so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

 

 

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.

 

 

give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the 9 month period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

 

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.

 

 

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; or

 

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 intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

 

 

 

At 31 December 2025, the Company has net assets of £280,835 (31 March 2025 - net liabilities of £22,869), and recorded net current assets amounting to £280,835 (31 March 2025 - net current liabilities of £45,958). The Company recorded a profit for the period of £303,704 (year ended 31 March 2025 - £95,844).

 

The Directors have prepared cash flow forecasts for the Company covering a period of at least twelve months from the date of approval of these financial statements. Applying prudent forecasting assumptions around revenue and profitability, operating cash conversion and the like, the Directors' forecasts indicate that the Company will generate sufficient liquidity to continue in operation.

 

In addition, the ultimate parent company Swipejobs Holdings Pty Ltd has provided a letter of support indicating its intention to provide sufficient financial assistance to the Company for a period of at least 12 months from the date of signing of these financial statements.

 

 

Accrued income is recognised when the risks and rewards have been passed to the customer and relates to balances which have become receivable from government but for which invoices are not raised (course data is provided to government via an online portal and payments are ordinarily received the following month).

 

In addition, the Skills Division provides 'matched funding' courses. Under these arrangements, the government will effectively match the cost of the provision of certain courses. Typically, eligible costs comprise of the training of staff plus an additional 40% of staff permitted in relation to indirect costs. The matched funding is recognised as revenue at the point the associated costs are paid.

 

 

 

•

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

 

•

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 

 

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.

 

 

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

 

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.

 

 

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

 

 

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.

 

 

 

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.

 

 

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.

 

 

Praetura Debt Limited has fixed and floating charges and a negative pledge over the assets of Challenge Group Holdings Limited and its subsidiary undertakings, dated 29 April 2019. The fixed and floating charge was satisfied in full in July 2025.