Company Registration No. 03980770 (England and Wales)
LD TRAINING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
LD TRAINING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
LD TRAINING LIMITED
BALANCE SHEET
AS AT
27 APRIL 2021
27 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1,111
26,155
Tangible assets
6
999
1,111
27,154
Current assets
Debtors
8
413,630
3,524,300
Cash at bank and in hand
19,459
233,422
433,089
3,757,722
Creditors: amounts falling due within one year
9
(9,026,922)
(17,000,675)
Net current liabilities
(8,593,833)
(13,242,953)
Total assets less current liabilities
(8,592,722)
(13,215,799)
Creditors: amounts falling due after more than one year
10
(50,430)
(128,911)
Provisions for liabilities
(702,662)
(839,799)
Net liabilities
(9,345,814)
(14,184,509)
Capital and reserves
Called up share capital
11
103
103
Share premium account
12
44,997,450
44,997,450
Profit and loss reserves
(54,343,367)
(59,182,062)
Total equity
(9,345,814)
(14,184,509)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 January 2022
W Janse Van Rensburg
Director
Company Registration No. 03980770
LD TRAINING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 APRIL 2021
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 28 April 2019
103
44,997,450
(58,320,434)
(13,322,881)
Period ended 27 April 2020:
Loss and total comprehensive income for the period
-
-
(861,628)
(861,628)
Balance at 27 April 2020
103
44,997,450
(59,182,062)
(14,184,509)
Year ended 27 April 2020
Profit and total comprehensive income for the year
-
-
4,838,695
4,838,695
Balance at 27 April 2021
103
44,997,450
(54,343,367)
(9,345,814)
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2021
- 3 -
1
Accounting policies
Company information
LD Training Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
32 Eyre Street First Floor, Sheffield, South Yorkshire, S1 4QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements o
f Dimensions Group Holdings Limited
. These consolidated financial statements are available from its registered office,
32 Eyre Street, First Floor, South Yorkshire, England, S1 4QZ.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern
The balance sheet shows net liabilities of £9.3m but this includes amounts owed to group companies of £6.9m and those companies have agreed not to seek settlement of these amounts until the company has sufficient funds for this purpose. The director and senior management team are managing the day-to-day performance of the current DWP contract closely and by managing costs, forecast that the company's current activity will be profit making. In his role as principal shareholder of Dimensions Group Holdings Limited, the director has committed to ensuring that the Company will be provided with sufficient additional funds to meet its historical financial obligations during at least the next 12 months. In light of this and with the support of the Dimensions Group Holdings Limited, the director has a reasonable expectation at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future. As referenced in the director's report, the sale of the group is imminent and the prospective new owners have also confirmed their intention to introduce additional funds as necessary. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
The majority of the company's revenue during the period has been earned under contracts with the Department for Work and Pensions (DWP).
Employability
The company contracts with clients to assist them in gaining employment. Where this is classroom or modular based, funding is received over the duration of the programme. Where this funding is results based, income is recognised when payment milestones have been achieved.
Workplace funding including apprenticeships
The company contracts with learners in the workplace to assist them in gaining an accredited qualification in their chosen programme of learning. Under the Workplace methodology, funding is received to support learners separately for 'on programme' learning and for successfully achieving the qualification. 'On programme' funding is recognised over the duration of the learning programme. The achievement payment is recognised when the learner achieves the qualification.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
The cost of internally developed digital learning material which have an estimated useful life of more than one year, are carried as an intangible asset and amortised either over the estimated useful life of the materials or based on usage where this can be accurately determined.
Third party licensed digital materials purchased in advance are carried as an intangible asset and amortised based on usage.
Software related development costs incurred through our own incremental labour costs arising directly from the development of the software that are directly attributable to bringing a computer system into use are treated as an intangible asset.
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the term of the lease
Computers
2 to 6 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Assets relating to specific projects are written off over the shorter of the asset's useful life or project life.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
1
Accounting policies
(Continued)
- 7 -
1.11
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Retirement benefits to employees of the company are provided under the following arrangements:
Contributions to the group stakeholder pension scheme, which is a defined contribution scheme, are charged as an expense when they become payable and in accordance with the rules of the scheme.
Contributions to personal pension plans of an employee's choice are charged as an expense when they become payable and in accordance with the rules of the scheme.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Income and expenditure transactions which are unusually large and outside of the normal course of the company's trade are classified as exceptional items in the Profit and Loss Account.
2
Exceptional item
2021
2020
£
£
Expenditure
Provision against intercompany balance
887,676
-
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
- 8 -
3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,113
12,450
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
6
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 28 April 2020 and 27 April 2021
37,559,985
86,113
37,646,098
Amortisation and impairment
At 28 April 2020
37,559,985
59,958
37,619,943
Amortisation charged for the year
25,044
25,044
At 27 April 2021
37,559,985
85,002
37,644,987
Carrying amount
At 27 April 2021
1,111
1,111
At 27 April 2020
26,155
26,155
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
- 9 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 28 April 2020 and 27 April 2021
499
162,232
162,731
Depreciation and impairment
At 28 April 2020
(1)
161,733
161,732
Depreciation charged in the year
500
499
999
At 27 April 2021
499
162,232
162,731
Carrying amount
At 27 April 2021
At 27 April 2020
500
499
999
7
Fixed asset investments
The company holds 100% of the Ordinary Shares in Learndirect Centres Limited and JHP Group Limited, both companies registered in the United Kingdom.
The combined written down value of the investments is £2.
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
142,660
Amounts owed by group undertakings
3,175,987
Other debtors
413,630
205,653
413,630
3,524,300
9
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
767,846
1,193,639
Amounts due to group undertakings
6,852,641
14,053,768
Other taxation and social security
5,141
193,994
Other creditors
1,401,294
1,559,274
9,026,922
17,000,675
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
- 10 -
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
50,430
128,911
11
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
103 Ordinary shares of £1 each
103
103
103
103
12
Share premium account
The share premium reserve contains the premium arising on issue of equity shares
during the prior year net of expenses.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Philip Allsop and the auditor was BHP LLP.
14
Financial commitments, guarantees and contingent liabilities
The company issued a debenture over the fixed and floating assets to Pimco 2909 Limited on 4 October 2011.
LD TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2021
- 11 -
15
Related party transactions
At 27 April 2021 the following amounts were owed to LD Training Limited; £6,821 (at 27 April 2020: £4,295) due from 2YOO Limited, £5,280 (at 27 April 2020: £nil) due from Stonebridge Property Leisure Limited, £1,135 (at 27 April 2020: £nil) due from Animaljobsdirect Limited, £nil (at 27 April 2020: £1,474) due from a Self-Administered Pension Scheme of the parent company shareholders.
At 27 April 2021 the following amounts were owed by LD Training Limited; £nil (at 27 April 2020: £4,500) due to Digital Monkey Media Limited, £nil (at 27 April 2020: £3,835) due to Stonebridge Property Leisure Limited and £nil (at 27 April 2020: £7,175) due to UFC Limited.
The companies are related to
LD Training Limited
through common directorship of Wayne Janse Van Rensburg.
The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned.
The company has taken advantage of exemption under FRS 102 section 1.12 Reduced Disclosures for Subsidiaries from disclosing key management personnel compensation in total.
16
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director Loan
-
-
325,000
325,000
-
325,000
325,000
17
Parent company
At the year end the ultimate parent company was Dimensions Group Holdings Limited, a company controlled by W Janse van Rensburg. The company's immediate parent company was Pimco 2909 Limited.
2021-04-27
2020-04-28
false
27 January 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
W Janse Van Rensburg
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