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2023-06-30-accounts

Digitally Signed Document Document ID: 69A4FB43607858

Document Details:

Filename: L5190- Lite Limited Y.E 30.06.23 - Full
Accounts.PDF
Client of: Livesey Spottiswood

Signature Details

Name: Jackie Shopland-Reed
Email: jsreed@liteltd.co.uk
Date & Time: 29/02/2024 18:13:28 PM (GMT)
IP Address: 86.154.249.176
Signing Statement: Jackie Shopland-Reed agrees and approves the
contents of this document.

Digital Certificate

The approved PDF file has been digitally certified. Please check the Digital Certificate information in your PDF viewer to verify the Digital Certificate authenticity and the PDF has not been tampered with.

On behalf of: Livesey Spottiswood
PDF digital certificate: IRIS Software Group Limited
Digital certificate issued by: GlobalSign

Please keep a copy of this document for your records.

REGISTERED COMPANY NUMBER: 01828125 (England and Wales) REGISTERED CHARITY NUMBER: 700171

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

LITE LIMITED

LITE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 11
Detailed Statement of Financial Activities 12 to 13

LITE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects and principal activity continues to be to advance the education and training of young persons, in particular students who are working in, or hope to find employment in the fields of veterinary nursing and animal care, recreation and related leisure industries by providing vocational training. There have been no material changes in the objects or policies during the year.

In planning our activities for the year we kept in mind the Charity Commissioner's guidance on public benefit and the Trustees consider that this is met, given the main purposes of the charity as set out above.

ACHIEVEMENT AND PERFORMANCE

Achievements and performance

During the 2022/23 Education and Skills Funding Agency Contract year, the charity maintained their number of apprentices in learning, due to a high proportion from the previous intake continuing on to veterinary nursing apprenticeships. Our occupancy remains high, and apprenticeship overall success rate increased to 89%, exceeding our annual target of 80%. This has impacted positively on income as we receive 20% of funding on achievement. Numbers on animal care and welfare have reduced. We are continuing a small cohort of level 2 dog grooming apprentices and will monitor success of this programme.

FINANCIAL REVIEW

Unrestricted Funds

Apprentices are on apprenticeship standards which has resulted in maintaining the level of income from the ESFA, and maintaining the level of Examination and assessment costs incurred. Our expenditure on salaries has increased following a pay review. Most apprentices are now working with large employers who fund the apprenticeship through their apprenticeship levy, this results in us being much less dependent on ESFA contracts. We have renewed outdated resources at the training centre including a replacement photocopier, replacement Interactive Whiteboards, and developing library resources to meet the requirements of the awarding body.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish.

Reserves policy

The trustees have reviewed the Charity's need for reserves in line with guidance issued by the Charities Commission and have issued a detailed reserves policy. Reserves are needed to bridge the funding gaps between spending on training and administration and receiving funding from the Education and Skills Funding Agency. Reserves are also held to cover possible emergency repairs and renewals. The trustees believe that in addition to known commitments, there is a need to hold at least two months running costs in reserve. Having regard to the liquidity requirements of operating the organisation the trustees have operated a policy of keeping available funds in an interest bearing deposit account and seek to achieve a rate of deposit interest which matches or exceeds inflation as measured by the retail prices index. The invested funds held on deposit achieve just the low interest rates currently available.

The reserves policy statement provides that the trustees will produce annually a detailed analysis of reserves, both restricted and unrestricted based on the accounts indicating the trustees intentions with regard to the use of those reserves.

For the year ended 30 June 2023, this analysis reveals that of total reserves of £127,362, £17,706 was held as tangible fixed assets leaving £109,656 as unrestricted funds. The Trustees will continue to maintain their objective of four months running costs.

FUTURE PLANS

We will continue to strive for high apprenticeship success rates and promote our services to new employers. We plan to continue to update our learning resources over the coming year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The company is limited by guarantee and has no share capital. Under the terms of the Memorandum every member of the company undertakes to contribute to the assets of the company, in the event of being wound up while they are a member, or within one year after they cease to be a member, for payment of debts and liabilities of the company contracted before they ceased to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors amongst themselves such amount as may be required not exceeding £10.

Page 1

LITE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

As set out in the Articles of Association the trustees are appointed by the members of the charitable company attending the Annual General Meeting. The chair of the board of trustees is elected by the trustees. All members are circulated with invitations to nominate trustees prior to the AGM advising them of retiring trustees and requesting nominations for the AGM.

Induction and training of new trustees

New trustees undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee, and decision-making process, the business plan and recent financial performance of the charity. During the induction they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01828125 (England and Wales)

Registered Charity number

700171

Registered office

3a Church Street St Helens Merseyside WA10 1BA

Trustees

Mr R D Shopland-Reed

Company Secretary

Mrs J Shopland-Reed

Independent Examiner

Mr David Hudd BA FCA Livesey Spottiswood Ltd Chartered Accountants 17 George Street St Helens Merseyside WA10 1DB

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

Approved by order of the board of trustees on 29 February 2024 and signed on its behalf by:

Mrs J Shopland-Reed - Secretary

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LITE LIMITED

Independent examiner's report to the trustees of Lite Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr David Hudd BA FCA

Livesey Spottiswood Ltd Chartered Accountants 17 George Street St Helens Merseyside WA10 1DB Date: .............................................

Page 3

LITE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
4
Learning and skills
361,464
Training fees
16,556
Investment income
3
234
Other income
5
2,662
Total
380,916
EXPENDITURE ON
Charitable activities
6
Learning and skills
374,745
NET INCOME
6,171
RECONCILIATION OF FUNDS
Total funds brought forward
121,191
TOTAL FUNDS CARRIED FORWARD
127,362		 2022
Total
funds
£
341,387
30,258
11
2,662
374,318
336,375
37,943
83,248
121,191

The notes form part of these financial statements

Page 4

LITE LIMITED

BALANCE SHEET 30 JUNE 2023

2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
17,706
CURRENT ASSETS
Debtors
11
44,225
Cash at bank and in hand
73,750
117,975
CREDITORS
Amounts falling due within one year
12
(8,319)
NET CURRENT ASSETS
109,656
TOTAL ASSETS LESS CURRENT LIABILITIES
127,362
NET ASSETS
127,362
FUNDS
14
Unrestricted funds
127,362
TOTAL FUNDS
127,362		 2022
Total
funds
£
11,516
35,615
116,005
151,620
(41,945)
109,675
121,191
121,191
121,191
121,191

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

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

The trustees acknowledge their responsibilities for

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

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

The financial statements were approved by the Board of Trustees and authorised for issue on 29 February 2024 and were signed on its behalf by:

Mr R D Shopland-Reed - Trustee

The notes form part of these financial statements

Page 5

LITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Lite Limited is a charitable company, limited by guarantee and has no share capital and is registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.

The presentation currency of the financial statements is in the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amounts can be measured reliably and it is probable that the income will be received.

Incoming resources arise primarily from the provision of learning and training.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Interest on deposit account funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Costs are allocated according to the nature of the cost. Where items involved more than one category they are apportioned between the categories according to the nature of the cost.

Detailed analysis of the allocation of costs is given in note 6 of the accounts.

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 - 15% on reducing balance Computer equipment - 20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

All funds for the current and previous year were unrestricted.

Page 6

continued...

LITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates defined contribution plans for the benefit of its employees. Contributions are expensed as they become payable.

Debtors/creditors

Both Debtors and Creditors are included in the financial statements at transactional value.

Going concern

The trustees consider that there are no material uncertainties about the ability of Lite Limited to continue as a going concern.

3.

4.

INVESTMENT INCOME

Deposit account interest
All the investment income in the previous year related to unrestricted funds.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Skills Funding Agency
Learning and skills
Other income
Training fees		 2023
£
234
2023
£
361,464
16,556
378,020		 2022
£
11
2022
£
341,387
30,258
371,645

All the charitable activities in the previous year related to unrestricted funds.

5.

OTHER INCOME

OTHER INCOME
2023 2022
£ £
St Helens MBC 2,662 2,662

The income from St Helens MBC relates to 80% Mandatory Charitable Relief. This value has also been included in rent and rates in order to comply with the Statement of Recommended Practice on Accounting by Charities.

All the other income in the previous year related to unrestricted funds.

continued...

Page 7

LITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Direct Support
Costs costs Totals
£ £ £
Learning and skills 309,709 65,036 374,745

Trainee allowances and training expenses totalling £76,166 (2022 - £104,998) included above are considered to be wholly attributable to charitable activities.

Wages and salaries set out in note 9 include support costs of £55,483 (2022 - £41,626).

Governance costs of £3,626 (2022 - £3,786) are included within support costs. Of the remaining expenses, broadly 10% are considered to be support costs.

All expenditure in relation to charitable activities in the previous year was unrestricted.

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 3,750 3,107
Other operating leases 510 252

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.

9. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2023
£
208,211
14,689
9,205
232,105		 2022
£
159,695
9,963
8,706
178,364

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

2023
Learning and skills
9
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2023
£60,001 - £70,000
-
£70,001 - £80,000
1
1		 2022
7
2022
1
-
1

The total remuneration paid in respect of the charity's key management personnel, who is also the Company Secretary, was £71,548 (2022 - £63,164).

continued...

Page 8

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

LITE LIMITED

10. TANGIBLE FIXED ASSETS

Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 July 2022
29,046
43,459
Additions
3,399
6,541
At 30 June 2023
32,445
50,000
DEPRECIATION
At 1 July 2022
28,511
32,478
Charge for year
165
3,585
At 30 June 2023
28,676
36,063
NET BOOK VALUE
At 30 June 2023
3,769
13,937
At 30 June 2022
535
10,981
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade debtors
24,680
Social security and other taxes
-
Prepayments and accrued income
19,545
44,225
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Social security and other taxes
2,526
Accruals and deferred income
5,793
8,319
13.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
£
Within one year
2,540
Between one and five years
-
2,540		 Totals
£
72,505
9,940		 Totals
£
72,505
9,940
82,445
60,989
3,750
64,739
17,706
11,516
2022
£
24,115
1,620
9,880
35,615
2022
£
-
41,945
41,945
2022
£
-
7,620
7,620

continued...

Page 9

LITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

14. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1/7/22
£
121,191
121,191
Incoming
resources
£
380,916
380,916
At 1/7/21
£
83,248
83,248
Incoming
resources
£
374,318
374,318		 Net
movement
At
in funds
30/6/23
£
£
6,171
127,362
6,171
127,362
Resources
Movement
expended
in funds
£
£
(374,745)
6,171
(374,745)
6,171
Net
movement
At
in funds
30/6/22
£
£
37,943
121,191
37,943
121,191
Resources
Movement
expended
in funds
£
£
(336,375)
37,943
(336,375)
37,943		 At
30/6/23
£
127,362
127,362
37,943

continued...

Page 10

LITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023

15. EMPLOYEE BENEFIT OBLIGATIONS

The company operates defined contribution pension schemes on behalf of certain employees and directors. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions for the year amounted to £9,205 (2022 - £8,706).

16. RELATED PARTY DISCLOSURES

The charity is related to Lite (Stockport) Limited, a company incorporated in England, by virtue of a controlling interest held by the charity's director and company secretary who are connected by a family relationship.

The charity and limited company have made a joint tender to the Skills Funding Agency and note 4 of the financial statements includes the charity's income arising from this tender.

17. COMPANY LIMITED BY GUARANTEE

The Charity is a company Limited by Guarantee and has no share capital.

Page 11

LITE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

INCOME AND ENDOWMENTS
Investment income
Deposit account interest
Charitable activities
Skills Funding Agency
Other income
Other income
St Helens MBC
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pension contributions
Equipment rental
Rent and rates
Insurance
Light and heat
Telephone
Postage and stationery
Sundry expenses
Training expenses
Motor expenses
Computer support
Book-keeping charges
Repairs and renewals
Travel costs
Bank charges
Bad debts
Depreciation
Support costs
Management
Wages
Social security
Pension contributions
Equipment rental
Rent and rates
Insurance
Light and heat
Telephone
Postage and stationery
Sundry expenses
Motor expenses
Carried forward		 2023
£
234
361,464
16,556
378,020
2,662
380,916
158,018
10,319
8,285
459
10,456
426
2,964
5,193
2,413
5,054
76,166
6,666
12,438
380
2,339
252
1,309
3,197
3,375
309,709
50,193
4,370
920
51
1,162
47
329
577
268
562
741
59,220		 2022
£
11
341,387
30,258
371,645
2,662
374,318
122,238
7,067
7,433
227
11,190
430
2,632
4,681
1,751
2,496
104,998
4,490
8,210
160
1,778
432
1,158
2,098
2,796
286,265
37,457
2,896
1,273
25
1,243
48
292
520
195
278
499
44,726

This page does not form part of the statutory financial statements

Page 12

LITE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

Management
Brought forward
Computer support
Repairs and renewals
Travel costs
Bank charges
Depreciation
Governance costs
Accountancy fees
Total resources expended
Net income		 2023
£
59,220
1,382
260
28
145
375
61,410
3,626
374,745
6,171		 2022
£
44,726
912
198
48
129
311
46,324
3,786
336,375
37,943

This page does not form part of the statutory financial statements

Page 13