White Horse Training Limited - Limited company accounts 23.2

REGISTERED NUMBER: 01381199 (England and Wales)

WHITE HORSE TRAINING LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2023

Page

Report of the Directors

1

Income Statement

2

Statement of Financial Position

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5

to

8

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mr A Coombes FCCA

Mr S K Sheldon FCA

Mr I Sumbler FCCA

Mr W J Abbott FCA

Mr D I Black FCA

Mr V E Cowling FCA

Mrs M Wollaston

Mr G S Hollywell FCCA

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs M Wollaston - Director

6 March 2024

REVENUE

554,397

512,693

External charges - course exps

134,201

139,182

Staff costs

3

258,524

265,590

Depreciation

9,127

8,466

Other operating expenses

105,372

85,533

373,023

359,589

OPERATING PROFIT

47,173

13,922

Interest receivable and similar income

625

17

PROFIT BEFORE TAXATION

47,798

13,939

Tax on profit

8,218

2,775

PROFIT FOR THE FINANCIAL YEAR

39,580

11,164

FIXED ASSETS

Intangible assets

4

4,350

5,533

Property, plant and equipment

5

32,878

10,735

37,228

16,268

CURRENT ASSETS

Debtors

6

100,998

111,611

Cash at bank and in hand

246,648

207,389

347,646

319,000

CREDITORS

Amounts falling due within one year

7

65,467

60,141

NET CURRENT ASSETS

282,179

258,859

TOTAL ASSETS LESS CURRENT LIABILITIES

319,407

275,127

PROVISIONS FOR LIABILITIES

4,700

-

NET ASSETS

314,707

275,127

CAPITAL AND RESERVES

Called up share capital

9

8

21

Capital redemption reserve

13

-

Retained earnings

314,686

275,106

SHAREHOLDERS' FUNDS

314,707

275,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:

Mrs M Wollaston - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2021

21

263,942

-

263,963

Changes in equity

Total comprehensive income

-

11,164

-

11,164

Balance at 30 September 2022

21

275,106

-

275,127

Changes in equity

Reduction in share capital

(13

)

-

-

(13

)

Total comprehensive income

-

39,580

13

39,593

Balance at 30 September 2023

8

314,686

13

314,707

1.	STATUTORY INFORMATION

The company is a private company limited by shares and incorporated in England and Wales.

The registered office address is 1 Riverside Court, Lower Bristol Road, Bath, BA2 3DZ

These financial statements are presented in British Pounds (GBP) rounded to the nearest pound, which is the company's functional and presentational currency.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total amounts derived from the provision of training services during the year , excluding Value Added Tax.

Website amortisation

Website costs are being amortised at 20% per annum on a straight line basis.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

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.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 October 2022

6,916

Additions

300

At 30 September 2023

7,216

AMORTISATION

At 1 October 2022

1,383

Amortisation for year

1,483

At 30 September 2023

2,866

NET BOOK VALUE

At 30 September 2023

4,350

At 30 September 2022

5,533

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2022

27,870

48,704

76,574

Additions

7,985

21,802

29,787

At 30 September 2023

35,855

70,506

106,361

DEPRECIATION

At 1 October 2022

22,038

43,801

65,839

Charge for year

2,508

5,136

7,644

At 30 September 2023

24,546

48,937

73,483

NET BOOK VALUE

At 30 September 2023

11,309

21,569

32,878

At 30 September 2022

5,832

4,903

10,735

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

21,444

34,736

Other debtors

70,411

68,168

91,855

102,904

Amounts falling due after more than one year:

Other debtors

9,143

8,707

Aggregate amounts

100,998

111,611

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

24,481

11,775

Taxation and social security

6,658

1,804

Other creditors

34,328

46,562

65,467

60,141

8.	FINANCIAL INSTRUMENTS

The Company's financial instruments may be analysed as follows:

2023

2022

£

£

Financial assets

Financial assets measured at fair value through profit or loss

9,143

8,707

Financial assets measured at amortised cost

268,092

242,125

277,235

250,832

Financial assets measured at amortised cost comprise of cash and bank balances, trade debtors and other debtors.

Financial assets measured at fair value comprise of long term other debtors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

8

Ordinary Shares

1

8

21

(2022 - 21 )

10.	RELATED PARTY DISCLOSURES

The company was initially founded jointly by a group of independent accounting firms to provide the member firms with continual professional development courses, and student training courses for professional examinations. The directors of White Horse Training Limited are mostly representatives of the member firms and as such meet the definition of a related party for the purpose of the Companies Act. Each member firm purchases training courses from the company, but all fees charged are at a normal commercial rate. The company also pays certain member firms, at a significantly discounted rate, for ad hoc services supplied by their representative director.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the board of directors, made up mostly from representatives of the member firms.