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Registered number: 09820295 HGV TRAINING SERVICES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
HGV TRAINING SERVICES LIMITED COMPANY INFORMATION
Directors | G M Benardout (resigned 17 April 2026)
| J A Clifford (appointed 27 March 2026)
Registered number | 09820295
Registered office | Unit 5 Apollo Studios
| Charlton Kings Road
| London
| NW5 2SB
Independent auditors | Harris & Trotter LLP
| Chartered Accountants
| 101 New Cavendish Street
| 1st Floor South
| London
| W1W 6XH
HGV TRAINING SERVICES LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10 - 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Notes to the Financial Statements | 15 - 28
HGV TRAINING SERVICES LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report of the company for the period ended 30 September 2025.
Business review
During the period, the Company maintained its position as one of the largest providers of HGV driver training in the UK. Total revenue for the period was £17 million, of which approximately £10.8 million (around 63%) was generated under our Skills Bootcamp contract with the Department for Education (DfE), supporting Class 1 and Class 2 HGV licence acquisition and addressing the national shortage of qualified HGV drivers. In addition to its DfE-funded provision, the Company also provides HGV driver training services to corporate clients and members of the public. The programme continued to deliver strong outcomes for learners, with more than 70% of those completing the course progressing into employment, and all contractual delivery KPIs for the period were met. Subsequent to the period end, the Company underwent a management buyout.
Principal risks and uncertainties
The directors consider the following to be the principal risks and uncertainties facing the Company. Funding and contract concentration: A change to the DfE funding for the Bootcamp programme I'm meant a move to local authority-administered, competitively tendered contracts. The Company has secured a number of these and continues to diversify income. Operational delivery and cost base: Training is delivered through a network of subcontracted providers, and the Company’s performance depends on that network maintaining required accreditation and quality standards and having sufficient driver trainer capacity, given competition for qualified drivers in the wider market. The Company is also exposed to rising employment costs, including increases in employer National Insurance contributions, and to the loss of senior leadership or other key personnel. IT and cyber controls: The Company’s operations, including the delivery of training, management of learner data, and financial reporting, depend on the effective operation of its IT systems. There is a risk that system failure, cyber-attack, or weaknesses in IT controls could disrupt service delivery or affect the integrity of financial and operational data. The Company continues to invest in its IT infrastructure and controls environment to manage this risk.
Financial key performance indicators
The directors consider turnover, gross profit margin, and cash position to be the key financial performance indicators of the Company. Note that the current period covers 18 months to 30 September 2025 compared to a 12-month prior period to 31 March 2024; the figures are therefore not directly comparable on a like-for-like basis. Turnover for the period was £17,031,713 (2024: £11,431,320), with a gross profit margin of 56.7% (2024: 40.1%), reflecting an improved trading performance. The statutory loss before tax of £187,153 (2024: profit of £867,735) is attributable to a one-off intercompany debt write-off of approximately £2.4 million, with the underlying trading position remaining profitable. Cash at bank at the period end was £2,863,433 (2024: £1,967,926). Page 1
HGV TRAINING SERVICES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 This report was approved by the board and signed on its behalf.
J A Clifford Director
Date: 24 June 2026
Page 2
HGV TRAINING SERVICES LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the period ended 30 September 2025.
Director
The director who served during the period was:
G M Benardout (resigned 17 April 2026)
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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.
Results and dividends
The loss for the period, after taxation, amounted to £187,153 (2024 - profit £622,319).
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
HGV TRAINING SERVICES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Auditors
The auditors, Harris & Trotter LLP, 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.
J A Clifford Director
Date: 24 June 2026
Page 4
HGV TRAINING SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HGV TRAINING SERVICES LIMITED
Opinion
We have audited the financial statements of HGV Training Services Limited (the 'Company') for the period ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its loss for the period 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 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.
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. Page 5
HGV TRAINING SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HGV TRAINING SERVICES LIMITED (CONTINUED)
Other information
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial period 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.
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 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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. Page 6
HGV TRAINING SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HGV TRAINING SERVICES LIMITED (CONTINUED)
Auditors' 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 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 obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgements made by management in its significant accounting estimates; We did not identify any key audit matters relating to irregularities, including fraud. 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. Page 7
HGV TRAINING SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HGV TRAINING SERVICES LIMITED (CONTINUED)
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 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. Stephen Hafner (Senior Statutory Auditor) for and on behalf of Harris & Trotter LLP Chartered Accountants 101 New Cavendish Street 1st Floor South London W1W 6XH 24 June 2026 Page 8
HGV TRAINING SERVICES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| 30 September | 31 March
| 2025 | 2024
Note | £ | £
Turnover | 4 | 17,031,713 | 11,431,320
Cost of sales |  | (7,374,750) | (6,847,376)
Gross profit |  | 9,656,963 | 4,583,944
Administrative expenses |  | (9,837,147) | (3,702,811)
Operating (loss)/profit |  | (180,184) | 881,133
Interest receivable and similar income | 8 | 9,094 | -
Interest payable and similar expenses | 9 | (16,063) | (13,398)
(Loss)/profit before tax |  | (187,153) | 867,735
Tax on (loss)/profit | 10 | - | (245,416)
(Loss)/profit for the financial period |  | (187,153) | 622,319
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 28 form part of these financial statements.
Page 9
HGV TRAINING SERVICES LIMITED REGISTERED NUMBER: 09820295 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 30 September |  | 31 March
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 98,367 |  | -
Tangible assets | 13 |  | 28,183 |  | 32,661
|  |  | 126,550 |  | 32,661
Current assets |  |  |  |  |
Debtors due within 1 year | 14 | 2,164,519 |  | 4,299,739 |
Cash at bank and in hand | 15 | 2,863,433 |  | 1,967,926 |
|  | 5,027,952 |  | 6,267,665 |
Creditors: amounts falling due within one year | 16 | (4,689,109) |  | (4,920,259) |
Net current assets |  |  | 338,843 |  | 1,347,406
Total assets less current liabilities |  |  | 465,393 |  | 1,380,067
Creditors: amounts falling due after more than one year | 17 |  | (37,869) |  | (105,390)
Net assets |  |  | 427,524 |  | 1,274,677
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,111 |  | 1,111
Profit and loss account |  |  | 426,413 |  | 1,273,566
|  |  | 427,524 |  | 1,274,677
Page 10
HGV TRAINING SERVICES LIMITED REGISTERED NUMBER: 09820295 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2026.
J A Clifford
Director
The notes on pages 15 to 28 form part of these financial statements. Page 11
HGV TRAINING SERVICES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 1,111 | 906,827 | 907,938
Profit for the year | - | 622,319 | 622,319
Dividends: Equity capital | - | (255,580) | (255,580)
At 1 April 2024 | 1,111 | 1,273,566 | 1,274,677
Loss for the period | - | (187,153) | (187,153)
Dividends: Equity capital | - | (660,000) | (660,000)
At 30 September 2025 | 1,111 | 426,413 | 427,524
| The notes on pages 15 to 28 form part of these financial statements.
Page 12
HGV TRAINING SERVICES LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
|  |  | 30 September | 31 March
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial period | (187,153) | 622,319
Adjustments for: |  |
Amortisation of intangible assets | 42,158 | -
Depreciation of tangible assets | 17,098 | 16,914
Loss on disposal of tangible assets | - | 46,913
Interest paid | 16,063 | 13,398
Interest received | (9,094) | -
Taxation charge | - | 245,416
(Increase)/decrease in debtors | (250,666) | 813,657
Decrease/(increase) in amounts owed by groups | 2,269,022 | (893,762)
(Decrease)/increase in creditors | (21,417) | 1,395,260
Corporation tax (paid) | (250,184) | (102,664)
Net cash generated from operating activities | 1,625,827 | 2,157,451
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (12,620) | -
Purchase of tangible fixed assets | - | (20,750)
Sale of tangible fixed assets | - | 54,163
Interest received | 9,094 | -
Net cash from investing activities | (3,526) | 33,413
Cash flows from financing activities |  |
Repayment of loans | (77,750) | (48,051)
Dividends paid | (660,000) | (255,580)
Interest paid | (16,063) | (13,398)
Net cash used in financing activities | (753,813) | (317,029)
Page 13
HGV TRAINING SERVICES LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025
|  | 30 September | 31 March
|  | 2025 | 2024
|  | £ | £
Net increase in cash and cash equivalents | 868,488 | 1,873,835
Cash and cash equivalents at beginning of period | 1,967,926 | 94,091
Cash and cash equivalents at the end of period | 2,836,414 | 1,967,926
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 2,863,433 | 1,967,926
Bank overdrafts | (27,019) | -
| 2,836,414 | 1,967,926
The notes on pages 15 to 28 form part of these financial statements.
Page 14
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1. | General information
HGV Training Services Limited is a private company incorporated in England & Wales (registered number 09820295). Its registered office address is Unit 5 Apollo Studios, Charlton Kings Road, London, England, NW5 2SB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 15
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 16
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 17
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position 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, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 18
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 19
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 16,936,663 | 11,431,320
| Management charges | 95,050 | -
|  | 17,031,713 | 11,431,320
Analysis of turnover by country of destination:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 17,031,713 | 11,431,320
|  | 17,031,713 | 11,431,320
Page 20
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
5. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,000 | -
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,021,802 | 2,341,538
| Social security costs | 463,118 | 262,229
| Cost of defined contribution scheme | 352,042 | 82,471
|  | 4,836,962 | 2,686,238
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 30 September | 31 March
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 54 | 43
Page 21
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
7. | Directors' remuneration
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 189,000 | 459,280
| Company contributions to defined contribution pension schemes | 257,713 | 35,804
|  | 446,713 | 495,084
8. | Interest receivable
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 9,094 | -
|  | 9,094 | -
9. | Interest payable and similar expenses
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 13,700 | 13,398
| Other interest payable | 2,363 | -
|  | 16,063 | 13,398
Page 22
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
10. | Taxation
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 245,416
|  | - | 245,416
| Total current tax | - | 245,416
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on (loss)/profit | - | 245,416
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (187,153) | 867,735
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (46,788) | 216,934
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 579,276 | 110
| Capital allowances for period/year in excess of depreciation | 1,120 | 28,372
| Utilisation of tax losses | (533,608) | -
| Total tax charge for the period/year | - | 245,416
Page 23
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 10.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 660,000 | 255,580
|  | 660,000 | 255,580
12. | Intangible assets
|  | Computer software
|  | £
| Cost |
| Additions | 140,525
| At 30 September 2025 | 140,525
| Amortisation |
| Charge for the period on owned assets | 42,158
| At 30 September 2025 | 42,158
| Net book value |
| At 30 September 2025 | 98,367
| At 31 March 2024 | -
Page 24
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
13. | Tangible fixed assets
|  | Plant and machinery | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 38,500 | 30,302 | 68,802
| Additions | - | 12,620 | 12,620
| At 30 September 2025 | 38,500 | 42,922 | 81,422
| Depreciation |  |  |
| At 1 April 2024 | 15,438 | 20,703 | 36,141
| Charge for the period on owned assets | 9,625 | 7,473 | 17,098
| At 30 September 2025 | 25,063 | 28,176 | 53,239
| Net book value |  |  |
| At 30 September 2025 | 13,437 | 14,746 | 28,183
| At 31 March 2024 | 23,063 | 9,598 | 32,661
14. | Debtors
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,107,822 | 1,456,997
| Amounts owed by group undertakings | - | 2,409,547
| Other debtors | 50,296 | 38,796
| Prepayments and accrued income | 1,006,401 | 333,755
| Tax recoverable | - | 60,644
|  | 2,164,519 | 4,299,739
Page 25
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
15. | Cash and cash equivalents
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,863,433 | 1,967,926
| Less: bank overdrafts | (27,019) | -
|  | 2,836,414 | 1,967,926
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 27,019 | -
| Bank loans | 56,334 | 66,562
| Trade creditors | 160,574 | 388,444
| Corporation tax | - | 250,184
| Other taxation and social security | 242,471 | 593,367
| Other creditors | 32,238 | 184,149
| Accruals and deferred income | 4,170,473 | 3,437,553
|  | 4,689,109 | 4,920,259
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 37,869 | 105,390
|  | 37,869 | 105,390
Page 26
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 56,334 | 66,562
|  | 56,334 | 66,562
| Amounts falling due 1-2 years |  |
| Bank loans | 37,869 | 105,390
|  | 37,869 | 105,390
|  | 94,203 | 171,952
19. | Financial instruments
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,863,433 | 1,967,926
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
Page 27
HGV TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
20. | Share capital
|  |  |  |  | 30 September | 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
|  | 111 (2024 - 111) Ordinary B shares of £1.00 each | 111 | 111
|  |  | 1,111 | 1,111
Page 28