnson 




Registered number
06994831



Registered office
Stanmore Business & Innovation Centre
Howard Road

Stanmore

HA7 1FW




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

Suite 207 Equitable House

7 General Gordon Square

London

United Kingdom

SE18 6FH




Accountants
Rithrish Accountancy
44 Calbroke Road

Slough

Berkshire

United Kingdom

SL2 2HQ





 
LD Training Services Limited
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 27


 
LD Training Services Limited
 
 
Strategic report
For the Year Ended 31 August 2024

Introduction
 
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.

Business review
 
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.

Page 1

 
LD Training Services Limited
 

Strategic report (continued)
For the Year Ended 31 August 2024

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.



Glen Johnson
Director

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

Linda Johnson 
Glen Johnson 

Page 3

 
LD Training Services Limited
 
 
 
Directors' report (continued)
For the Year Ended 31 August 2024

Future developments

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
LD Training Services Limited
 
 
 
Directors' report (continued)
For the Year Ended 31 August 2024


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 August 2025 and signed on its behalf.
 





Glen Johnson
Director

Page 5

 
LD Training Services Limited
 
 
 
Independent auditors' report to the members of LD Training Services Limited
 

Opinion


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 policiesThe 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 August 2024 and of its 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 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.


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.


Page 6

 
LD Training Services Limited
 
 
 
Independent auditors' report to the members of LD Training Services Limited (continued)


Other information


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 ReportOur 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.


Opinion 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 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.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 7

 
LD Training Services Limited
 
 
 
Independent auditors' report to the members of LD Training Services Limited (continued)


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 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.


Page 8

 
LD Training Services Limited
 
 
 
Independent auditors' report to the members of LD Training Services Limited (continued)


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 2006Our 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.





Janak Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants & Statutory Auditors
  
Suite 207 Equitable House
7 General Gordon Square
London
United Kingdom
SE18 6FH

28 August 2025
Page 9

 
LD Training Services Limited
 
 
Statement of comprehensive income
For the Year Ended 31 August 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,185,134
13,205,100

Cost of sales
  
(725,051)
(1,093,831)

Gross profit
  
9,460,083
12,111,269

Administrative expenses
  
(4,941,400)
(4,866,637)

Other operating income
 5 
600
-

Operating profit
 6 
4,519,283
7,244,632

Interest receivable and similar income
 10 
349,184
138,749

Interest payable and similar expenses
 11 
(111,632)
(11,408)

Profit before tax
  
4,756,835
7,371,973

Tax on profit
 12 
(1,271,897)
(1,508,011)

Profit for the financial year
  
3,484,938
5,863,962

Other comprehensive income for the year
  

Total comprehensive income for the year
  
3,484,938
5,863,962

The notes on pages 15 to 27 form part of these financial statements.

Page 10

 
LD Training Services Limited
Registered number: 06994831

Statement of financial position
As at 31 August 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
403,677
460,759

  
403,677
460,759

Current assets
  

Debtors: amounts falling due within one year
 15 
3,506,904
4,123,668

Cash at bank and in hand
 16 
14,250,075
13,609,186

  
17,756,979
17,732,854

Creditors: amounts falling due within one year
 17 
(2,574,890)
(5,281,308)

Net current assets
  
 
 
15,182,089
 
 
12,451,546

Total assets less current liabilities
  
15,585,766
12,912,305

Provisions for liabilities
  

Deferred tax
 18 
(29,764)
-

Other provisions
 19 
(576,200)
(581,200)

  
 
 
(605,964)
 
 
(581,200)

Net assets
  
14,979,802
12,331,105


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
14,978,802
12,330,105

  
14,979,802
12,331,105


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2025.




Glen Johnson
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 11

 
LD Training Services Limited
 

Statement of changes in equity
For the Year Ended 31 August 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022 (as previously stated)
1,000
7,559,875
7,560,875

Prior year adjustment - correction of error
-
205,526
205,526


At 1 September 2022 (as restated)
1,000
7,765,401
7,766,401


Comprehensive income for the year

Profit for the year

-
5,863,962
5,863,962


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
5,863,962
5,863,962


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,299,258)
(1,299,258)


Total transactions with owners
-
(1,299,258)
(1,299,258)



At 1 September 2023 (as previously stated)
1,000
12,124,579
12,125,579

Prior year adjustment - correction of error
-
205,526
205,526


At 1 September 2023 (as restated)
1,000
12,330,105
12,331,105


Comprehensive income for the year

Profit for the year

-
3,484,938
3,484,938


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
3,484,938
3,484,938


Contributions by and distributions to owners

Dividends: Equity capital
-
(836,241)
(836,241)


Total transactions with owners
-
(836,241)
(836,241)


At 31 August 2024
1,000
14,978,802
14,979,802


The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
LD Training Services Limited
 

Statement of cash flows
For the Year Ended 31 August 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,484,938
5,863,962

Adjustments for:

Depreciation of tangible assets
137,037
132,424

Interest paid
111,632
11,408

Interest received
(349,184)
(138,749)

Taxation charge
1,271,897
1,508,011

Decrease in debtors
596,529
982,455

(Decrease)/increase in creditors
(2,076,234)
219,876

(Decrease)/increase in provisions
(5,000)
165,700

Corporation tax (paid)
(1,746,625)
(2,450,017)

Net cash generated from operating activities

1,424,990
6,295,070


Cash flows from investing activities

Purchase of tangible fixed assets
(89,506)
(165,254)

Interest received
349,184
138,749

Net cash from investing activities

259,678
(26,505)

Cash flows from financing activities

Repayment of loans
(95,906)
(195,940)

Dividends paid
(836,241)
(1,299,258)

Interest paid
(111,632)
(11,408)

Net cash used in financing activities
(1,043,779)
(1,506,606)

Net increase in cash and cash equivalents
640,889
4,761,959

Cash and cash equivalents at beginning of year
13,609,186
8,847,227

Cash and cash equivalents at the end of year
14,250,075
13,609,186


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,250,075
13,609,186

14,250,075
13,609,186


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
LD Training Services Limited
 

Analysis of Net Debt
For the Year Ended 31 August 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

13,609,186

640,889

14,250,075

Debt due within 1 year

(2,891,935)

1,215,584

(1,676,351)


10,717,251
1,856,473
12,573,724

The notes on pages 15 to 27 form part of these financial statements.

Page 14

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 16

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Long-term leasehold property
-
Straight line method over the life of the lease where stated and on a 5 year straight line basisin the case of licences to occupy
Motor vehicles
-
25%
reducing balance method
Fixtures and fittings
-
25%
reducing balance method
Office equipment
-
25%
reducing balance method
Computer equipment
-
33%
Straight line method

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

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.

Page 18

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of educational services
10,185,134
13,205,100

10,185,134
13,205,100


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
600
-

600
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
(895,647)
864,557

Page 19

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
15,250

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,978,539
1,690,076

Social security costs
189,956
156,576

Cost of defined contribution scheme
20,270
41,916

2,188,765
1,888,568


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Total
62
59


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
185,237
170,606

Company contributions to defined contribution pension schemes
1,321
16,478

186,558
187,084


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 20

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
349,184
138,749

349,184
138,749


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,813
11,408

Other interest payable
103,819
-

111,632
11,408


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,212,347
1,639,243


1,212,347
1,639,243


Total current tax
1,212,347
1,639,243

Deferred tax


Origination and reversal of timing differences
59,550
(131,232)

Total deferred tax
59,550
(131,232)


Tax on profit
1,271,897
1,508,011
Page 21

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,756,835
7,371,973


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
1,189,209
1,586,449

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,194
38,789

Depreciation for the year in excess of capital allowances
21,944
14,005

Short-term timing difference leading to an increase (decrease) in taxation
59,550
(131,232)

Total tax charge for the year
1,271,897
1,508,011


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
836,241
1,299,258

836,241
1,299,258

Page 22

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

14.


Tangible fixed assets





Leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
150,940
115,451
519,982
74,657
861,030


Additions
-
52,531
13,324
23,651
89,506


Disposals
-
(9,551)
-
-
(9,551)



At 31 August 2024

150,940
158,431
533,306
98,308
940,985



Depreciation


At 1 September 2023
76,445
10,044
270,434
43,348
400,271


Charge for the year on owned assets
26,068
26,458
64,700
21,030
138,256


Disposals
-
(1,219)
-
-
(1,219)



At 31 August 2024

102,513
35,283
335,134
64,378
537,308



Net book value



At 31 August 2024
48,427
123,148
198,172
33,930
403,677

Page 23

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

15.


Debtors

2024
2023
£
£


Trade debtors
2,468
360

Amounts owed by companies under common control
328,444
317,796

Other debtors
93,892
90,819

Prepayments and accrued income
3,082,100
3,684,907

Deferred taxation
-
29,786

3,506,904
4,123,668



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
14,250,075
13,609,186

14,250,075
13,609,186



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
95,906

Trade creditors
87,728
231,480

Corporation tax
364,928
899,206

Other taxation and social security
65,480
71,688

Other creditors
1,690,785
2,799,882

Accruals and deferred income
365,969
1,183,146

2,574,890
5,281,308


2024
2023
£
£

Other taxation and social security

PAYE/NI control
65,480
71,065

VAT control
-
623

65,480
71,688


Page 24

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

18.


Deferred taxation




2024


£






At beginning of year
29,786


Charged to profit or loss
(59,550)



At end of year
(29,764)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(29,764)
29,786

(29,764)
29,786


19.


Provisions




Dilapidation
Vehicle costs
Total

£
£
£





At 1 September 2023
576,200
5,000
581,200


Utilised in year
-
(5,000)
(5,000)



At 31 August 2024
576,200
-
576,200


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



510 (2023 - 510) Ordinary A shares shares of £1.00 each
510
510
490 (2023 - 490) Ordinary B shares shares of £1.00 each
490
490

1,000

1,000

1,000 ordinary shares with £1.00 par value have been fully issued and paid. Ordinary Class A shares have full voting rights. Ordinary Class B shares non-voting, non-equity, full dividend rights and are non-redeemable.


Page 25

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

21.


Reserves

Profit and loss account

Profit and loss account represents accumulated retained earnings and is a distributable reserve.


22.


Prior year adjustment

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. 


23.


Pension commitments

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.


24.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
511,952
623,602

Later than 1 year and not later than 5 years
118,747
554,178

630,699
1,177,780

Page 26

 
LD Training Services Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

25.


Related party transactions

During the year, the Company provided various advances totaling £10,648 (2023: £10,648) to a company under common control by the same director. At balance sheet date, amount owed to the company was £58,886 (2023: £48,238). These advances are unsecured, interest free and repayable on demand.
In the earlier accounting period, the company provided advances to another company under common control by the same directors.  At the balance sheet date, the amount owed to the company was £269,558 (2023: £269,558) . These advances are unsecured, interest free and repayable on demand.
At balance sheet date the company was owed £2,430 (2023: £12,050) by a relative of the director which is included in other debtors. This is  unsecured advance which is repayable on demand. 
During the year, the Company repaid £1,119,184 to the directors and shareholders. At the balance sheet date, the amount owed to the directors and shareholders was £1,667,310 (2023: £2,786,494). These are interest free unsecured advances which are repayable on demand and included in other creditors.
During the year, the company paid interim dividends of £631,362 (2023: £980,940) to the directors.


26.


Controlling party

The company is controlled by L Johnson by the virtue of her shareholding.

 
Page 27