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Intertrain UK Ltd.
Company Information
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Intertrain UK Ltd.
Contents
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Intertrain UK Ltd.
Strategic Report
For the year ended 31 August 2025
The Company (“Intertrain”) was established in 2002 and specialises in training in the rail safety sector. In November 2019 Intertrain joined The City & Guilds Group. Intertrain currently operates from 14 training centres across the UK and employs over 140 employees. Through targeted development of commercial training, winning Master Vendor Contracts and government funding, Intertrain continues to grow its geographic and product portfolio. Intertrain works closely with industry regulators to ensure we are delivering the best quality training for our learners.
Collaborative working is a fundamental part of Intertrain’s ethos. The company worked intensively on the development of a sub-contracting model working with a wide range of companies in varying industries to offer customers a comprehensive service of training programmes. Intertrain currently works with over 1,000 local and national clients delivering a broad range of courses in rail safety alongside Bootcamps and Apprenticeships. Many of the Bootcamps and Apprentice programmes have been developed specifically for employers or in response to government initiatives. In developing programmes for local, national and international clients, Intertrain proactively seeks out delivery partners, thus enhancing its own capability. In all aspects of developing programmes, Intertrain responds to the needs of the client in delivering to time, quality and cost as well as adhering to rail safety compliance requirements set out by Network Rail.
Intertrain has continued its strong revenue growth trajectory in the financial year, increasing from £15.5m in the year to 31 August 2024 to £17.7m in the year to 31 August 2025, but has been impacted by the control period switch from 6 to 7, which has slowed down work across the rail industry as a whole and has been further compounded by a change in government. This has led to a decline in commercial customer demand throughout the financial year, which in turn has reduced the profitability of some of Intertrain’s courses over that period. Intertrain was able to mitigate some of this hit with more profitable Bootcamps revenue. Profit for the financial year was £408k (2024: £86k). Net assets have increased from £450k at 31 August 2024 to £859k at 31 August 2025, with higher trade debtors from increased revenue, higher amounts recoverable from contracts driven by Apprenticeship delivery and higher accruals due to subcontractor use on Bootcamps. Amounts owed to the parent company have reduced in the year from £3.6m to £2.2m due to greater cash generation. These working capital movements result in a cash balance at 31 August 2025 of £472k (2024: £851k).
During the year, Intertrain has introduced a range of interventions to secure the business going forward:
∙Worked across new revenue streams in conjunction with delivery partners and enhanced our offer to our existing customers, based on their requirements;
∙Carried out a periodic review of our pricing to ensure we’re competitive within the market;
∙Leveraged synergies across the City & Guilds Group to ensure our cost base is efficiently managed; and
∙Delivered further Apprenticeships in the electrical sector.
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Intertrain UK Ltd.
Strategic Report (continued)
For the year ended 31 August 2025
For the Future
Intertrain’s high-level priorities going into the next financial year are to:
∙Deliver high-quality training that meets the needs of learners and employers;
∙Maintain a strong reputation in the community;
∙Be financially sustainable, through a diverse product offering;
∙Be underpinned by a highly skilled and engaged workforce;
∙Work toward better, trainer, course and estate utilisation;
∙Work with other areas of C&G Training to enhance the estate utilisation; and
∙Add new product lines to complement the current offering.
Intertrain will continue to review its training offering based on employer demand and performance. The business will look to expand its offer to other areas in Rail Safety, Electrical, Health & Safety, Project Management and Construction.
Additionally, Intertrain will continue to look for cost saving opportunities in its existing operations to ensure that operating costs remain efficient for the business. Intertrain will continue to work with a range of stakeholders and partners, including the ESFA, NSAR, Network Rail, CITB, ELCAS and the DfE. Overall Intertrain, with City and Guilds’ support, has put into place both the team and the resources necessary to build on the growth going from 2025 and is well placed to face the future challenges of the market.
Management have identified the following risks and uncertainties that may have an impact on the Company’s performance, financial position and future prospects.
Regulatory risk – The Company operates in a highly regulated sector and is reliant on maintaining appropriate accreditations and compliance with rail industry standards. Loss of accreditation or non compliance could result in reduced demand for services, contract termination, reputational damage and financial penalties. The Company mitigates this risk through continuous monitoring of regulatory developments, ongoing engagement with industry bodies and investment in its workforce.
Skilled workforce risk – The Company requires the availability of suitably qualified and experienced trainers with specialised knowledge. There is a risk of skills shortages or the loss of key personnel in a competitive market, which may impact delivery capacity and training quality. The Company mitigates this risk through investment in trainer development, flexible delivery models including the use of subcontractors, and market competitive remuneration.
Market and sector dependency risk – The demand for the Company’s services is influenced by levels of activity and investment within the rail industry, including a reliance on government-funded programmes. A downturn in the sector or change in the government’s funding approach could reduce demand for the Company’s services. The Company mitigates this risk by monitoring industry plans and market trends, maintaining flexibility in delivery models and its cost base and exploring options of diversity within its product lines.
Financial and liquidity risk – The Company is exposed to cash flow risks arising from payment delays, fixed cost commitments and fluctuations in demand. The impact of this risk could be reduced liquidity which could impact operational and investment capacity. The Company mitigates this risk through active cash flow monitoring, cost management and working with its parent entity to maintain appropriate facilities.
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Intertrain UK Ltd.
Strategic Report (continued)
For the year ended 31 August 2025
Year ended 31 August 2025 Year ended 31 August 2024
Gross margin %34% 30%
EBITDA £811,470 £278,790
Current ratio1.30 2.07
This report was approved by the board and signed on its behalf.
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Intertrain UK Ltd.
Directors' Report
For the year ended 31 August 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £408,461 (2024 - £85,910).
Dividends totalling £nil (2024: £nil) were paid during the year. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
Information pertaining to future developments has been included within the Strategic Report.
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Intertrain UK Ltd.
Directors' Report (continued)
For the year ended 31 August 2025
Subsequent to the year end on 31 October 2025, the ultimate parent undertaking, The City and Guilds of London Institute, completed the divestment of its commercial activities, which included the shares of the company being sold to City & Guilds Limited, in turn being acquired by the PeopleCert Group. As a result of this transaction, the ultimate controlling party of the Company has changed from The City and Guilds of London Institute to PeopleCert Holdings Europe Ltd, which is ultimately controlled by Anastasios Byron Nicolaides.
This transaction occurred after the balance sheet date and therefore has no impact on the financial position of the Company as at 31 August 2025. Accordingly, no adjustments have been made to these financial statements. The sale has been disclosed as a non-adjusting post balance sheet event in accordance with FRS 102 Section 32 “Events after the end of the reporting period”.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd.
We have audited the financial statements of Intertrain UK Ltd. (the 'Company') for the year ended 31 August 2025, which comprise the statement of comprehensive income, the balance sheet, the 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).
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 Auditors' 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 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
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.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
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 auditors' 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙Enquiring of local management and parent company management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud.
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption policy, and compliance with Education and Skills Funding Agency "ESFA".
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
Audit response to risks identified
Our procedures to respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities;
∙Enquiring of management concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reading minutes of meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators;
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙Testing the appropriateness of journal entries and other adjustments; we have used data analytics software to run tests designed to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 auditors' report.
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Intertrain UK Ltd.
Independent Auditors' Report to the Members of Intertrain UK Ltd. (continued)
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 auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
Date: 21 May 2026
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Intertrain UK Ltd.
Statement of Comprehensive Income
For the year ended 31 August 2025
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Intertrain UK Ltd.
Registered number: 04696164
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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Intertrain UK Ltd.
Statement of Changes in Equity
For the year ended 31 August 2025
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
Intertrain UK Ltd. is a private company limited by shares, registered in England and Wales. The company's registered number is 04696164 and the address of the registered office is Balby Court, Carr Hill, Doncaster, South Yorkshire, DN4 8DE.
The nature of the company's operation and principal activity is the provision of short courses, apprenticeships and bootcamps.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The City and Guilds of London Institute as at 31 August 2025 and these financial statements may be obtained from the Charity Commission for England and Wales and are also available on the Institute’s website at https://www.cityandguilds .com.
The Company's functional and presentational currency is GBP.
The Company currently meets its working capital requirements through its cash balances and credit facilities. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period.
At the year end Intertrain UK Ltd owed The City and Guilds of London Institute £2,003,859 (2024: £3,470,611). The Company is in receipt of a letter from City & Guilds Limited to confirm the total of £1,100,000 due to the parent entity will not be recalled at any time for a period of no less than 12 months from the date of approval of these financial statements.
Therefore, the directors believe it is appropiate to prepare the accounts to 31 August 2025 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
2.Accounting policies (continued)
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
2.Accounting policies (continued)
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a number of bases.
Depreciation is provided on the following basis:
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.
Assets under construction represent costs incurred on projects that are not yet complete or available for use at the balance sheet date.
Such assets are carried at cost and are not depreciated until the asset is complete and brought into use. Upon completion, the asset is transferred to the appropriate tangible fixed asset category and depreciated on a systematic basis over its estimated useful life.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
Revenue recognition and work in progress The management of the Company exercises significant judgement in making an assessment of the stage of completion of contracts at the year-end and the appropriate amount of revenue and attributable profit to recognise. The Company has recognised amounts recoverable on contract with a carrying value of £1,872,368 (2024: £1,554,507) . There are no other significant estimates or judgements.
The whole of the turnover is attributable to provision of short courses, bootcamps and apprenticeships.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
There are tax losses carried forward of £354,622 available to offset future trading taxable profits.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £359,273 (2024: £231,473). Contributions totalling £nil (2024: £54,609) were payable to the fund at the balance sheet date.
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Intertrain UK Ltd.
Notes to the Financial Statements
For the year ended 31 August 2025
During the year and at the year end, the ultimate parent undertaking was The City and Guilds of London Institute, a Royal Charter body (Royal Charter number RC000117) and registered charity (Charity number 312832) in England and Wales. There is no overall controlling party of The City and Guilds of London Institute. The City and Guilds of London Institute is the parent undertaking of the largest group for which group accounts are prepared for the year end.
Following the year end on 31 October 2025, control of the Company transferred to PeopleCert Holdings Europe Ltd, which became the Company’s ultimate parent undertaking. The controlling party of PeopleCert Holdings Europe is Mr Anastasios Byron Nicolaides. The Company's immediate parent company is PeopleCert Wisdom Limited. Copies of the group financial statements of The City and Guilds of London Institute can be obtained from the Charity Commission for England and Wales and are also available on the Institute’s website at https://www.cityandguilds .com.
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