Company registration number 04097204 (England and Wales)
FIREBRAND TRAINING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
FIREBRAND TRAINING LIMITED
COMPANY INFORMATION
Directors
R P Chapman
S Capaldo
G D MacLeod
G S M Gaddes
J C Preston-Taylor
P R Rowlett
Secretary
G D MacLeod
Company number
04097204
Registered office
27 Old Gloucester Street
London
WC1N 3AX
Auditor
S&W Partners Audit Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
FIREBRAND TRAINING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 21
FIREBRAND TRAINING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 August 2024.    

Fair review of the business

The company previously changed its year end to 31 August to align with their parent company and is therefore presenting its first full year accounts with the new year end, for the year ended 31 August 2024. Year on year comparisons are distorted not only by the change in accounting period, but also by the period not including the business’ peak period of seasonality from September to December. Revenue declined on a comparable basis due to the company’s decision to withdraw from the Skills Bootcamp programme in February 2024 due to challenges with the placement of learners into employment after they had completed the training programme. Revenue from continuing operations increased by 5% on a comparable basis.

The business continued to carefully monitor its cost base in line with adjusted activity levels, and was able to take advantage of synergies following its acquisition by the BPP Education Group, improving profitability on continuing operations by over 100% on a like-for-like basis by integrating and restructuring the Apprenticeships operations, whilst continuing to ensure that the quality of its training provision remains high.

Financial risk management objectives

The company draws its revenues from a broad base of customers and there is no concentrated or specific risk in one customer cancelling orders or ceasing to trade.

The company monitors its sales and delivery of courses closely, ensuring that courses are run on an economic basis whilst meeting the company's revenue and volume targets.

The company has a relatively flexible cost model and is able to respond to changes in demand as soon as they are identified.

Cash collections are constantly monitored and the majority of customer payments are received in advance of course attendance. The company carefully monitors credit terms and ensures that it is not overexposed to any particular customer, minimising the risk of bad debt.

The company has built a strong pipeline of business and is able to respond quickly to changes in demand.

Key Risks faced by the company aside from those identified under Financial Risk management include:

 

FIREBRAND TRAINING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Future developments

The year ending 31 August 2025 has seen continued growth in apprenticeship starts, and the commercial business continues to operate successfully.

Our cost base continues to be reviewed and opportunities for group wide synergies explored, in order to ensure the sustainable profitability of the company.

Financial

Turnover was down compared with the previous year by 17% in 2024 at £20.3m compared to £24.5m for a comparable period in 2023. (Note: Profit and Loss account shows 2023 turnover as £16.2m, for the eight-month period ended August 2023. As noted earlier, the decline was due to withdrawal from the Skills Bootcamp programme in February 2024).

 

Revenue from continuing operations increased by 5% in 2024 at £18.5m compared to £17.5m for a comparable period in 2023. (Note: Profit and Loss account shows turnover as £11.6m for the eight-month period ended August 2023).

 

Administrative costs decreased by 7% at £13.3m for the year compared to £14.3m in 2023. (Note: Profit and loss account shows £9.5m for the eight-month period ended August 2023). Administrative costs for continuing operations increased by 3% at £11.9m compared to £11.6m in 2023. (Note: Profit and loss account shows £7.7m for the eight-month period ended August 2023)’

 

Net Operating profit before exceptional items reduced to 2.8% of turnover compared to 6.7% for the eight months ended August 2023 due to the withdrawal from the Bootcamps programme, but increased to 3.4% of turnover compared to 1.6% for continuing operations.

Employees

Our success is dependent on employing people of the highest calibre and creating a work environment in which they can excel.

We achieve this by:

 

In addition, the importance of operating with integrity, openness and respect is recognised by:

 

            

The company places a high priority on providing an excellent level of both technical and soft skills training to its staff at all levels, and seeks to develop, where possible, staff through challenging work experiences including secondments through our overseas network of offices.

The employees of the Company are kept well informed of the performance and objectives of the company through staff briefings, monthly company conference calls, quarterly Group updates, and annual company meetings, and other communication channels including email and team meetings.

Employees are given the opportunity to develop and progress according to ability, irrespective of their race, creed, sex, marital status and age.

FIREBRAND TRAINING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
The company actively encourages the involvement of its staff, and regular meetings between company and team management and employees to allow a free flow of information and ideas. The company also conducts twice yearly employee feedback surveys, as well as encouraging feedback in regular daily, weekly and monthly team meetings, which is shared by senior management on a weekly basis.

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person and to provide training and career development and promotion to disabled employees wherever appropriate.
Environment

The company acknowledges it has a duty to minimise its environmental impact, most of which is generated through the occupation of buildings, business travel of its employees and the generation of training documentation. The company has always taken its environmental responsibilities seriously and we have already put in place many environmental initiatives. We are committed to monitoring our environmental impact and looking for ways to reduce it focusing on those areas where the greatest impact can be be made. We will also endeavour to work with and influence our suppliers and business partners now and into the future.

Our aims:

 

The trading results for the year and the company's financial position at the end of the year are shown in the attached financial statements.

On behalf of the board

G D MacLeod
Director
29 May 2025
FIREBRAND TRAINING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities
The principal activity of the company during the period was the provision of IT training and related services.
Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R P Chapman
S Capaldo
G D MacLeod
G S M Gaddes
J C Preston-Taylor
P R Rowlett
Auditor

S&W Partners Audit Limited (previously CLA Evelyn Partners Limited) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and future developments.

FIREBRAND TRAINING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
G D MacLeod
Director
29 May 2025
FIREBRAND TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIREBRAND TRAINING LIMITED
- 6 -
Opinion

We have audited the financial statements of Firebrand Training Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

FIREBRAND TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIREBRAND TRAINING LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

FIREBRAND TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIREBRAND TRAINING LIMITED (CONTINUED)
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Keir Singleton
Senior Statutory Auditor
For and on behalf of S&W Partners Audit Limited
29 May 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
FIREBRAND TRAINING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Year
Period
ended
ended
Continuing
Discontinued
31 August
Continuing
Discontinued
31 August
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
18,449,818
1,821,559
20,271,377
11,649,230
4,585,547
16,234,777
Cost of sales
(6,953,488)
(492,290)
(7,445,778)
(4,435,870)
(1,830,495)
(6,266,365)
Administrative expenses
(11,840,357)
(1,386,786)
(13,227,143)
(7,703,186)
(1,843,136)
(9,546,322)
Other operating income
967,950
-
0
967,950
673,764
-
0
673,764
Operating profit
4
623,923
(57,517)
566,406
183,938
911,916
1,095,854
Interest receivable and similar income
8
4,456
-
0
4,456
-
0
-
0
-
0
Interest payable and similar expenses
9
-
0
-
0
-
0
(3)
-
0
(3)
Profit before taxation
628,379
(57,517)
570,862
183,935
911,916
1,095,851
Tax on profit
10
(152,698)
14,379
(138,319)
(8,133)
(227,979)
(236,112)
Profit for the financial year
475,681
(43,138)
432,543
175,802
683,937
859,739
Retained earnings brought forward
1,510,663
650,924
Retained earnings carried forward
1,943,206
1,510,663
FIREBRAND TRAINING LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
308,368
132,078
Tangible assets
13
156,076
228,454
464,444
360,532
Current assets
Stocks
14
135,515
213,494
Debtors
15
5,446,428
7,102,414
Cash at bank and in hand
667,447
1,600,621
6,249,390
8,916,529
Creditors: amounts falling due within one year
16
(4,729,835)
(7,693,318)
Net current assets
1,519,555
1,223,211
Total assets less current liabilities
1,983,999
1,583,743
Provisions for liabilities
Deferred tax liability
17
40,693
72,980
(40,693)
(72,980)
Net assets
1,943,306
1,510,763
Capital and reserves
Called up share capital
19
90
90
Capital redemption reserve
10
10
Profit and loss reserves
1,943,206
1,510,663
Total equity
1,943,306
1,510,763

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
G D MacLeod
Director
Company registration number 04097204 (England and Wales)
FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
1
Accounting policies
Company information

Firebrand Training Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Old Gloucester Street, London, WC1N 3AX.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bright Topco Limited. These consolidated financial statements are available from its registered office, BPP House, Aldine Place, 142-144 Uxbridge Road, London, Greater London, W12 8AA.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The current reporting period is a year. The prior reporting period was for the 8 months ended 31 August 2023, as such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. The reason for shortening the period is to align the accounting period with other companies in the group.

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rendering of services

Revenue arises from the provision of stand-alone residential training courses and training under government-backed apprenticeships and bootcamps, and the associated course materials and assessment fees.

 

Revenue for stand-alone courses is recognised when the delegate completes the course.

 

Revenue for apprenticeships and bootcamps is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.

 

Other operating income

Other operating income consists of management charges receivable from entities trading under the Firebrand brand overseas, and is recognised proportionally as the services are provided over the agreed period.

1.5
Intangible fixed assets other than goodwill

Intangible assets, representing qualifying computer software, are recognised at cost less accumulated amortisation and any impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
33.3% straight line basis
Development Costs
33.3% straight line basis
Course Development
33.3% straight line basis
1.6
Tangible fixed assets

Tangible fixed assets are 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 period of the lease
Computer equipment
33.3% straight line basis
Fixtures, fittings & equipment
15% or 25% reducing balance basis

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.

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).

1.8
Stocks

Stocks represent course books and exam vouchers held for use on future courses, and are stated at the lower of cost and estimated selling price less costs to complete and sell, after making allowances for obsolete items.

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable, including those made to fellow group companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 end 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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.

Basic financial liabilities

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

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally 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.

 

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 period when the liability is settled or the asset is realised.

 

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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 leases asset are consumed.

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 and 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 the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recognition of revenue on apprenticeships

Recognition of revenue in relation to government-backed apprenticeships requires judgement regarding the most appropriate pattern of revenue recognition, in the context of a changing funding environment. Following the introduction of the Levy, apprenticeship income has been invoiced more evenly over the period of the apprenticeship, with a significant amount being receivable on the successful completion of the apprenticeship. The directors have adjudged it appropriate to recognise Revenue across the duration of the Apprenticeship as and when fundable activities are performed, which includes initial and ongoing administration and support activities, delivery of training courses, and the End Point Assessments which mark the completion of the Apprenticeship.

Recognition of revenue on bootcamps

Similar to Government-backed Apprenticeships, recognition of revenue in relation to the Skills Bootcamps programmes also requires judgment regarding the most appropriate pattern of revenue recognition. Bootcamp revenue is invoiced in three instalments subject to learners achieving certain milestones, including evidence of completion of learning and job outcomes. These milestones may occur after the company has performed the fundable activities and the directors have therefore judged it appropriate to recognise the first 90% of revenue in line with the delivery of the programmes, subject to the learners having completed the programme satisfactorily. Due to the relatively short nature of the programmes, this does not lead to a significant risk of material misstatement. The final 10% instalment, which is only receivable when job outcome is confirmed, is recognised when invoiced.

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Non-apprenticeship course income
9,506,919
5,638,477
Apprenticeship and bootcamp course income
10,764,458
10,358,678
Other income
-
237,622
20,271,377
16,234,777
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,360,632
15,665,371
Europe
510,316
199,717
Rest of the world
400,429
369,689
20,271,377
16,234,777
2024
2023
£
£
Other revenue
Interest income
4,456
-
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
8,047
(5,120)
Depreciation of owned tangible fixed assets
106,235
62,796
Amortisation of intangible assets
155,994
49,409
Operating lease charges
26,717
173,902
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
42,996
39,704
FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Apprenticeships
77
109
Customer Services
4
4
Directors
3
3
Education & Technology
16
19
Finance
10
11
Instructors
12
11
Marketing
8
10
Operations
9
6
Sales
28
39
Total
167
212

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,805,029
6,150,361
Social security costs
873,438
621,543
Pension costs
232,533
151,773
10,911,000
6,923,677
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
107,747
73,892
Company pension contributions to defined contribution schemes
10,764
6,967
118,511
80,859

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2023 - 1).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,456
-
0
FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
3
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
170,456
180,988
Adjustments in respect of prior periods
-
0
43,641
Total current tax
170,456
224,629
Deferred tax
Origination and reversal of timing differences
(32,137)
11,483
Total tax charge
138,319
236,112

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
570,862
1,095,851
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.78%)
142,716
249,611
Tax effect of expenses that are not deductible in determining taxable profit
742
2,194
Group relief
(5,868)
(10,011)
Permanent capital allowances in excess of depreciation
-
0
(540)
Depreciation on assets not qualifying for tax allowances
729
2,863
Deferred tax adjustments in respect of prior years
-
0
(8,005)
Taxation charge for the period
138,319
236,112
11
Discontinued operations

In February 2024 the business took the decision to withdraw from the DfE Skills Bootcamp programme due to concerns around the financial viability of the programme, having suspended new starts in November 2023.

FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
12
Intangible fixed assets
Software
Development Costs
Course Development
Total
£
£
£
£
Cost
At 1 September 2023
241,227
70,595
-
0
311,822
Additions
5,000
31,850
295,434
332,284
At 31 August 2024
246,227
102,445
295,434
644,106
Amortisation and impairment
At 1 September 2023
156,470
23,274
-
0
179,744
Amortisation charged for the year
49,579
21,591
84,824
155,994
At 31 August 2024
206,049
44,865
84,824
335,738
Carrying amount
At 31 August 2024
40,178
57,580
210,610
308,368
At 31 August 2023
84,757
47,321
-
0
132,078

The amortisation on intangible assets is included within administrative expenses.

13
Tangible fixed assets
Leasehold improvements
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023
113,983
1,367,879
138,032
1,619,894
Additions
20,684
8,455
4,718
33,857
At 31 August 2024
134,667
1,376,334
142,750
1,653,751
Depreciation and impairment
At 1 September 2023
102,599
1,181,256
107,585
1,391,440
Depreciation charged in the year
3,730
94,187
8,318
106,235
At 31 August 2024
106,329
1,275,443
115,903
1,497,675
Carrying amount
At 31 August 2024
28,338
100,891
26,847
156,076
At 31 August 2023
11,384
186,623
30,447
228,454
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
135,515
213,494
FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,936,672
3,252,645
Amounts owed by group undertakings
111,925
91,588
Other debtors
295,502
621,468
Prepayments and accrued income
2,102,329
3,136,713
5,446,428
7,102,414
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
925,767
974,240
Corporation tax
19,384
137,779
Other taxation and social security
370,924
1,026,318
Other creditors
50,722
138,850
Accruals and deferred income
3,363,038
5,416,131
4,729,835
7,693,318
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
44,171
77,831
Retirement benefit obligations
(3,478)
-
Pension contributions
-
(4,851)
40,693
72,980
2024
Movements in the year:
£
Liability at 1 September 2023
72,980
Credit to profit or loss
(32,287)
Liability at 31 August 2024
40,693
FIREBRAND TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
232,533
151,773

Included within other creditors are amounts of £29,936 (2023 - £42,474) relating to defined contribution pension commitments.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
20
Financial commitments

At the reporting end date the company had outstanding commitments for future minimum payments under non-cancellable contracts, which fall due as follows:

2024
2023
£
£
Within one year
2,336,943
2,292,854
Between two and five years
5,638,136
7,010,829
7,975,079
9,303,683
21
Related party transactions

Transactions entered into between two or more wholly owned members of a group have not been disclosed in accordance with FRS 102 33.1A.

22
Ultimate controlling party

The results of Firebrand Training Limited are consolidated into the accounts of Bright Topco Limited. The accounts of Bright Topco Limited are available at their registered address, BPP House, Aldine Place, 142-144 Uxbridge Road, Greater London, England.

 

The immediate parent Company is Softech UK Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales.

 

The ultimate parent of the Company is Bright Holdings S.a.r.l. (registered in Luxembourg) and the ultimate controlling party is a group of investment funds managed by TDR Capital LLP (registered in the UK).

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