Company registration number 04633192 (England and Wales)
LRTT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LRTT LIMITED
COMPANY INFORMATION
Directors
Mr I Fitzpatrick
Mr S Bruinsma
Mr J Price
Secretary
Mr J Thyra
Company number
04633192
Registered office
Eden House
Hartlebury Trading Estate Hartebury
Kidderminster
Worcestershire
DY10 4JB
Auditor
WP Audit Services LLP
Chancery Place
50 Brown Street
Manchester
M2 2JG
LRTT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
LRTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The company's key financial and other performance indicators during the year were as follows:

| 202 5 | 202 4
| £ | £
Turnover | 9,717,764 | 9,169,692
Total operating profit/ (loss) | 1,57 3,9 2 8 | 242,597
Profit/ (loss) after tax | 1,082,985 | 182,629
Shareholders’ funds EBITDA | 4,338,310 1,988,051 | 3,168,728 675,535

Turnover for the year increased by 6% compared to 2024 particularly in our EASA Part 66 CAR licence courses and digital product sales including the Part 66 online courseware. LRTT also secured a significant new contract for the provision of engineering training as part of a degree programme in Scotland. Operating Profits and cashflows improved significantly with the improved mix of revenue, enhanced delivery model, and an optimised overhead structure.

LRTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The company's principal risks relate to pricing, government/regulatory changes, commercial risks and liquidity. The year benefited from continuous commercial and financial vigilance, growth of Part 66 CAR and digital sales, and the consolidation of core training activities.

Price risk

The company seeks to minimise any significant exposure to changes in price by operating long term contracts, together with competitive tendering where appropriate. While we have not planned for an increase in the cap on the aircraft maintenance apprenticeship funding, there is a reasonable expectation that this could increase in the future.

Impact of Government Policy & Regulation

The UK government policy on Apprenticeships and their funding band, and model affects the company’s profitability and cash flow on the Apprenticeship activity which is approximately one-third of the turnover. While the government policy has been stable, the cap on the aircraft maintenance apprenticeship funding band and funding model has not changed for a number of years and require lobbying to maintain profitability or drive additional internal efficiencies. The company’s diverse business model, in terms of other services and aviation market sectors, mitigates the impact of a localised change in policy. The training market is also seeing a divergence of EASA and UKCAA regulatory standards, and while this will add additional cost and complexity to the business, it continues to represent an opportunity for the businesses’ flexible digital products including the Part 66 courseware and expanding exam services in Europe and beyond to meet rising demand.

Competitive & Commercial risk

The company operates in a competitive market. It has long term contracts and relationships and has developed world class, leading training materials for the Aviation Industry and delivers excellence in training to keep the company ahead of the competition. We have also been instrumental in the successful development and implementation of the new, industry focused apprenticeship standard for aircraft maintenance (STD1315) which increases the efficiency of delivery.

Credit risk

The company aims to mitigate external credit risk by selling to a blue-chip customer base in different markets. Digital courses, products, and services are mainly paid for upfront by individuals and other organisations.

Liquidity & Interest Rate risk

The focus in 2025 was strengthening cash and improving working capital management. The directors believe that the cash reserves and its facilities are sufficient to continue trading for the foreseeable future.

Cash flows are closely monitored and controlled, including commitments to new contracts and capital expenditure. The company operates within a wider group treasury function and group facilities include short-term borrowing bearing interest at Swiss floating rates. Interest is charged at market rates on group loans, between group companies.

In the course of trading the company transacts mainly using sterling. There are also group loans denominated in foreign currencies including sterling, euros and Swiss francs which are hedged by netting balances owing between group companies.

LRTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

By order of the board

Mr J Thyra
Secretary
15 May 2026
LRTT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of approved EASA and UKCAA training solutions.

Results and dividends

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

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

Directors

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

Mr I Fitzpatrick
Mr S Bruinsma
Mr J Price
Auditor

WP Audit Services LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

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

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.

By order of the board
Mr J Thyra
Secretary
15 May 2026
LRTT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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.

LRTT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LRTT LIMITED
- 6 -
Opinion

We have audited the financial statements of LRTT Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, 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 2025 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.

LRTT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LRTT LIMITED (CONTINUED)
- 7 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

LRTT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LRTT LIMITED (CONTINUED)
- 8 -
Thomas Hornbuckle BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of WP Audit Services LLP, Statutory Auditor
Chartered Accountants
Chancery Place
50 Brown Street
Manchester
M2 2JG
20 May 2026
LRTT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
as restated
Notes
£
£
Turnover
3
9,717,764
9,169,692
Cost of sales
(3,754,368)
(4,428,976)
Gross profit
5,963,396
4,740,716
Administrative expenses
(4,389,468)
(4,498,119)
Operating profit
4
1,573,928
242,597
Interest receivable and similar income
7
13,904
9,041
Interest payable and similar expenses
8
(13,729)
(20,603)
Profit before taxation
1,574,103
231,035
Tax on profit
9
(491,118)
(48,406)
Profit for the financial year
1,082,985
182,629

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

LRTT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
as restated
£
£
Profit for the year
1,082,985
182,629
Other comprehensive income
-
-
Total comprehensive income for the year
1,082,985
182,629
LRTT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,553,631
1,791,387
Tangible assets
11
302,435
430,620
1,856,066
2,222,007
Current assets
Debtors
12
5,406,113
4,538,719
Cash at bank and in hand
1,698,784
594,293
7,104,897
5,133,012
Creditors: amounts falling due within one year
13
(4,593,721)
(4,106,247)
Net current assets
2,511,176
1,026,765
Total assets less current liabilities
4,367,242
3,248,772
Provisions for liabilities
Deferred tax liability
14
28,932
75,880
(28,932)
(75,880)
Deferred income
15
-
0
(4,164)
Net assets
4,338,310
3,168,728
Capital and reserves
Called up share capital
17
268,289
268,289
Profit and loss reserves
4,070,021
2,900,439
Total equity
4,338,310
3,168,728

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 18 May 2026 and are signed on its behalf by:
Mr I Fitzpatrick
Director
Company registration number 04633192 (England and Wales)
LRTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
268,289
2,717,810
2,986,099
Year ended 31 December 2024:
Profit and total comprehensive income
-
182,629
182,629
Balance at 31 December 2024
268,289
2,900,439
3,168,728
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,082,985
1,082,985
Other movements
see note 21
-
86,597
86,597
Balance at 31 December 2025
268,289
4,070,021
4,338,310
LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

LRTT Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eden House, Hartlebury Trading Estate Hartebury, Kidderminster, Worcestershire, DY10 4JB.

1.1
Basis of preparation

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

The financial statements of the company are consolidated in the financial statements of Resource International Group Investments AG (incorporated in Switzerland). These consolidated financial statements are available from its registered office, Turmstrasse, 30 Steinhausen 6312 CH.

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
Revenue

Revenue comprises sales of services provided to customers net of value added tax. Revenue is recognised when performance obligations are satisfied and the control of 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.

The company recognises revenue from the following major sources:

- Sale of services

- Apprenticeship income

- Service agreement contract

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

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Sale of services

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

Apprenticeship income

Apprenticeship income is recognised by stage of completion, being in line with the expenses incurred over the time of the apprenticeship agreement.

Service agreement contract

Revenue derived from the service contract agreement is on the basis of agreed income and costs on an

annual basis, with adjustments made for cost savings when appropriate.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Development costs
Straight line over 10 years
1.6
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
10% on cost
Plant and equipment
20% on cost
Fixtures and fittings
Up to 10 years straight line
Computers
20% to 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

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.

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.

1.8
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 comprise of cash at bank and debtors.

Debtors do not carry any interest and are stated at their nominal value. Appropriate provisions for estimated irrecoverable amounts are recognised in the profit and loss account where deemed appropriate.

Accrued income is recognised in line with the revenue recognition accounting policy.

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.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Financial liabilities comprise amounts received on account, trade creditors, taxation liabilities and deferred income.

Trade creditors are not interest bearing and are stated at their nominal value.

Deferred income is recognised in line with the revenue recognition accounting policy.

All other liabilities are stated at their nominal value, there are no interest bearing loans.

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.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

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.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.14
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Intangible assets

Intangible assets relate to the development of a course scheme. As the life of the asset can not be reliably estimated it is being amortised over 10 years in line with the maximum time allowed by FRS102.

There are no key accounting estimates within the financial statements.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Apprenticeship income
3,634,358
3,655,477
Service agreement contract
3,040,734
3,276,740
Other services
3,042,672
2,237,475
9,717,764
9,169,692
2025
2024
£
£
Other revenue
Interest income
13,904
9,041

All turnover has been generated within the UK and therefore the directors have not disclosed a geographical split of turnover within the statutory accounts.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
41,281
(10,620)
Fees payable to the company's auditor for the audit of the company's financial statements
13,585
13,285
Depreciation of tangible fixed assets
135,086
168,146
Loss/(profit) on disposal of tangible fixed assets
6,647
(83)
Amortisation of intangible assets
237,756
275,412
Operating lease charges
1,051,361
1,085,018
5
Employees

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

2025
2024
Number
Number
Administration
75
77

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,913,376
4,185,266
Social security costs
385,189
361,555
Pension costs
173,933
163,133
4,472,498
4,709,954
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
148,158
170,290
Company pension contributions to defined contribution schemes
6,106
11,262
154,264
181,552

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
13,904
8,649
Other interest income
-
0
392
Total income
13,904
9,041
8
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
12,742
20,603
Other interest
987
-
0
13,729
20,603
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
476,812
151,401
Adjustments in respect of prior periods
61,254
-
0
Total current tax
538,066
151,401
Deferred tax
Origination and reversal of timing differences
(46,948)
(90,548)
Adjustment in respect of prior periods
-
0
(12,447)
Total deferred tax
(46,948)
(102,995)
Total tax charge
491,118
48,406
LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 21 -

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:

2025
2024
£
£
Profit before taxation
1,574,103
231,035
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
393,526
57,759
Tax effect of expenses that are not deductible in determining taxable profit
193
4,183
Tax effect of income not taxable in determining taxable profit
1,662
(21)
Adjustments in respect of prior years
61,254
(12,447)
Permanent capital allowances in excess of depreciation
81,431
89,480
Deferred tax movement
(46,948)
(90,548)
Taxation charge for the year
491,118
48,406
10
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025 and 31 December 2025
2,772,385
Amortisation and impairment
At 1 January 2025
980,998
Amortisation charged for the year
237,756
At 31 December 2025
1,218,754
Carrying amount
At 31 December 2025
1,553,631
At 31 December 2024
1,791,387

As restated for the period ended 31 December 2024, see note 21.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2025
272,052
1,173,595
708,517
705,240
2,859,404
Additions
-
0
-
0
-
0
13,547
13,547
Disposals
(6,500)
(105,656)
(12,177)
(352,581)
(476,914)
At 31 December 2025
265,552
1,067,939
696,340
366,206
2,396,037
Depreciation and impairment
At 1 January 2025
232,322
1,087,559
456,325
652,578
2,428,783
Depreciation charged in the year
10,628
30,524
65,437
28,497
135,086
Eliminated in respect of disposals
(4,333)
(103,458)
(9,952)
(352,524)
(470,267)
At 31 December 2025
238,617
1,014,624
511,810
328,551
2,093,602
Carrying amount
At 31 December 2025
26,935
53,315
184,530
37,655
302,435
At 31 December 2024
39,730
86,036
252,192
52,662
430,620

As restated for the period ended 31 December 2024, see note 21.

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,096,466
3,767,625
Amounts owed by group undertakings
796,708
190,000
Prepayments and accrued income
512,939
581,094
5,406,113
4,538,719
13
Creditors: amounts falling due within one year
2025
2024
£
£
Payments received on account
1,153,448
1,104,528
Trade creditors
364,635
888,930
Amounts owed to group undertakings
1,093,651
1,194,384
Corporation tax
266,562
71,401
Other taxation and social security
379,147
201,628
Other creditors
41,466
40,904
Accruals and deferred income
1,294,812
604,472
4,593,721
4,106,247
LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
28,932
75,880
2025
Movements in the year:
£
Liability at 1 January 2025
75,880
Credit to profit or loss
(46,948)
Liability at 31 December 2025
28,932
15
Deferred income
2025
2024
£
£
Other deferred income
-
4,164
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
173,933
163,133

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.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Of 67.07p each
400,000
400,000
268,289
268,289
18
Financial commitments, guarantees and contingent liabilities

LRTT Limited's shares are pledged to UBS Group AG in the event of default on the Group facilities.

LRTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
19
Operating lease commitments
As lessee

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:

2025
2024
£
£
Within 1 year
650,187
371,500
Years 2-5
2,040,885
1,486,000
After 5 years
-
0
278,625
2,691,072
2,136,125
20
Ultimate controlling party

The ultimate controlling party is Resource International Group Investments AG.

21
Prior period adjustment
Adjustments to equity
The prior period adjustments have increased retained earnings by £86,597.
Adjustments to profit for the previous financial period
2024
£
Total adjustments
-
Notes to adjustments

During the year, the Company identified an error within the prior period brought forward intangible & tangible fixed asset costs and accumulated amortisation/depreciation. This correction meant that the net book value of the tangible fixed assets as at 1 January 2024 was undervalued by £86,597. As the error related to before 1 January 2024, the comparative profit stated for the year ended 31 January 2024 is unaffected by the amendment however the opening reserves as at 1 January 2024 have been increased by £86,597. A further reclassification has been made between intangible & tangible fixed assets as at 1 January 2024 for £86,597 to accurately reflect the assets under FRS102 recognition criteria as tangible assets.

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