The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 August 2025.    

Revenue declined by 17% overall, due in part to the company’s decision to withdraw from the Skills Bootcamp programme in February 2024 due to challenges with the placement of learners into employment after they had completed the training programme. Revenue from continuing operations decreased by 9% on a comparable basis due to a downturn in commercial demand, and also due to a shift in some Apprenticeship demand to other programmes within the wider BPP Education group.

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

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

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

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

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

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

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

• Apprenticeship Quality, Compliance & Financial Health: The company must ensure that the quality of its learning provision meets standards set down by the Education Regulator OFSTED, and that its funding claims are compliant with ESFA requirements. The business manages this by ensuring that the quality of all aspects of training delivery and support are subject to regular review, monitoring and internal quality audit. Matters affecting quality and learner progression are discussed at regular senior management and board meetings. Financial Health of the business is regularly monitored to ensure that the company will be able to maintain its position on the register of approved training providers.

• Product Obsolescence Risk: The business must ensure that it continues to offer sufficient variety of product to meet the needs of its customers, without being over-reliant on any one particular vendor or product stream. The business mitigates this risk by maintaining close relationships with all of its key vendors and partners, and continually researches alternative product sets to broaden its portfolio.

• Business Continuity Risk: The company has moved key IT systems to the cloud to ensure that any potential disruption to company premises would not impact severely on the company’s ability to trade.

• Coronavirus restrictions Risk: The business has developed online solutions to enable it to continue to trade in the event of the return of restrictions being placed on physical training.

The year ending 31 August 2026 has seen further investment in Operational Capability, and Sales & Marketing activities across both Firebrand and the wider group, in order to capitalise on the huge opportunity the Technology sector represents. This includes both investment in headcount and other lead generation expenditure, as well as infrastructure investment to support a wider range of delivery modes for the company’s training courses.

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

Turnover was down compared with the previous year by 17% in 2025 at £16.7m compared to £20.3 for the year ended 31 August 2024.

Revenue from continuing operations decreased by 9% in 2025 at £16.7m compared to £18.4m for the year ended 31 August 2024.

Administrative costs decreased by 37% at £8.3m for the year compared to £13.2m for the year ended 31 August 2024. Administrative costs for continuing operations decreased by 30% at £8.3m compared to £11.8m in 2024.

Net Operating profit before exceptional items improved to 7.6% of turnover compared to 2.8 % for the year ended August 2024 in total, and to 3.4% of turnover compared to 2024 for continuing operations.

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

We achieve this by:

• Fostering an environment which enables employees to develop their skills and knowledge.

• Ensuring our people have regular opportunities to learn about all aspects of our business.

• Encouraging open and honest assessment of employee performance and behaviour through regular performance feedback and annual appraisals.

• Rewarding staff with fair and competitive salary and benefits packages and the opportunity to share in the success of the business.

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

• Encouraging a working environment in which employees feel comfortable about providing feedback and actively contributing to the development of the business.

• Promoting an environment of equality of opportunity which is intolerant of discrimination, harassment or victimisation.

• Maintaining healthy and safe working conditions.

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

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

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

The company actively encourages the involvement of its staff, and regular meetings between company and team management and employees to allow a free flow of information and ideas. The company also conducts twice yearly employee feedback surveys, as well as encouraging feedback in regular daily, weekly and monthly team meetings, which is shared by senior management on a weekly basis.

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

Our aims:

• Minimise and conserve: We shall identify opportunities to reduce the resources we consume including energy, water, paper and other natural resources, thereby also minimising the amount of waste we produce. Where practicable, we shall reuse re-cycled materials and procure recycled products.

• Comply: We shall endeavour to comply with all relevant environmental legislation and regulations. Moreover we shall treat these as the minimum standard and seek to exceed them wherever possible.

• Measure and monitor: We shall implement and document a framework for setting and reviewing environmental objectives and for measuring performance.

• Involve and communicate: We shall document and communicate our policy to employees, suppliers and business partners and provide the necessary training and resources to support the implementation of our policy where appropriate.

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

On behalf of the board

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

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.

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

The auditor, S&W Audit (formerly CLA Evelyn Partners Limited) is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

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

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.

We have audited the financial statements of Firebrand Training Limited (the 'company') for the year ended 31 August 2025 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 August 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 the audit:

• the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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

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

• 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

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

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal and professional fee invoices;

• we reviewed the minutes of board meetings to identify any references to non-compliance with laws and regulations.

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

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

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

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

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

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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.

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

Firebrand Training Limited is a private company limited by shares incorporated in England and Wales. The registered office is BPP House, Aldine Place, 142-144 Uxbridge Road, London, W12 8AA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

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

• 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 each category of financial instrument;

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

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

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

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

Rendering of services

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

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

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

Other operating income

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

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

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

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

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

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.

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).

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

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

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

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

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

The tax expense represents the sum of the tax currently payable and deferred 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

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

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

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

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

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.

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.

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

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

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

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

Their aggregate remuneration comprised:

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

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:

The amortisation on intangible assets is included within administrative expenses.

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

Included within other creditors are amounts of £24,480 (2024 - £29,936) relating to defined contribution pension commitments.

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

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

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

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

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