Company registration number 06428976 (England and Wales)
HIGH SPEED TRAINING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HIGH SPEED TRAINING LIMITED
COMPANY INFORMATION
Directors
Mr D A Jordan
Ms L Newton
Mr A Khan
Company number
06428976
Registered office
Riverside Business Park, Dansk Way
Leeds Road
Ilkley
West Yorkshire
LS29 8JZ
Auditor
BHP LLP
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
HIGH SPEED TRAINING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
HIGH SPEED TRAINING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business review and key performance indicators

The company tracks turnover, gross profit margin and profit before taxation as its key performance indicators, and these are presented below:

| YE 31/12/24 | YE 31/12/23 | Change £m | Change %
Turnover | £17.0m | £15.6m | £1.4m | 9%
Gross Profit Margin | 56.9% | 59.2% | -2.3% | -
Profit before Taxation | £3.6m | £3.0m | £0.6m | 20%

The year ending 31 December 2024 marked another year of strong business performance. The group achieved strong sales growth and healthy profit levels during the period and remains committed to delivering industry-leading training that makes learning and compliance straightforward, simple, and engaging.

Being under employee ownership enables the group to continue operating in accordance with its core values, which have led to its success to date. Against this backdrop, the directors are committed to retaining their investment in colleagues and technology to support the continued growth and success of the business.

The company continues to release new courses to meet changing customer needs while maintaining its programme of rolling improvement to the existing catalogue to ensure customers have access to a high standard of product that meets and exceeds their expectations.

During the year, we were proud to win the Royal Society for the Prevention of Accidents (RoSPA) First Class E-learning Provider Award for the second consecutive year and become the first online provider to receive the City & Guilds Assured Benchmark, validating our commitment to excellence.

Business impact and force for good

The company is committed to positively impacting our customers, colleagues, communities, and planet. In 2023, the group was recognised as a certified B Corporation, achieving an initial impact score significantly higher than the qualification standard. The directors remain committed to the values of the B Corp movement and to ensuring the business is a force for good.

We continue to develop charitable partnerships that enable positive impact, and we provide our colleagues with five days of paid volunteering leave per year. In 2024, we donated over £90,000 to good causes, and our colleagues have volunteered over 850 hours of their time. We are proud of this work and its positive impact on communities and customers.

Our people are the heart of our business, and the company was awarded 2* outstanding employee engagement and was voted:

- 4th in the Top 25 Best Companies in Education & Training

- 16th in the Top 75 Best Companies in Yorkshire & The Humber

- 29th in the Top 100 Best Medium-Sized Companies to work for in the UK

HIGH SPEED TRAINING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The directors believe the following risks are key to the business's future success.

Company-specific risks

The directors believe that the key success factors for future company performance are customer satisfaction and the attraction and retention of high-quality people. Under a backdrop of excellent customer reviews and outstanding colleague engagement, we are well placed to do this and are committed to maintaining these positions.

Financial risks

Liquidity and cash flow risk

Management monitors the group’s cash flow regularly, including forecasting future cash flows. Prudent cash levels are maintained at all times.

Credit risk

The company is exposed to credit risk related to customer invoices. Debtors are proactively managed, and the level of bad debt remains low. Many sales are completed immediately, mitigating the overall impact of credit risk.

Interest rate risk

The group has minimal exposure to interest rate risk due to the nature of its financing.

Other risks

Cyber risk

As an online business, a cyber incident or data breach could significantly impact the company’s ability to do business. The group is GDPR compliant and has appropriate technical and operational measures in place. We have elected to appoint a data protection specialist and DPO, and all colleagues receive induction and annual refresher training regarding data protection laws and procedures. The group has Cyber Essentials accreditation and specialist cyber insurance.

Other risks

As a technology business, we acknowledge the advancement of AI technology. We have developed an AI Ethical Charter that addresses emerging risks around data privacy, algorithmic transparency and ethical implementation. The group believes that embracing AI advancement in line with this measured approach leaves it well placed to respond to this risk.

Future developments

The directors are committed to investing in the business to achieve long-term, sustainable growth. The business focus will remain on providing excellent service and a first-class product, underpinned by a continued commitment to excellent colleague engagement and maintaining its status as an accredited B-Corp.

On behalf of the board

Ms L Newton
Director
13 June 2025
HIGH SPEED TRAINING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of supply of online training courses.

Results and dividends

The results for the year are set out on page 8.

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:

Mr D A Jordan
Ms C L Urey
(Resigned 30 April 2024)
Ms L Newton
Mr C Unsworth
(Resigned 29 February 2024)
Mr A Khan
Auditor

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the company 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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

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.

HIGH SPEED TRAINING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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
Ms L Newton
Mr A Khan
Director
Director
13 June 2025
HIGH SPEED TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH SPEED TRAINING LIMITED
- 5 -
Opinion

We have audited the financial statements of High Speed Training Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HIGH SPEED TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH SPEED TRAINING LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 intend 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

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 director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Chris Neale (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
13 June 2025
HIGH SPEED TRAINING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,032,554
15,621,936
Administrative expenses
(13,445,094)
(12,601,393)
Other operating income
3,552
4,167
Operating profit
4
3,591,012
3,024,710
Interest receivable and similar income
7
22,363
11,443
Interest payable and similar expenses
8
(120)
518
Profit before taxation
3,613,255
3,036,671
Tax on profit
9
(904,372)
(743,912)
Profit for the financial year
2,708,883
2,292,759

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HIGH SPEED TRAINING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
130,002
101,875
Current assets
Debtors
12
2,823,522
2,738,464
Cash at bank and in hand
2,402,520
1,907,286
5,226,042
4,645,750
Creditors: amounts falling due within one year
13
(1,957,741)
(1,523,564)
Net current assets
3,268,301
3,122,186
Total assets less current liabilities
3,398,303
3,224,061
Provisions for liabilities
Deferred tax liability
14
29,000
13,641
(29,000)
(13,641)
Net assets
3,369,303
3,210,420
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
3,369,203
3,210,320
Total equity
3,369,303
3,210,420

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 13 June 2025 and are signed on its behalf by:
Ms L Newton
Mr A Khan
Director
Director
Company registration number 06428976 (England and Wales)
HIGH SPEED TRAINING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
4,193,765
4,193,865
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,292,759
2,292,759
Dividends
10
-
(1,482,259)
(1,482,259)
EOT contributions
-
(1,793,945)
(1,793,945)
Balance at 31 December 2023
100
3,210,320
3,210,420
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,708,883
2,708,883
EOT contributions
-
(2,550,000)
(2,550,000)
Balance at 31 December 2024
100
3,369,203
3,369,303
HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

High Speed Training Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside Business Park, Dansk Way, Leeds Road, Ilkley, West Yorkshire, LS29 8JZ.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

- The company has taken exemption conferred by paragraph 33.1.A of FRS 102 not to disclose transactions with its wholly owned subsidiaries.

The financial statements of the company are consolidated in the financial statements of High Speed Training Holdings Limited. These consolidated financial statements are available from its registered office, Riverside Business Park Dansk Way, Leeds Road, Ilkley, England, LS29 8JZ.

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the provision of learning content is recognised when the significant risks and rewards of ownership of the content has passed to the buyer (usually once access to the online content is granted to the buyer), 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.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold improvements
20% on cost
Office equipment
33% on cost

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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, bank loans, loans from fellow group companies and preference shares that 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 s ubsequently 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 th r ough 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.

1.9
Equity instruments

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

1.10
Taxation

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

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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. Such assets and liabilities are not recognised if the timing difference 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 period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
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.

1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Supply of online training courses
17,032,554
15,621,936
2024
2023
£
£
Other revenue
Interest income
22,363
11,443
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
15,435
4,357
Research and development costs
121,776
145,383
Fees payable to the company's auditor for the audit of the company's financial statements
27,667
24,022
Depreciation of owned tangible fixed assets
77,512
78,899
Loss on disposal of tangible fixed assets
2,273
9,577
Operating lease charges
61,925
71,352
5
Employees

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

2024
2023
Number
Number
109
108
HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,983,030
4,987,841
Social security costs
545,146
534,958
Pension costs
509,797
440,200
6,037,973
5,962,999
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
606,294
688,443
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
242,045
219,003
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
22,363
11,443
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
120
(518)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
889,013
759,311
Adjustments in respect of prior periods
-
0
5,590
Total current tax
889,013
764,901
HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
15,359
(20,989)
Total tax charge
904,372
743,912

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
3,613,255
3,036,671
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
903,314
714,225
Tax effect of expenses that are not deductible in determining taxable profit
1,237
25,431
Adjustments in respect of prior years
-
0
5,590
Effect of change in corporation tax rate
-
0
(1,242)
Permanent capital allowances in excess of depreciation
-
0
(109)
Rounding
(1)
17
Movement in deferred tax not recognised
(178)
-
0
Taxation charge for the year
904,372
743,912
10
Dividends
2024
2023
£
£
Interim paid
-
0
1,482,259
HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Tangible fixed assets
Leasehold improvements
Office equipment
Total
£
£
£
Cost
At 1 January 2024
97,765
303,584
401,349
Additions
5,640
106,922
112,562
Disposals
-
0
(78,188)
(78,188)
At 31 December 2024
103,405
332,318
435,723
Depreciation and impairment
At 1 January 2024
92,705
206,769
299,474
Depreciation charged in the year
4,483
73,029
77,512
Eliminated in respect of disposals
-
0
(71,265)
(71,265)
At 31 December 2024
97,188
208,533
305,721
Carrying amount
At 31 December 2024
6,217
123,785
130,002
At 31 December 2023
5,060
96,815
101,875
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
557,969
475,859
Amounts owed by group undertakings
2,101,719
2,116,533
Other debtors
13,178
8,638
Prepayments and accrued income
150,656
137,434
2,823,522
2,738,464

Amounts due from group undertakings are interest free and repayable on demand.

13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
242,237
51,420
Corporation tax
466,569
319,386
Other taxation and social security
649,011
536,097
Other creditors
64,130
83,411
Accruals and deferred income
535,794
533,250
1,957,741
1,523,564
HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
29,000
13,641
2024
Movements in the year:
£
Liability at 1 January 2024
13,641
Charge to profit or loss
15,359
Liability at 31 December 2024
29,000

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
509,797
440,200

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting date, included within other creditors, are unpaid pension contributions of £nil (202 3: £39,662).

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
17
Operating lease commitments
As lessee

[Further information as appropriate]

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Operating lease commitments
(Continued)
- 21 -

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

2024
2023
£
£
Within 1 year
42,340
32,005
Years 2-5
15,769
-
0
58,109
32,005

The operating leases represent leases [of XXX] to third parties. The leases are negotiated over terms of [XX-YY] years and rentals are fixed for [XX-YY] years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

[Further information as appropriate]

18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Other related parties
5,268
26,279
Other information

High Speed Training Limited (the Company) is indirectly owned by an Employee Ownership Trust (EOT).

During the year, the Company made cash contributions directly to the EOT. These contributions were made to support the ongoing obligations of the EOT, including the repayment of debt incurred in acquiring shares in High Speed Training Holdings Limited (the Parent).

The Parent itself did not receive or control the contributed funds and did not incur any liabilities in respect of these contributions. As such, no amounts have been recognised in its financial statements in relation to the contributions.

Management has considered the substance of the arrangement and concluded that the contributions represent a transaction between the Company and the EOT. Therefore this transaction does not appear in the Parent company’s financial statement in accordance with Section 2 and Section 33 of FRS 102.

19
Directors' transactions

Dividends totalling £0 (2023 - £1,482,259) were paid in the year in respect of shares held by the company's directors.

Directors' loan account balance in 202 4 totalled £nil (202 3: nil).

HIGH SPEED TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Ultimate controlling party

The immediate parent undertaking and the ultimate parent undertaking is High Speed Training Holdings Limited, a company registered in England and Wales. The ultimate controlling party is the Employee Ownership Trust.

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