REGISTERED NUMBER: 01637181 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CORPORATE LEARNING SOLUTIONS PLC

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Profit and loss account

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

C M Latham

SECRETARY:

P J Knowles

REGISTERED OFFICE:

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

REGISTERED NUMBER:

01637181 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Navigating Challenges and Embracing Opportunities

In the wake of pandemic disruptions and global uncertainties, our long-standing blue-chip clients emerged more confidently in 2024. Their strategic focus included re-establishing in-person leadership and management programmes, while also leveraging the collaborative, hybrid approaches created during the pandemic. As partners, we stood by their side, designing innovative programmes that catered to their soft skills training needs across the UK, Europe, North America, and Asia.

Highlights:

1. Client Engagement: Our long-standing relationships with blue-chip organizations remained robust. We continued to serve their evolving needs, adapting to the dynamic landscape.

2. Global Reach: Notably, our strength in central Europe continued. However, challenges elsewhere emerged in the autumn of 2024, as key clients scaled back activity, impacting our turnover, which dipped by 18% compared to 2022.

3. Profitability Strain: A near 2% decline in gross margin added pressure, resulting in an operating loss-the first since 2020.

The key financial highlights are as follows:

2024

2023

£

£

Turnover

1,867,909

1,776,944

Gross profit

458,937

557,805

Loss before taxation

(109,763

)

(69,011

)

Trade debtors

384,757

381,368

Shareholder funds

106,033

215,796

Employees

5

5

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are as follows:

Economic Risk

- concentration of activity in key clients

- risk of business failure amongst the customer portfolio

- long term impact of the global factors on international trading

- the re-emergence of inflation as a significant risk to profitability

Competitive Risk

- markets driven by price rather than performance

- customers becoming more risk averse

- the accelerating impact of AI in the sector

- loss of key individuals from the network

Legislative Risk

Changes in laws and regulations that may impact the company's international trading arrangements, especially in key European markets.

The Directors are therefore continuing to be cautious in respect to expenditure and maintain sufficient working capital to take advantage of future opportunities and repay debt.

SECTION 172(1) STATEMENT

The Directors must act in accordance with a set of general duties.

These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

"A director of a company must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

- the likely consequences of any decisions in the long-term;

- the interests of the company's employees;

- the need to foster the company's business relationships with suppliers, customers and others;

- the impact of the company's operations on the community and environment;

- the desirability of the company maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between shareholders of the Company."

As Directors, we appreciate the importance of the above and any new Director is briefed on his/her wider duties.

During the year ended 31 December 2024, the Directors have promoted the long-term success of the company for the benefit of its members and in accordance with the matters set out above by overseeing relationships between the company, a small employee team and a wide network of customers and freelance professional trainers and experts who service those customers.

OUR CUSTOMERS

The Directors consider fostering good business relationships with a wide range of customers crucial to the company’s continuing success, providing personalized service on a truly global scale. In their decision-making, the Directors have regard to the impact of the company’s activities not only on the members, but also the client customers and their employees who participate in programs.

ENGAGEMENT WITH OUR EMPLOYEES AND SUPPLIERS

Many suppliers are themselves active collaborators with the Directors in managing the network of professional trainers and experts. This semi-structured management team includes representatives from different geographic territories and different management disciplines, both employed directly and working in a freelance capacity outside the UK. The Directors seek to provide a stable work environment for them and our employed colleagues so that they can collaborate successfully and realize the potential that comes from working as a global network.

OUR SOCIAL AND ENVIRONMENTAL COMMITMENTS

We continually develop new ways of working to optimize our positive impact on the well-being of staff, client teams and facilitating colleagues and to that extent we seek to minimize any negative impact on well-being and the environment by utilizing alternatives to long distance travel where possible.

FUTURE DEVELOPMENT

Despite the headwinds, the new year has started confidently. Positive development initiatives are underway, poised to unlock fresh revenue streams. We anticipate growth through both new client partnerships and innovative service offerings. While mindful of the 2024 profitability dip, strategic adjustments have been made to realign central costs. As Directors, we remain optimistic about a swift return to profitability in 2025.

BY ORDER OF THE BOARD:

C M Latham - Director

11 September 2025

The director presents his 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 providing clients with professional training and management development courses for their employees.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

C M Latham has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

D Griffiths - resigned 21 October 2024

FINANCIAL INSTRUMENTS

The company's financial risk management objectives are:

- To ensure sufficient working capital exists for the company's purposes.

- To minimise the amount of any borrowings.

The majority of the company's business is carried out across Europe and the company's principal financial instruments comprise bank balances, trade debtors and creditors, as a result there is exposure to credit, liquidity and cash flow risks and these are being managed as follows:

Credit risk

The company grants credit to customers and the balances outstanding are regularly monitored to ensure that the company's payment terms are adhered to. The company have also agreed terms with their contractors that they will get paid once the company has received payment from the client, thereby minimising the credit, liquidity and cash flow risk.

Exchange Rate Risk

The company operates various foreign currency bank accounts and when receiving receipts in these accounts it aims to make payments in the same currency where possible to minimise the need to exchange currency. The company has agreed exchange rates with their contractors, where applicable, to match those of monies coming in from clients for services completed thereby minimising the exchange rate risk.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Details of engagement with suppliers, customers and others are included in section 172 statement of the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

BY ORDER OF THE BOARD:

C M Latham - Director

11 September 2025

Adverse opinion

We have audited the financial statements of Corporate Learning Solutions Plc (the 'company') for the year ended 31 December 2024 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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).

We have audited the financial statements of Corporate Learning Solutions Plc, which comprise the statement of financial position as at December 31, 2024, and the statement of comprehensive income, statement of changes in equity and statement of cashflow for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion section of our report, the accompanying financial statements do not give a true and fair view of the financial position of the Company as at December 31, 2024, and its financial performance and cashflow for the year then ended in accordance with FRS 102 and United Kingdom Generally Accepted Accounting Practice (UK GAAP)

Basis for adverse opinion

As explained in Note 2 to the financial statements, the financial statements have been prepared on a going concern basis. However, the Company has incurred recurring losses, its liabilities exceed its assets, and it has no clear means of obtaining further financing or support. Based on the audit evidence obtained, we consider that management's use of the going concern basis of accounting in the preparation of the financial statements is inappropriate.

The conditions described above indicate that the Company is not a going concern and, as such, the financial statements should have been prepared on a basis other than going concern, such as a break-up basis. Had the financial statements been prepared on an alternative basis, adjustments would have been required to reduce the carrying value of assets to their recoverable amounts, to provide for any further liabilities that might arise, and to reclassify non-current assets and liabilities as current.

The effects of the inappropriate basis of preparation are pervasive and material to the financial statements.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the Auditor’s 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 adverse opinion.

Conclusions relating to going concern

In auditing the financial statements, the conclusion that the directors' use of the going concern basis of accounting in the preparation of the financial statements is addressed in the Basis for Adverse Opinion section.

Key audit matters

Except for the matter described in the basis for adverse opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Report of the Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

i) Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

ii) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud

and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Cowan (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

11 September 2025

TURNOVER

3

1,865,481

1,776,944

Cost of sales

1,408,972

1,219,139

GROSS PROFIT

456,509

557,805

Administrative expenses

568,192

626,157

(111,683

)

(68,352

)

Other operating income

2,428

-

OPERATING LOSS

5

(109,255

)

(68,352

)

Interest receivable and similar income

-

99

(109,255

)

(68,253

)

Interest payable and similar expenses

6

508

758

LOSS BEFORE TAXATION

(109,763

)

(69,011

)

Tax on loss

7

-

(9,095

)

LOSS FOR THE FINANCIAL YEAR

(109,763

)

(59,916

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(109,763

)

(59,916

)

FIXED ASSETS

Intangible assets

8

-

25,859

Tangible assets

9

-

-

-

25,859

CURRENT ASSETS

Debtors

10

558,678

508,325

Cash at bank

93,798

136,066

652,476

644,391

CREDITORS

Amounts falling due within one year

11

542,034

439,648

NET CURRENT ASSETS

110,442

204,743

TOTAL ASSETS LESS CURRENT LIABILITIES

110,442

230,602

CREDITORS

Amounts falling due after more than one year

12

4,409

14,806

NET ASSETS

106,033

215,796

CAPITAL AND RESERVES

Called up share capital

14

50,000

50,000

Retained earnings

15

56,033

165,796

SHAREHOLDERS' FUNDS

106,033

215,796

The financial statements were approved by the director and authorised for issue on 11 September 2025 and were signed by:

C M Latham - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

50,000

225,712

275,712

Changes in equity

Deficit for the year

-

(59,916

)

(59,916

)

Total comprehensive loss

-

(59,916

)

(59,916

)

Balance at 31 December 2023

50,000

165,796

215,796

Changes in equity

Deficit for the year

-

(109,763

)

(109,763

)

Total comprehensive loss

-

(109,763

)

(109,763

)

Balance at 31 December 2024

50,000

56,033

106,033

Cash flows from operating activities

Cash generated from operations

18

(19,870

)

326

Interest paid

(508

)

(758

)

Tax paid

-

(27,415

)

Net cash from operating activities

(20,378

)

(27,847

)

Cash flows from investing activities

Interest received

-

99

Net cash from investing activities

-

99

Cash flows from financing activities

Loan repayments in year

(10,140

)

(9,890

)

Amount introduced by directors

91,000

-

Amount withdrawn by directors

(102,750

)

(91,000

)

Net cash from financing activities

(21,890

)

(100,890

)

Decrease in cash and cash equivalents

(42,268

)

(128,638

)

Cash and cash equivalents at beginning of year

19

136,066

264,704

Cash and cash equivalents at end of year

19

93,798

136,066

1.	STATUTORY INFORMATION

Corporate Learning Solutions Plc is a Public Limited Company. The company's registered number and registered office address can be found on the Company Information Page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company meets its day-to-day working capital requirements through careful management of working capital positions. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate with the continued support of its directors and other stakeholders. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

i) Critical judgement in applying the entity's accounting policies

Revenue recognition and financial instruments

The company adopts the revenue recognition and financial instruments policies as noted in note below, and the company does not regard any of its transactions as falling within the scope of section 12 of FRS 102 'Other Financial Instrument Issues'. In particular paragraph 12.5 of this section does not apply. As a result, except where the company's stated policies themselves would result in the netting off of sales and cost of sales, the gross value of sales and purchase transactions are recorded within turnover and cost of sales respectively in these financial statements. The directors believe that this approach is the most appropriate in the company's circumstances, is in accordance with prevailing generally accepted accounting practice and adopting such a policy helps to maintain a consistent understanding for typical users of these accounts.

ii) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 9 for the net carrying amount of the debtors.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, and is recognised when the company obtains the right to consideration in exchange for its performance. Turnover and profit before tax are attributable to the principal activity.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

i) the company has transferred the significant risks and rewards of ownership to the customers;

ii) the amount of revenue can be measured reliably;

iii) it is probable that the company will receive the consideration due under the transaction;

iv) the costs incurred or to be incurred in respect of the transaction can be measure reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 5 years

Depreciation is charged to administrative expenses in the profit and loss account.

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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 within the profit and loss account..

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss accountProfit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

(i) Functional and presentational currency

The company's presentational currency is Pound Sterling as the directors believe this would be more relevant for the users' understanding of the financial statements.

The company's functional currency is Pound Sterling as the directors believe this more appropriately reflects the entity's trading circumstances.

(ii) Transactions and balances

Monetary 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.

Employee benefits

The company provides a range of benefits to its directors and eligible employees as explained below:

(i) Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Defined contribution pension plans

The company makes contributions to the personal pension plans of its directors and employees. Once the contributions have been paid, the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plans are held separately from the company in independently administered funds.

Government grants

During the Coronavirus pandemic, the company utilised the government support scheme Coronavirus Job Retention Scheme (CJRS). Income under this scheme is classified as a government grant and accounted for on an accruals basis, and recognised in the profit and loss account in the period in which the associated costs for which grants are intended to compensate are incurred. The grant income is reported as "Other operating income" in the profit and loss account.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Rendering of training services

1,865,481

1,776,944

1,865,481

1,776,944

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

55,852

61,344

Europe

1,309,111

1,413,371

United States of America

500,518

302,229

1,865,481

1,776,944

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

288,592

283,401

Social security costs

26,480

24,543

Other pension costs

3,645

3,629

318,717

311,573

The average number of employees during the year was as follows:

2024

2023

Financial and administration

3

3

Directors

2

2

5

5

2024

2023

£

£

Directors' remuneration

181,092

167,251

Directors' pension contributions to money purchase schemes

996

1,321

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Other intangible assets amortisation

25,859

25,859

Auditors' remuneration

7,250

11,453

Auditors' remuneration for non audit work

2,256

-

Other non- audit services

300

490

Foreign exchange differences

16,163

28,440

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

508

758

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

(9,095

)

Tax on loss

-

(9,095

)

UK corporation tax has been charged at 19% .

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024

2023

£

£

Loss before tax

(109,763

)

(69,011

)

Loss multiplied by the standard rate of corporation tax in the UK of 0% (2023 - 19%)

-

(13,112

)

Effects of:

Depreciation in excess of capital allowances

-

4,017

Total tax credit

-

(9,095

)

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantively enacted by the balance sheet date.

8.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

77,577

Disposals

(77,577

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

51,718

Amortisation for year

25,859

Eliminated on disposal

(77,577

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

25,859

Other intangible assets is made up entirely of the costs for acquiring a client list from the German based company Flag Consulting & Training GbR. At the YE 2024 it had a NBV of £nil and had completed its useful life. As per the contract with Flag GbR, the consideration was based on 10% of customer sales (as per the client list) in YE 2023, and 5% of customer sales in YE 2024.