REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
GK APPRENTICESHIPS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
GK APPRENTICESHIPS LIMITED |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GK APPRENTICESHIPS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
GK Apprenticeships Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 section 1A, the Financial Reporting Standard applicable in the UK and the Republic of Ireland an the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. |
The following principal accounting policies have been applied: |
Going concern |
In November 2023, the closure of GK Apprenticeships Limited was announced, the business closure is expected to be completed by January 2025. As a result the financial statements have been prepared on a basis other than going concern. The overall financial effect of closure cannot be reliably estimated at this time. |
Turnover |
Turnover represents amounts receivable, exclusive of VAT, for services delivered to customers in the period. These services are in relation to apprenticeship funding amounts, which the company is entitled to in accordance with agreed funding arrangements, which is recognised over the period of the services. Turnover also includes the recharge of some third party costs incurred directly as part of a service delivery. These recharges are made at cost. |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation |
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, using the straight line method. The estimated useful lives range is as follows: |
Fixtures, fittings and equipment | - | 3 years |
Computer equipment | - | 3 years |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the statement of comprehensive income. |
Financial instruments |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
The company's cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that: |
- | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. |
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions are charged to the statement of comprehensive income as they become payable in accordance with the rules of the scheme. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
GK APPRENTICESHIPS LIMITED (REGISTERED NUMBER: 05396270) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
Ordinary shares of £1 each | £ | £ |
'A' ordinary shares of £1 each | 2 | 2 |
'B' ordinary shares of £1 each | 1 | 1 |
'C' ordinary shares of £1 each | 1 | 1 |
'D' ordinary shares of £1 each | 1 | 1 |
5 | 5 |
All shares rank pari passu for the purposes of participation in the profits of the company. Holders of A, B and C class shares are not entitled to attend general meetings nor share in capital distribution in the case of a capital reduction or return of assets. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, conferred by Financial Reporting Standard 102 Section 1AD.51 "Other related party disclosures" not to disclose related party transactions with members of the Skillsoft Corp. group on the grounds that 100% of the voting rights in the company are controlled within that group and the company is included in the consolidated financial statements. |
10. | POST BALANCE SHEET EVENTS |
In November 2023, the closure of GK Apprenticeships Limited was announced, the business closure is expected to be completed by January 2025. The overall financial effect of closure cannot be reliably estimated at this time. |
11. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary of Global Knowledge Networking Training Limited which is the immediate parent company. The director considers the ultimate parent undertaking and controlling party at the period end date to be Skillsoft Corp. which is listed on the New York Stock Exchange (the "NYSE") under the ticker symbol "SKIL". |
The smallest group in which the results of the company are consolidated is that headed by Global Knowledge Network Training Limited. The address of Global Knowledge Network Training Limited's registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX. |