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Registered number: 09887081 THE SKILLS PEOPLE GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE SKILLS PEOPLE GROUP LIMITED COMPANY INFORMATION
Directors | R J Carrington
| D E Spencer
| A M Woodhouse
| S D McCarthy
Registered number | 09887081
Registered office | Unit 1 The Bridge Business Centre
| Beresford Way
| Chesterfield
| Derbyshire
| S41 9FG
Independent auditor | Shorts
| Chartered Accountants & Statutory Auditor
| 2 Ashgate Road
| Chesterfield
| Derbyshire
| S40 4AA
THE SKILLS PEOPLE GROUP LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditor's Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Balance Sheet | 11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Consolidated Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 31
THE SKILLS PEOPLE GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors present the Group Strategic Report of The Skills People Group Limited (the "Company") and its subsidiary undertakings (together the "Group") for the year ended 31 July 2025.
Business review
The Group continues to provide training and assessment services principally to the construction industry. The Group has performed well in the year. The Group has responded well to changes in the funding landscape and in particular to devolution. A significant number of devolved areas have been added to the portfolio following successful tenders. This success has enabled continued investment in our skills academies, workforce, IT systems and training resources. New and additional skills academies have been opened in Manchester, Preston and London during the year.
Principal risks and uncertainties
The Group is exposed to a number of risks and uncertainties (both financial and operational) that have the potential to impact trading and the financial results. The Board recognises that the effective monitoring of these risks and uncertainties is critical in allowing the Group to succeed in achieving its operational and financial goals. Risk is considered at regular Board meetings and actions and outcomes are recorded on an ongoing basis. In the view of the Board the following are the key risks and uncertainties faced by the Group. Availability of Government funding for training All funded training relies on the availability of Government funding. The Group holds contracts with funding from a number of different sources within Government which mitigates this risk. The Group also works with the commercial sector on privately funded training to further mitigate this risk. Business interruption Major IT failure and cyber security are key risks to the business. The Group is heavily reliant on its IT systems for monitoring training programmes, processing of learner records and customer and client information. Significant investment continues to be made in backup systems, cyber security (that includes Cyber Essentials +), staff training and IT infrastructure during the year. This investment is ongoing. Page 1
THE SKILLS PEOPLE GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Financial key performance indicators
The Group monitors a number of key performance indicators to manage the business. These are both operational and financial. These include but are not limited to the following: ∙Learner volumes ∙Course start and completion statistics ∙Pipeline of learners ∙Profit margins ∙Overhead costs ∙Working capital All areas of the business traded profitably in the year under review. Profit margins are principally affected by the mix of courses delivered and the trading environment in the competitive private sector. The operating profit margin in the year under review was 10.1% and 10.8% in 2024. This is consistent with the prior year. Other overheads have increased year on year driven primarily by the increased investment in the workforce. Working capital management continues to be very good and closing cash was £2.8m and consistent with the prior year. This report was approved by the board on 11 February 2026 and signed on its behalf.
A M Woodhouse Director
Page 2
THE SKILLS PEOPLE GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors
The directors who served during the year were:
R J Carrington
D E Spencer
A M Woodhouse
S D McCarthy
Results and dividends
The profit for the year, after taxation, amounted to £1,436,665 (2024 - £1,296,040). During the year a dividend of £nil (2024: £932,000) was paid.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE SKILLS PEOPLE GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Future developments
As previously noted, the Group has been very successful in its bids for devolved funding with several regional authorities. This funding is for both the employed and unemployed learners. Recent trading has seen continued increases in learner volumes and key milestone success rates and a stronger year in 2026 when compared to the year under review is forecast. As in the prior year the Group has continued to develop course offerings in the Retrofit and Green disciplines that complement the existing wide range of courses already delivered. An increasing number of funders require a green element to specification for training delivery and the Group is well placed to deliver this. The Group is also developing engineering courses to add to expanding breadth of disciplines offered. The Group is well placed to continue its development and future growth is anticipated. Financial risk management The Board recognises that it has overall responsibility for ensuring that there is a sound system of financial control within the Group, and it is being complied with effectively. The systems of internal financial control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The Board pursues this responsibility through: ∙having in place a defined organisational structure with clear responsibilities and accountabilities ∙key procedures and controls which are set out and assured in accordance with the relevant standards; ∙monthly management accounts are prepared by the finance team and presented to the Board. These reports compare actual results against budget. They also include monthly re-forecasts and comparison of actual outturn compared to re-forecast; ∙monthly operational reports including matters such as risk management and statutory compliance with action items and documented follow up of any required matters; ∙approving the annual financial and operational business plan. The directors are satisfied that the systems of internal financial risk management have been operated effectively in the year.
Qualifying third party indemnity provisions
The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly. Page 4
THE SKILLS PEOPLE GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Auditor
The auditor, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 11 February 2026 and signed on its behalf.
A M Woodhouse Director
Page 5
THE SKILLS PEOPLE GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SKILLS PEOPLE GROUP LIMITED
Opinion
We have audited the financial statements of The Skills People Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 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 Group's and of the parent Company's affairs as at 31 July 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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. Page 6
THE SKILLS PEOPLE GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SKILLS PEOPLE GROUP LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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. Page 7
THE SKILLS PEOPLE GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SKILLS PEOPLE GROUP LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent 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 Group 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: 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 team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Group; and ∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. We assessed the susceptibility of the Group’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. Page 8
THE SKILLS PEOPLE GROUP LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SKILLS PEOPLE GROUP LIMITED (CONTINUED) To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙reviewed the general ledger entries during the year to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; ∙investigated the rationale behind significant or unusual transactions; and ∙performed substantive testing on a random sample of income and expenditure. 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; ∙reviewing the results of the Department of Education reports and Quality Board findings and considered the implications on the Group; and ∙reviewing legal and professional costs to identify any indicators of litigation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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. Howard Freeman BSc FCA (Senior Statutory Auditor) for and on behalf of Shorts Chartered Accountants Statutory Auditor 2 Ashgate Road Chesterfield Derbyshire S40 4AA 11 February 2026 Page 9
THE SKILLS PEOPLE GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 18,900,956 | 15,191,841
Cost of sales |  | (5,807,589) | (4,465,532)
Gross profit |  | 13,093,367 | 10,726,309
Administrative expenses |  | (11,214,119) | (9,084,889)
Other operating income | 5 | 33,824 | 4,423
Operating profit | 6 | 1,913,072 | 1,645,843
Interest receivable and similar income | 10 | 69,556 | 103,156
Profit before taxation |  | 1,982,628 | 1,748,999
Tax on profit | 11 | (545,963) | (452,959)
Profit for the financial year |  | 1,436,665 | 1,296,040
Total comprehensive income for the year |  | 1,436,665 | 1,296,040
Profit and total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | 1,436,665 | 1,296,040
|  | 1,436,665 | 1,296,040
The notes on pages 17 to 31 form part of these financial statements.
Page 10
THE SKILLS PEOPLE GROUP LIMITED REGISTERED NUMBER: 09887081 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | (187,066) |  | (207,661)
Tangible assets | 14 |  | 3,384,815 |  | 2,007,924
|  |  | 3,197,749 |  | 1,800,263
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 2,598,408 |  | 2,485,705 |
Current asset investments |  | 250,000 |  | - |
Cash at bank and in hand |  | 2,893,588 |  | 2,923,427 |
|  | 5,741,996 |  | 5,409,132 |
Creditors: amounts falling due within one year | 18 | (2,710,512) |  | (1,826,040) |
Net current assets |  |  | 3,031,484 |  | 3,583,092
Total assets less current liabilities |  |  | 6,229,233 |  | 5,383,355
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 |  | (39,555) |  | (128,860)
Net assets |  |  | 6,189,678 |  | 5,254,495
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 85 |  | 93
Capital redemption reserve | 21 |  | 20 |  | 12
Profit and loss account | 21 |  | 6,189,573 |  | 5,254,390
|  |  | 6,189,678 |  | 5,254,495
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 February 2026.
A M Woodhouse
Director
The notes on pages 17 to 31 form part of these financial statements. Page 11
THE SKILLS PEOPLE GROUP LIMITED REGISTERED NUMBER: 09887081 COMPANY BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 1,614,338 |  | 1,614,338
Current assets |  |  |  |  |
Cash at bank and in hand |  | 102 |  | 102 |
Creditors: amounts falling due within one year | 18 | (1,027,123) |  | (1,125,641) |
Net current liabilities |  |  | (1,027,021) |  | (1,125,539)
Net assets |  |  | 587,317 |  | 488,799
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 85 |  | 93
Capital redemption reserve | 21 |  | 20 |  | 12
Profit and loss account carried forward | 21 |  | 587,212 |  | 488,694
|  |  | 587,317 |  | 488,799
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 February 2026.
A M Woodhouse
Director
The notes on pages 17 to 31 form part of these financial statements. Page 12
THE SKILLS PEOPLE GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 August 2023 | 105 | - | 5,648,922 | 5,649,027 | 5,649,027
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 1,296,040 | 1,296,040 | 1,296,040
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | (932,000) | (932,000) | (932,000)
Purchase of own shares | - | 12 | (758,572) | (758,560) | (758,560)
Shares cancelled during the year | (12) | - | - | (12) | (12)
At 1 August 2024 | 93 | 12 | 5,254,390 | 5,254,495 | 5,254,495
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 1,436,665 | 1,436,665 | 1,436,665
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | - | 8 | (501,482) | (501,474) | (501,474)
Shares cancelled during the year | (8) | - | - | (8) | (8)
Total transactions with owners | (8) | 8 | (501,482) | (501,482) | (501,482)
At 31 July 2025 | 85 | 20 | 6,189,573 | 6,189,678 | 6,189,678
| The notes on pages 17 to 31 form part of these financial statements.
Page 13
THE SKILLS PEOPLE GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 105 | - | 383,066 | 383,171
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,796,200 | 1,796,200
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (932,000) | (932,000)
Purchase of own shares | - | 12 | (758,572) | (758,560)
Shares cancelled during the year | (12) | - | - | (12)
At 1 August 2024 | 93 | 12 | 488,694 | 488,799
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 600,000 | 600,000
Contributions by and distributions to owners |  |  |  |
Purchase of own shares | - | 8 | (501,482) | (501,474)
Shares cancelled during the year | (8) | - | - | (8)
Total transactions with owners | (8) | 8 | (501,482) | (501,482)
At 31 July 2025 | 85 | 20 | 587,212 | 587,317
| The notes on pages 17 to 31 form part of these financial statements.
Page 14
THE SKILLS PEOPLE GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,436,665 | 1,296,040
Adjustments for: |  |
Amortisation of intangible assets | (20,595) | (20,595)
Depreciation of tangible assets | 425,218 | 251,442
Profit on disposal of tangible assets | (36,240) | (130,888)
Interest received | (69,556) | (103,156)
Taxation charge | 545,963 | 452,959
(Increase)/decrease in debtors | (112,703) | 379,591
Increase/(decrease) in creditors | 607,930 | (435,048)
Corporation tax paid | (358,781) | (349,999)
Net cash generated from operating activities | 2,417,901 | 1,340,346
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,047,688) | (515,100)
Sale of tangible fixed assets | 281,820 | 132,010
Purchase of short-term investments | (250,000) | -
Interest received | 69,556 | 103,156
Net cash used in investing activities | (1,946,312) | (279,934)
Cash flows from financing activities |  |
Purchase of ordinary shares | (501,428) | (758,572)
Dividends paid | - | (932,000)
Net cash used in financing activities | (501,428) | (1,690,572)
Net (decrease) in cash and cash equivalents | (29,839) | (630,160)
Cash and cash equivalents at beginning of year | 2,923,427 | 3,553,587
Cash and cash equivalents at the end of year | 2,893,588 | 2,923,427
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,893,588 | 2,923,427
The notes on pages 17 to 31 form part of these financial statements.
Page 15
THE SKILLS PEOPLE GROUP LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
|  | At 1 August 2024 | Cash flows | At 31 July 2025
|  | £ | £ | £
Cash at bank and in hand | 2,923,427 | (29,839) | 2,893,588
| 2,923,427 | (29,839) | 2,893,588
The notes on pages 17 to 31 form part of these financial statements.
Page 16
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
The Skills People Group Limited is a private company limited by shares, incorporated in England and Wales (registered number: 09887081). Its registered office is Unit 1 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, England, S41 9FG. The principal activity throughout the year continued to be that of the provision of training and assessment services. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Group generated cash from operating activities in the year and post year end trading is strong and in line with expectations. After due consideration of revised forecasts which take into account plausible but severe scenarios and available cash resources in the period 12 months from the date of signing these financial statements, the financial statements have been prepared on a going concern basis. Page 17
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. Page 18
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.8 | 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 and the Group operate and generate 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.
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life. Where the costs of the business combination is less than the fair value of the Group's interest in the assets, liabilities and contingent liabilities acquired, negative goodwill arises. The Group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to the profit and loss account, up to the fair value of non-monetary assets, acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of the non-monetary assets in the profit and loss account over the period expected to benefit. Page 19
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.10 | 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, as follows. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Leasehold improvements | - | 2% | straight line
|  |  |  | Plant and machinery | - | 20% | reducing balance
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Fixtures and fittings | - | 20% | reducing balance
|  |  |  | Office equipment | - | 20% | reducing balance
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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.14 | Creditors
Short-term creditors are measured at 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 20
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.16 | 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events, that are believed to be appropriate and reasonable in the circumstances. Key accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Debtor recoverability The Group makes an estimate of the recoverability of all debtor balances. When considering the recoverability of the debtor, management consider a variety of factors such as ageing of debtors, any known facts and also any historical issues. Note 16 reflects the net debtors position at 31 July 2025. (ii) Accrued income As described above, management make estimates regarding the recognition of income from a service performed but where an invoice has not yet been raised. The amount of accrued income related to such estimates is £1,522,506 (2023: £1,505,927) and is included within debtors due within one year. In making the assessment of accrued income management have to assess whether any variable income (such as course completion or exam pass bonuses) estimated within the accrued income model will become payable and also whether any funded training will qualify for grants as these can be limited to set amounts for specific areas.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the Group.
| All turnover arose within the United Kingdom.
Page 21
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 33,824 | 4,423
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible assets | 425,418 | 251,442
| Other operating lease rentals | 294,855 | 287,096
| Amortisation of intangible assets | 20,595 | 20,595
7. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor for the audit of the Group's annual financial statements | 5,500 | 5,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor in respect of: |  |
| Tax compliance services | 8,000 | 7,500
| Other services | 5,500 | 5,000
| Audit of the Company's subsidiaries | 46,000 | 35,000
|  | 59,500 | 47,500
Page 22
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 7,730,646 | 4,629,922
| Social security costs | 613,114 | 484,418
| Cost of defined contribution pension scheme | 354,474 | 316,835
|  | 8,698,234 | 5,431,175
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Employees | 131 | 125 | 4 | 4
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,596,403 | 551,912
| Group contributions to defined contribution pension schemes | - | 41,100
|  | 1,596,403 | 593,012
| During the year retirement benefits were accruing to no directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £766,721 (2024 - £145,281).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
10. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 69,556 | 103,156
Page 23
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 644,643 | 468,623
| Adjustments in respect of previous periods | (9,375) | (16,422)
| Total current tax | 635,268 | 452,201
| Deferred tax |  |
| Origination and reversal of timing differences | (89,305) | 758
| Tax on profit | 545,963 | 452,959
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit before tax | 1,982,628 | 1,748,999
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%) | 495,657 | 437,250
| Effects of: |  |
| Expenses not deductible for tax purposes | 56,022 | 51,457
| Capital allowances for year in excess of depreciation | 2,524 | 1,852
| Adjustments to tax charge in respect of prior periods | (9,375) | (16,422)
| Deferred tax not recognised | 1,135 | (21,178)
| Total tax charge for the year | 545,963 | 452,959
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends on ordinary shares | - | 932,000
Page 24
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Intangible assets
| Group
|  | Goodwill | Negative goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 August 2024 | 1,207,853 | (411,893) | 795,960
| At 31 July 2025 | 1,207,853 | (411,893) | 795,960
| Amortisation |  |  |
| At 1 August 2024 | 1,207,853 | (204,232) | 1,003,621
| Charge for the year | - | (20,595) | (20,595)
| At 31 July 2025 | 1,207,853 | (224,827) | 983,026
| Net book value |  |  |
| At 31 July 2025 | - | (187,066) | (187,066)
| At 31 July 2024 | - | (207,661) | (207,661)
Page 25
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Tangible fixed assets
| Group
|  | Freehold property | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 August 2024 | 65,000 | 1,142,871 | 242,309 | 552,245 | 218,543 | 734,628
| Additions | 1,916,345 | 7,800 | 19,945 | - | 43,153 | 60,445
| Disposals | - | - | (21,216) | (397,492) | - | -
| At 31 July 2025 | 1,981,345 | 1,150,671 | 241,038 | 154,753 | 261,696 | 795,073
| Depreciation |  |  |  |  |  |
| At 1 August 2024 | 6,132 | 58,738 | 104,944 | 200,399 | 157,995 | 419,463
| Charge for the year | 39,627 | 22,961 | 55,881 | 74,248 | 36,845 | 195,656
| Disposals | - | - | (21,216) | (151,912) | - | -
| At 31 July 2025 | 45,759 | 81,699 | 139,609 | 122,735 | 194,840 | 615,119
| Net book value |  |  |  |  |  |
| At 31 July 2025 | 1,935,586 | 1,068,972 | 101,429 | 32,018 | 66,856 | 179,954
| At 31 July 2024 | 58,868 | 1,084,133 | 137,365 | 351,846 | 60,548 | 315,164
Page 26
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost |
| At 1 August 2024 | 2,955,596
| Additions | 2,047,688
| Disposals | (418,708)
| At 31 July 2025 | 4,584,576
| Depreciation |
| At 1 August 2024 | 947,671
| Charge for the year | 425,218
| Disposals | (173,128)
| At 31 July 2025 | 1,199,761
| Net book value |
| At 31 July 2025 | 3,384,815
| At 31 July 2024 | 2,007,924
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost and net book value |
| At 1 August 2024 | 1,614,338
| At 31 July 2025 | 1,614,338
Page 27
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Training Futures (UK) Limited | Ordinary | 100%
| C & G Assessments and Training Limited | Ordinary | 100%
| C & G Training Solutions Limited | Ordinary | 100%
| SP1 Limited | Ordinary | 100%
| The Construction Skills People Ltd | Ordinary | 100%
| Skills People Properties Limited | Ordinary | 100%
| All subsidiary companies have the same registered office address as The Skills People Group Limited.
| The aggregate of the share capital and reserves as at 31 July 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Training Futures (UK) Limited | 100 | -
| C & G Assessments and Training Limited | 998 | -
| C & G Training Solutions Limited | (41,981) | 2,735
| SP1 Limited | 8 | -
| The Construction Skills People Ltd | 7,484,469 | 1,451,010
| Skills People Properties Limited | (47,076) | (47,077)
Page 28
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 589,817 | 746,729
| Other debtors | 112,731 | 48,076
| Called up share capital not paid | 1 | 1
| Prepayments and accrued income | 1,895,859 | 1,690,899
|  | 2,598,408 | 2,485,705
17. | Current asset investments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Short term investments | 250,000 | -
|  | 250,000 | -
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 934,888 | 625,388 | - | -
| Amounts owed to group undertakings | - | - | 1,027,123 | 1,125,641
| Corporation tax | 495,052 | 218,513 | - | -
| Other taxation and social security | 363,281 | 272,949 | - | -
| Other creditors | 181,301 | 146,614 | - | -
| Accruals and deferred income | 735,990 | 562,576 | - | -
|  | 2,710,512 | 1,826,040 | 1,027,123 | 1,125,641
Page 29
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 128,860
| Charged to profit or loss | (89,305)
| At end of year | 39,555
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 79,723 | 139,349
| Pension contributions accrued | (34,121) | (2,092)
| Other short term timing differences | (6,047) | (8,397)
|  | 39,555 | 128,860
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 175 (2024 - 175) A ordinary shares of £0.10 each | 17.50 | 17.50
|  | 350 (2024 - 350) B ordinary shares of £0.10 each | 35.00 | 35.00
|  | 77 (2024 - 116) C ordinary shares of £0.10 each | 7.70 | 11.60
|  | 175 (2024 - 175) D ordinary shares of £0.10 each | 17.50 | 17.50
|  | 77 (2024 - 116) E ordinary shares of £0.10 each | 7.70 | 11.60
|  |  | 85.40 | 93.20
| The movement in C, D and E ordinary shares in the year represents a Company share buy back, further details of which are included in Note 24.
Page 30
THE SKILLS PEOPLE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Reserves
Capital redemption reserve The capital redemption reserve consists of amounts transferred following the redemption or purchase of the Company's own shares. Profit and loss account The profit and loss account represents the accumulated profits, losses and distributions of the Group and Company.
22. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £282,465 (2024: £316,835). Contributions totalling £22,300 (2024: £20,281) were outstanding at the year end.
23. | Commitments under operating leases
| At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 164,294 | 224,649
| Later than 1 year and not later than 5 years | 373,663 | 460,611
| Later than 5 years | - | 77,346
|  | 537,957 | 762,606
24. | Related party transactions
| The Group has taken advantage of the exemption in FRS 102 section 33.1A to not disclose transactions with the wholly owned group entities. Amounts in relation to salaries were payable in the year to the close family members of the Group's directors of £111,492 (2024: £126,039). Amounts were payable in relation to pensions in the year to the close family members of the Group's directors of £200,000 (2024: £82,031). During the prior year, on 23 November 2023, the Company entered into a share buy back agreement with a former director and his wife. During the year, consideration of £501,428 (2024: £758,572) was paid for one tranche of shares. A further consideration of £990,000 is to be paid for the purchase of specific tranches of shares. Amounts paid to key management personnel totalled £1,582,472 (2024: £447,487).
Page 31