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Registered number: 14664582









SkyPeople Training Limited









Financial statements

Information for filing with the registrar

For the year ended 31 December 2024

 
SkyPeople Training Limited
Registered number: 14664582

Balance Sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
224,482
191,328

Tangible assets
 5 
6,286
1,518

  
230,768
192,846

Current assets
  

Debtors: amounts falling due within one year
 6 
160,663
209,869

Cash at bank and in hand
 7 
270,310
136,606

  
430,973
346,475

Creditors: amounts falling due within one year
 8 
(479,681)
(513,273)

Net current liabilities
  
 
 
(48,708)
 
 
(166,798)

Total assets less current liabilities
  
182,060
26,048

Provisions for liabilities
  

Deferred tax
  
(1,551)
-

  
 
 
(1,551)
 
 
-

Net assets
  
180,509
26,048


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
180,508
26,047

  
180,509
26,048


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Bermingham
Director

Date: 21 July 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
SkyPeople Training Limited
Registered number: 14664582
    
Balance Sheet (continued)
As at 31 December 2024


Page 2

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

1.


General information

SkyPeople Training Limited is a private company limited by share capital. It is both incorporated and domiciled in England and Wales. The address of its registered office is Brunel House, 1 Thorp Road, Newton Heath, Manchester, M40 5BJ. 
The principal activity of the company is that of an aviation training provider.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion.
The Company has a profit before tax of £156.599 (
2023: £25,460) and net assets totalling £148,505 (2023: £26,048) at 30 December 2024.
The Company currently meets its working capital requirements through its cash balances and credit facilities.
Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade
through the next 12 month period.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 December 2024 on a going
concern basis and there will be no adverse effect on solvency for more than 12 months after the date of
approval of the financial statements

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 3

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue from delivery of training services is recognised once the training has been delivered to the customer, 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 cost incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 50 (2023 - 40).

Page 6

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

4.


Intangible assets




Trademarks
Negative goodwill
Total

£
£
£



Cost


At 1 January 2024
269,379
(120,184)
149,195



At 31 December 2024

269,379
(120,184)
149,195



Amortisation


At 1 January 2024
17,959
(60,092)
(42,133)


Charge for the period
26,938
(60,092)
(33,154)



At 31 December 2024

44,897
(120,184)
(75,287)



Net book value



At 31 December 2024
224,482
-
224,482



At 31 December 2023
251,420
(60,092)
191,328



Page 7

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2024
-
240
1,399
1,639


Additions
3,662
1,111
986
5,759



At 31 December 2024

3,662
1,351
2,385
7,398



Depreciation


At 1 January 2024
-
4
117
121


Charge for the period
181
172
638
991



At 31 December 2024

181
176
755
1,112



Net book value



At 31 December 2024
3,481
1,175
1,630
6,286



At 31 December 2023
-
236
1,282
1,518


6.


Debtors

2024
2023
£
£


Trade debtors
139,749
147,994

Amounts owed by group undertakings
12,654
-

Other debtors
-
60,092

Prepayments and accrued income
8,260
1,196

Deferred taxation
-
587

160,663
209,869


Page 8

 
SkyPeople Training Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
270,310
136,606

Less: bank overdrafts
(584)
-

269,726
136,606



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
584
-

Trade creditors
2,460
6,228

Amounts owed to group undertakings
366,901
393,747

Other taxation and social security
82,467
101,723

Other creditors
83
3,864

Accruals and deferred income
27,186
7,711

479,681
513,273


Amounts due to group undertakings are repayable on demand, unsecured and bear no interest. 


9.


Pension commitments

The company operates a defined contribution pension scheme for employees. At the yearend outstanding contributions amounted to £83 (2023: £3,864) which is included in other creditors.


10.


Controlling party

The company's immediate and ultimate parent company is Simginuity Limited, a company incorporated in England and Wales with registered number 09405326.
The ultimate controlling party is A Bermingham by virtue of his majority shareholding.
The smallest and largest group of companies where these accounts are consolidated is that headed by Simginuity Limited. A copy of the financial statements of Simginuity can be obtained from Companies House.

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 23 July 2025 by Mike Jackson (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 9