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Registered number: 06344761










SPECIALIST MOBILITY TRAINING LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SPECIALIST MOBILITY TRAINING LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 15


 
SPECIALIST MOBILITY TRAINING LIMITED
REGISTERED NUMBER: 06344761

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
27,279
56,535

Tangible assets
 6 
63,053
144,495

  
90,332
201,030

Current assets
  

Stocks
  
202,852
183,281

Debtors: amounts falling due within one year
 7 
602,852
1,138,789

Cash at bank and in hand
  
220,131
58,760

  
1,025,835
1,380,830

Creditors: amounts falling due within one year
 8 
(2,765,352)
(2,355,453)

Net current liabilities
  
 
 
(1,739,517)
 
 
(974,623)

Total assets less current liabilities
  
(1,649,185)
(773,593)

  

Net liabilities
  
(1,649,185)
(773,593)


Capital and reserves
  

Called up share capital 
 9 
1,300,400
1,300,400

Profit and loss account
  
(2,949,585)
(2,073,993)

  
(1,649,185)
(773,593)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.


A Blackwell
Director

The notes on pages 2 to 15 form part of these financial statements.

Page 1

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Specialist Mobility Training Limited ("the Company") (Company Number: 06344761) is a private company limited by shares incorporated in England and Wales. The registered office is C/O Marble Power Ltd, 1st Floor, 3 More London Place, London, SE1 2RE. The principal place of business is Unit D, Moreton Business Park, Moreton on Lugg, Hereford, HR4 8DS. The principal activity of the business during the year was that of the design, development and supply of specialist vehicles and equipment mainly for the defence industry and general garage services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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”) Section 1a - small entities, and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 

 
2.2

Going concern

The Company made a loss of £875,592 for the year ended 31 March 2024 (2023: loss £201,221) and the balance sheet showed net liabilities of £1,649,185 as at 31 March 2024 (2023: £773,593). The Company is expected to make a further loss in the year to 31 March 2025, but is expected to become profitable in the future periods, subject to the matters detailed below. 
The Company’s ultimate parent company is Liberty Steel Group Holdings Pte Ltd, a company incorporated in Singapore with the director of that company, Sanjeev Gupta, being the ultimate beneficial owner. 
On 8 March 2021, the Parent Group’s primary lender Greensill Capital (UK) Limited (“Greensill”) was put into administration. The Parent Group has now signed an updated framework agreement with parties responsible for the main creditors of Greensill, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited (“The Creditors”) and this is a major step in the Parent Group’s restructuring. Negotiations are ongoing on refinancing initiatives by the Parent Group. However, the Company has never had any direct relationship with or received any direct funding from Greensill, nor has it been party to any guarantees on those facilities and the Company’s operations have remained unaffected by the above matter. 
Since the year end, the Company has made various arrangements to consolidate and ultimately remove its intergroup balance positions and reliance on funding with the wider parent group. Further information is provided in the note 15, Post Balance Sheet Events. These actions have resulted in a positive net asset balance sheet position as at the date of the approval of the financial statements. 
The director has critically assessed the post year end trading results and the forecast trading and cash flows for the Company for the period to 31 March 2026. This has included carrying out stress testing of cash flows under various scenarios including various reductions in forecast trading activity and the timing and value of contracts with its key customer, which forms a major part of the Company’s trading performance. The resultant analysis shows that cash headroom is shown in most reasonably foreseeable scenarios but the Company is reliant upon receipt of outstanding receivables and the award of anticipated contracts from the key existing customer and suitable stage payment terms being negotiated to fund the working capital of the Company to enable contract completion. In addition, a limited number of services are provided to the Company by another Group Company. The Director has reviewed these and is satisfied that these could be readily obtained from elsewhere at similar cost in the event that the current provider is unable to continue to provide them. 
 
Page 2

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.2
Going concern (continued)


The director has concluded, providing the contracts are awarded in line with management’s expectations, that there are sufficient cash resources available for the Company to continue to trade and meet its debts and obligations as they fall due for a period of not less than 12 months from the approval of the financial statements. As detailed above, a material uncertainty exists which may cast significant doubt upon the ability of the Company to continue as a going concern without additional interim financial support from the parent group in the event that the award of those contracts or receipt of outstanding receivables is delayed or reduced in terms of anticipated value or suitable payment terms not agreed. The financial statements do not include the adjustments that would be necessary if the Company was unable to continue as a going concern. 
As detailed in note 10, on 14th May 2021 the Serious Fraud Office (SFO) announced an investigation into the suspected fraud, fraudulent trading and money laundering concerning the financing and conduct of business of companies within the Gupta Family Group Alliance (GFG) which included the ultimate parent company of the Company, including its financing arrangements with Greensill. As detailed therein, the outcome of the investigation cannot be reliably estimated or forecast and remains uncertain, but in the opinion of the director it is not expected to have a material impact on the ability of the Company to continue to trade for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sales of goods, other than those in relation to a long term contract, is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from the sales of goods under a long term contract is recognised in the period in which the contract costs are incurred in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of turnover can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably,  and;
• the costs incurred and the costs to complete the contract can be measured reliably. 
Any losses expected on any long term contracts are recognised in full when anticipated.
Turnover earned in excess of progress payments received are shown as Amounts recoverable on long term contracts included within debtors. Where progress payments received are in excess of turnover earned, these are shown as Payments on account within creditors. 

 
2.5

Goodwill

Goodwill represents the excess of the net fair value of assets acquired over the cost of the acquisition.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values on a straight line basis over their useful lives.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over the lives of the projects, which range from 5 to 8 years, according to the start dates of the projects.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 a straight line basis at the following rates:

Leasehold improvements
-
          3-10 Years
Plant and equipment
-
          3-10 Years

Assets under the course of construction are not depreciated.

  
2.8

Impairment of fixed assets

At each reporting date, the Company reviews the carrying amounts of its property, plant and equipment 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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value and is based on a weighted average basis. For work in progress and finished goods manufactured by the Company, cost is taken as production cost, which includes an appropriate proportion of attributable labour and overheads. 
Net realisable value is based on estimated selling price less further costs to completion and sale.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

 
2.10

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 its financial instruments.
 
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presents 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.



 
Page 5

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets
Basic financial assets, which include trade and other 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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 classified as debt, 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 payments 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. Amounts 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 costs using effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.11

Equity instruments

Equity instruments issued by the company are recorded at proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 
2.12

Current and deferred tax

Tax is recognised in profit or loss 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
Deferred tax liabilities are recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged to or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 

  
2.13

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 stocks or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

  
2.14

Retirement benefits

The pension costs for defined contribution benefit schemes are the contributions payable in the year.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in that period of the revision and future periods.
Critical judgements
The following judgements (apart from those involving estimations) have had the most significant effect on amounts recognised in the financial statements.
Impairment of tangible and intangible fixed assets
Determine whether there are indicators of impairment of the Company’s tangible and intangible fixed assets determining any resultant impairment charge. Factors taken into consideration in reaching such a decision and assessing any impairment charge include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit and potential net realisable value of the asset if sold on the open market. 
Going concern
Determine whether the basis of preparation of the financial statements as a going concern is appropriate considering the future performance and cash flows of the Company and other matters, as disclosed in note 2.2.
Key sources of estimation and uncertainty
key sources of estimation and uncertainty which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are:
i. Useful lives of property, plant and equipment
Management reviews the useful lives of property, plant and equipment on a regular basis. Any changes in estimates may affect the carrying amounts of the respective property, plant and equipment with a corresponding effect on the related depreciation charge.


 
Page 8

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Judgments in applying accounting policies (continued)

ii. Useful lives of intangible fixed assets
Management reviews the useful lives of intangible fixed assets, including goodwill and capitalised development costs, on a regular basis, taking into account the period over which the intangible asset is expected to generate future cash flows. Any changes in estimates may affect the carrying amounts of the asset with a corresponding effect on the related amortisation charge.
iii. Impairment Review and carrying value of tangible and intangible fixed assets 
At the year end the director has assessed the recoverable amount of fixed assets using assumptions on the likelihood and value of future contracts being won, future profitability, cash flows and discount rates, which are subject to uncertainty. The directors best estimate has been used to calculate the recoverable amount which is in excess of the carrying value of assets.
iv. Stock impairments and provisions
Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete inventories. Calculation of these estimates require judgements to be made, which include forecasting consumer demand, competitive and economic environment and inventory loss trends. This is regularly reviewed by the management on a regular basis.
v. Revenue recognition on long term contracts
Assessing the stage of completion of long term contracts for the supply of goods is subject to uncertainty in respect of the estimated costs to complete the contract, including expected materials and labour costs, and potential additional revenue to be received for additional costs incurred. Labour costs attributed to long term contracts are subject to estimates of time spent by employees working on the contract. 
vi. Deferred tax asset
The company assesses whether it is able, on the balance of probabilities, to recover any deferred tax assets through offsetting trade losses with future taxable profits. Factors taken into account include the predicted profitability of the company and the availability of taxable profits against which to offset tax losses.


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 14).

Page 9

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Intangible assets




Develop-ment expenditure
Goodwill
Total

£
£
£



Cost


At 1 April 2023
123,943
45,000
168,943


Additions - internal
580
-
580



At 31 March 2024

124,523
45,000
169,523



Amortisation


At 1 April 2023
74,366
38,042
112,408


Charge for the year on owned assets
24,788
5,048
29,836



At 31 March 2024

99,154
43,090
142,244



Net book value



At 31 March 2024
25,369
1,910
27,279



At 31 March 2023
49,577
6,958
56,535



Page 10

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Leasehold improve-ments
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
17,683
809,933
827,616


Additions
-
9,490
9,490



At 31 March 2024

17,683
819,423
837,106



Depreciation


At 1 April 2023
17,683
665,438
683,121


Charge for the year on owned assets
-
90,932
90,932



At 31 March 2024

17,683
756,370
774,053



Net book value



At 31 March 2024
-
63,053
63,053



At 31 March 2023
-
144,495
144,495


7.


Trade and other receivables

2024
2023
£
£


Trade debtors
29,683
34,193

Amounts owed by group and related undertakings
5,667
-

Other debtors
-
8,211

Prepayments and accrued income
23,639
43,854

Amounts recoverable on long-term contracts
543,863
1,052,531

602,852
1,138,789




Page 11

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Current liabilities

2024
2023
£
£

Trade creditors
64,368
414,649

Amounts owed to group and related undertakings
2,448,575
1,706,375

Other taxation and social security
46,822
145,904

Other creditors
3,884
3,884

Accruals and deferred income
201,703
84,641

2,765,352
2,355,453


Amounts owed to group and related undertakings have no fixed repayment date.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400 (2023 - 400) Ordinary shares of £1.00 each
400
400
1,300,000 (2023 - 1,300,000) Non-voting shares of £1.00 each
1,300,000
1,300,000

1,300,400

1,300,400

Each ordinary share has equal voting rights, rights to dividends declared, and distribution of assets on a winding up.
The non-voting shares rank in preference to the ordinary shares on a winding up, are redeembale at the option of the issuer with no fixed repayment date, and carry no dividend rights.


Page 12

 
SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Contingent liabilities

On 14 May 2021 the Serious Fraud Office (SFO) announced an investigation into suspected fraud, fraudulent trading and money laundering concerning the financing and conduct of business of companies within  the Gupta Family Group Alliance (GFG), which includes the ultimate parent company of the Company, including its financing arrangements with Greensill Capital (UK) Limited.
As at the date of the approval of the financial statements, the investigation is still live and is expected to be several years before it will reach a conclusion. The SFO have made requests for information relating to certain entities within the GFG Group and the GFG group is cooperating with these requests. The Company has not received any communication or visits from the SFO and has not had any direct dealings with Greensill Capital (UK) Limited. It has however historically received funding from its Parent Group during the period that certain Parent Group entities were financed through Greensill Capital (UK) Limited.
Entities within GFG group may be exposed to the risk of civil, criminal and regulatory actions and liabilities arising from any adverse findings coming from the SFO investigation, although the future direction nor outcome of the investigation and its impact including any liabilities arising on the Parent Group and the Company, if any, at present cannot be reliably estimated or forecast.
In the opinion of the director, the SFO investigation is not expected to have a material impact on the Company.


11.


Related party transactions

The Company made purchases of £96,828 (2023 - £80,778) from fellow group companies and was charged £228,804 (2023 - £129,549) in management charges and was charged interest of £132,002 (2023 - £40,389) on loans from related companies under common control of the ultimate controlling party during the period. The Company recognised sales of vehicles of £Nil (2023 - £203,096) to related companies under common control during the period. 


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,676 (2023: £28,090) . Contributions totalling £1,638 (2023: £2,520) were payable to the fund at the reporting date and are included in current liabilities.

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SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
85,250
30,875

Later than 1 year and not later than 5 years
123,500
123,500

Later than 5 years
28,302
59,177

237,052
213,552


14.


Controlling party

At the year end, the immediate parent company was Shiftec (Leamington) Limited, a company incorporated in the United Kingdom. Post year end, the immediate parent company became Liberty Defence: Dynamics Limited.
At 31 March 2024, and subsequent to the change of immediate parent company, the ultimate holding company is Liberty Steel Group Holdings Pte Ltd, a company registered in Singapore. 
The largest and smallest groups in which the results of the company may be consolidated are headed by Liberty Steel Group Holdings Pte Ltd and Liberty Engineering Group Pte Ltd respectively. It is currently uncertain when consolidated financial statements will be prepared for either entity.
The ultimate controlling party is S K Gupta


15.


Post balance sheet events

Post year end, the Company has received a further working capital loan from C S Management Limited, a company under common control, of £100,000.
The Company and its inter-company loan creditors have subsequently entered into various further debt transfer arrangements with companies within the ultimate parent group in order to consolidate its inter-group loan position. 
Following the completion of the above, other than sundry trade balances with certain group entities which are subject to normal credit terms, the Company has no other inter-company debt or creditor funding balances.
The Company was transferred to a new intermediate parent entity of the ultimate parent, Liberty Defence: Dynamics Limited and balances arising as result of the debts restructuring above were capitalised and 2,418,385 ordinary shares of £1 were issued to the new immediate parent entity at par.

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SPECIALIST MOBILITY TRAINING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

Emphasis of matter - ongoing investigation by the Serious Fraud Office
Attention was drawn to note 10 of the financial statements, which describes the Serious Fraud Office (SFO) ongoing investigation into companies within the Gupta Family Group Alliance (GFG) which includes the ultimate parent company of the Company. Our opinion was not modified in respect of this matter.
Material uncertainty related to going concern
Attention was drawn to note 2.2 in the financial statements, which indicates the director’s consideration of going concern. This includes a reliance on the receipt of outstanding receivables and award of contracts with its key customer, which forms a major part of the Company’s trading performance, and suitable stage payment terms being negotiated on new contracts to fund the working capital of the Company to enable contract completion. As stated in note 2.2, these events or conditions indicate that a material uncertainty exists which may cast doubt upon the ability of the Company to continue as a going concern without additional interim financial support from the parent group in the event that the receipt of outstanding receivables or award of those contracts is delayed or reduced in terms of anticipated value or suitable payment terms not agreed. Our opinion was not modified in respect of this matter. 

The audit report was signed on 13 March 2025 by Tobias Stephenson BA ACA (Senior Statutory Auditor) on behalf of MHA.

 
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