Access Training (Wales) Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—5
Profit and Loss Account	6
Balance Sheet	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—15

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

Significant Events

During the year, the Company undertook a corporate restructure through the buyback of shares held by a former significant shareholder. This transaction has simplified the ownership structure and created greater alignment of interests within the business. The restructure has provided the Company with increased strategic flexibility and a clearer decision-making framework, enabling management to focus on accelerating the next phase of the Company’s growth. As a result, the Board considers that the restructure has strengthened the platform for pursuing future opportunities and enhancing long-term shareholder value.

The buyback was partly funded from accumulated cash reserves by way of a dividend distribution. Despite the reduction in cash reserves following this transaction, they returned to 2023 levels by Q3 of 2025.

Financial Results

The financial results of the business were considered satisfactory by the Directors and broadly in line with forecasts and expectations for the year. The geographic expansion through accredited training centres which commenced in mid 2022 continued into 2024 and is the main driver of the growth seen when comparing the results to 2023. More new centres are planned for 2025 and it is expected that these new centres will generate further growth over the coming months and years.

At the time of signing these accounts, Sales, Gross Profit and Operating Profit for 2025 are on target to achieve c. £22M, £18M and £7M respectively.

Key Performance Indicators

KPIs monitored regularly by the business are:-

• Financial Results with Monthly Management Accounts

• Course Sales in number and value

• The adjustment rate of initial course sales, for those students who don’t continue or drop out.

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Access Training (Wales) Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

These can be categorised as follows:-

Individuals Disposable Income

The continued squeeze on available disposable income can have two affects on our business, one positive and one negative. In our experience individuals who are squeezed financially can react in two ways i) to seek more lucrative employment which usually requires retraining and qualifications to move into a new career path or ii) to reduce spending and to either not embark on new training courses or to stop payments on courses they have already embarked upon. The business monitors this closely and works cooperatively with those students who may have a problem continuing their course. The business also offers a number of payment options to potential students to support and encourage their desire to retrain or continue their course.

Payroll Costs

The directors have considered the impact of recent legislative changes affecting the National Minimum Wage and employers’ National Insurance contributions. The company has reviewed its exposure to increased staff costs resulting from both the rise in minimum wage rates and employer NI rates with effect from April 2025, and has incorporated these costs into its financial forecasts and business planning. The directors are satisfied the company remains able to meet its obligations and does not anticipate significant adverse effects on its financial position or operating results as a consequence

Inflation

During 2024, like most businesses, our business has seen further cost inflation across all areas including labour. Costs are monitored regularly, mitigated whenever possible and taken into account when pricing new courses.

Credit Risk

The company’s activities expose it to credit risk as a result of offering customers a variety of payment options, including payment in full, interest-free arrangements, and financed purchases provided through third-party funding partners with recourse. Credit risk arises from the possibility that customers or financing partners may fail to fulfil payment obligations, leading to financial loss.

Exposure to credit risk is monitored across all streams:

• Direct payment arrangements require rigorous customer vetting, including regular credit checks and assessment of payment history.

• Interest-free credit offers use defined customer credit limits and ongoing due diligence to prevent excessive exposures and support effective cash flow.

• Third-party financing with recourse is subject to contractual terms that define liability and recourse procedures in the event of customer default. These partners are evaluated for financial stability and adherence to regulated lending standards.

Credit Risk Management Statement

The company manages credit risk approach combines strong customer assessment, diversified exposure, proactive monitoring, and transparent partnerships to safeguard financial stability and sustain responsible growth.

The company maintains sufficient cash reserves to provide a financial buffer against unanticipated defaults.

On behalf of the board

Mr Ian Bennett

Director

29/09/2025

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Access Training (Wales) Limited

Company No. 04915118

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of the provision of specialist trade courses.

Directors

The directors who held office during the year were as follows:

Mr Mark Underdown	Resigned	24/12/2024
Mrs Catherine Underdown	Resigned	24/12/2024
Mrs Leonor Bennett	Resigned	18/02/2025
Mr Ian Bennett

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, J M Evans & Co, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Ian Bennett

Director

29/09/2025

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Independent Auditor's Report

to the Members of

Access Training (Wales) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Access Training (Wales) Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Access Training (Wales) Limited

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 or 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

We reviewed a sample of transactions entered into during the financial period and documentation in support of any estimation techniques used by the company. Our tests included agreeing the financial statement disclosures to underlying documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risks of management override and internal control.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. There are inherent limitation in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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 that we are required to state to them in an auditor's 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.

Jason Mark Evans (Senior Statutory Auditor)

for and on behalf of J M Evans & Co , Statutory Auditor

29/09/2025

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Access Training (Wales) Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	15,791,414	12,023,240
Cost of sales		(2,287,228 )	(1,514,630 )

GROSS PROFIT		13,504,186	10,508,610

Administrative expenses		(9,228,346 )	(7,691,576 )

OPERATING PROFIT	4	4,275,840	2,817,034
Exceptional items		-	144,789
(Loss)/profit on disposal of fixed assets		(2,947 )	672
Other interest receivable and similar income	9	31,845	9,889
Interest payable and similar charges	10	(383 )	(11,327 )

PROFIT BEFORE TAXATION		4,304,355	2,961,057
Tax on Profit		(1,138,072 )	(677,328 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		3,166,283	2,283,729

The notes on pages 10 to 15 form part of these financial statements.

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Access Training (Wales) Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 04915118

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		59,176		38,473

			59,176		38,473
CURRENT ASSETS
Debtors	12	5,334,229		4,023,809
Cash at bank and in hand		1,581,726		5,140,374

		6,915,955		9,164,183
Creditors: Amounts Falling Due Within One Year	13	(6,164,095 )		(4,708,060 )

NET CURRENT ASSETS (LIABILITIES)			751,860		4,456,123

TOTAL ASSETS LESS CURRENT LIABILITIES			811,036		4,494,596

PROVISIONS FOR LIABILITIES
Provisions For Charges	16		(95,000 )		(87,000 )
Deferred Taxation	15		(14,794 )		(2,628 )

NET ASSETS			701,242		4,404,968

CAPITAL AND RESERVES
Called up share capital	17		200		209
Profit and Loss Account			701,042		4,404,759

SHAREHOLDERS' FUNDS			701,242		4,404,968

On behalf of the board

Mr Ian Bennett

Director

29/09/2025

The notes on pages 10 to 15 form part of these financial statements.

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Access Training (Wales) Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	209	2,522,550	2,522,759
Profit for the year and total comprehensive income	-	2,283,729	2,283,729

Dividends paid	-	(401,520)	(401,520)

As at 31 December 2023 and 1 January 2024	209	4,404,759	4,404,968


Profit for the year and total comprehensive income	-	3,166,283	3,166,283

Dividends paid	-	(6,870,000)	(6,870,000)

As at 31 December 2024	200	701,042	701,242

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Access Training (Wales) Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,829,987	2,793,512
Interest paid		(383 )	(11,327 )
Tax paid		(974,308 )	(894,502 )

Net cash generated from operating activities		2,855,296	1,887,683

Cash flows from investing activities
Purchase of tangible assets		(51,346 )	(11,929 )
Proceeds from disposal of tangible assets		5,776	15,002
Proceeds from disposal of current asset investments		-	52
Interest received		31,845	9,889

Net cash (used in)/generated from investing activities		(13,725 )	13,014

Cash flows from financing activities
Purchase/redemption of own shares		(9 )	-
Equity dividends paid		(6,870,000 )	(401,520 )
Repayment of bank borrowings		-	(167,367 )
Repayment of finance leases		(13,659 )	(15,492 )
Amount introduced by directors		2,794,994	506,242
Amount withdrawn by directors		(2,311,545)	(553,367)

Net cash used in financing activities		(6,400,219 )	(631,504 )



(Decrease)/increase in cash and cash equivalents		(3,558,648 )	1,269,193
Cash and cash equivalents at beginning of year	2	5,140,374	3,871,181

Cash and cash equivalents at end of year	2	1,581,726	5,140,374

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Access Training (Wales) Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	3,166,283	2,283,729
Adjustments for:
Tax on profit	1,138,072	677,328
Interest expense	383	11,327
Interest income	(31,845 )	(9,889 )
Depreciation of tangible assets	21,920	18,102
Loss/(profit) on disposal of tangible assets	2,947	(672)
Movements in working capital:
Increase in trade and other debtors	(1,791,809 )	(1,344,457 )
Increase in trade and other creditors	1,324,036	1,158,044

Net cash generated from operations	3,829,987	2,793,512

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	1,581,726	5,140,374

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	5,140,374	(3,558,648)	1,581,726
Finance leases	(13,659)	13,659	-

	5,126,715	(3,544,989)	1,581,726

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Access Training (Wales) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Access Training (Wales) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04915118 . The registered office is Suite 14 Conwy House Castle Court, Swansea Enterprise Park, Swansea, SA7 9LA.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Recognition of Income

Fee income is credited to the profit and loss account over the students course contracts.

When income in recognised before payments are recevied, the balance is included as accrued income within debtors.

When students pay in advance, fee income is carried forward and included in creditors as deferred income.

Provisions are made against accrued income for anticipated bad debts.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Plant & Machinery	25% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Access Training (Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2024	2023
	£	£
Training fees and ancillary services	15,791,414	12,023,240

4. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	(218,426)	276,600
Reorganisation expenditure	2,500	3,426
Depreciation of tangible fixed assets	21,920	18,102

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	5,000	4,500

6. Staff Costs

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

	2024	2023
	£	£
Wages and salaries	3,905,963	3,088,895
Social security costs	431,103	338,123
Other pension costs	62,479	45,450

	4,399,545	3,472,468

7. Average Number of Employees

Average number of employees, including directors, during the year was: 81 (2023: 68)

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	26,400	26,400

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Access Training (Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Interest receivable on loans to participators	31,845	9,889

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	-	6,023
Finance charges payable under finance leases and hire purchase contracts	383	2,018
Other finance charges	-	3,286

	383	11,327

11. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	42,167	47,823	18,200	52,440	160,630
Additions	-	19,588	-	31,758	51,346
Disposals	-	-	(18,200 )	-	(18,200 )

As at 31 December 2024	42,167	67,411	-	84,198	193,776

Depreciation
As at 1 January 2024	42,167	45,049	7,961	26,980	122,157
Provided during the period	-	4,600	1,516	15,804	21,920
Disposals	-	-	(9,477 )	-	(9,477 )

As at 31 December 2024	42,167	49,649	-	42,784	134,600

Net Book Value
As at 31 December 2024	-	17,762	-	41,414	59,176

As at 1 January 2024	-	2,774	10,239	25,460	38,473

12. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	3,549,329	3,225,914
Other debtors	80,467	154,037
Corporation tax recoverable assets	162,469	162,468
Directors' loan accounts	-	481,390
Amounts owed by associates	1,541,964	-

	5,334,229	4,023,809

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Access Training (Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	-	13,659
Trade creditors	971,920	573,924
Other creditors	226,414	211,718
Corporation tax	565,729	414,130
Taxation and social security	864,785	542,559
Accruals and deferred income	3,535,247	2,952,070

	6,164,095	4,708,060

14. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	13,659

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	14,794	2,628

16. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 January 2024	2,628	87,000	89,628
Additions	12,166	8,000	20,166

Balance at 31 December 2024	14,794	95,000	109,794

17. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	200	209

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £62,479 (2023: £45,450).

At the balance sheet date contributions of £28,146 (2023: £17,704) were due to the fund and are included in creditors.

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Access Training (Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

19. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Mark Underdown	410,734	981,230	(1,391,964)	-	-
Mr Ian Bennett	70,655	1,330,315	(1,403,028 )	-	(2,059 )

Interest at the official rate is charged on the loan.

20. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	6,870,000	401,520

21. Controlling Parties

The company's immediate parent undertaking is Innovate Learning Group Limited .

The ultimate parent undertaking is Pena Holdings Limited (incorporated in England & Wales). Its registered office is Suite 14 Conwy House, Castle Court, Swansea Enterprise Park, Swansa, SA7 9LA. .

Copies of the group accounts may be obtained from the company's registered office.

The company's ultimate controlling party is Mr Ian Bennett by virtue of their interest in the share capital of the company.

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