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Registered number: 05434893
Trade Skills4U Ltd
Financial statements
Information for filing with the registrar
For the Year Ended 31 August 2025
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Trade Skills4U Ltd
Registered number: 05434893
Balance Sheet
As at 31 August 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Trade Skills4U Ltd
Registered number: 05434893
Balance Sheet (continued)
As at 31 August 2025
The notes on pages 3 to 12 form part of these financial statements.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
Trade Skills4U Ltd is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Mitre Court, Fleming Way, Crawley, West Sussex, RH10 9JY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company currently meets its working capital requirements through its cash balances and available credit facilities. Based on the Company's forecasts and projections, the directors believe that the Company has sufficient resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements.
At the year end, the Company had net liabilities of £2,697,397 and net current liabilities of £2,663,990. This includes amounts owed to The City and Guilds of London Institute £3,168,966 (2024: £2,000,079). As noted in note 16, subsequent to the year end, The City and Guilds of London Institute sold its interests in the company to City and Guilds Limited which, in turn, was sold to The PeopleCert Group. As part of this transaction, all amounts owing to The City and Guilds of London Institute were transferred to City and Guilds Limited.
The Company has received a letter of support from City and Guilds Limited, the company's parent undertaking, confirming its intention to provide financial support of up to £12.3m to the Trade Skills4U group and its subsidiaries, including the Company, to enable them to continue to meet their liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
Accordingly, the directors consider it appropriate to prepare the financial statements for the year ended 31 August 2025 on a going concern basis.
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue in respect of the provision of training is recognised on the start date of each course, and on a weekly basis where these span a number of weeks. As at the year end, any amounts received in respect of courses that begin following the year end are deferred and included on the balance sheet in other creditors.
Revenue generated from the Company's e-learning offering is recognised on the date when the student draws down the ability to access the courses, as management deem they have fulfilled their obligation to the student at this date.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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 financial liabilities.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙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.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
Amortisation is recognised so as to write off the cost of assets less their residual value over their useful lives
Amortisation is provided on the following bases:
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Website development costs
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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.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:
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Leasehold land and buildings
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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. These include capital expenditure relating to development of tangible fixed assets that have not yet been placed into service.
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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Cash and cash equivalents
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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.
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.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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, trade payables, loans, and cash.
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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The average monthly number of employees, including directors, during the year was 87 (2024 - 96).
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
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Website development costs
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
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Leasehold land and building
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Assets under construction
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
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Raw materials and consumables
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Within the amounts owed to group undertakings balance of £3,462,854 (2024: £2,841,234) is £603,982 (2024:
£1,359,851) which relates to loans secured by a fixed and floating charge over the assets of the company. The loan
carries interest at the base rate plus 3% per annum. All outstanding amounts under this agreement are repayable immediately upon written demand from the lender.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
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Charged to profit or loss
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The company has recognised a dilapidations provision in the balance sheet as the company has a liability to
restore its leased premises to their original condition at the expiry of the lease. The Board have used available
data and their knowledge of historic adjustments made to the sites with reference to the terms of the lease,
and have estimated that the cost of the restoration is expected to be £837,460 as at 31 August 2025 (2024:
£715,513); this will be kept under annual review.
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Allotted, called up and fully paid
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102 (2024 - 102) Ordinary shares of £1.00 each
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Share premium account
The excess of consideration received for shares issued above their nominal value net of transaction costs.
Profit and loss account
Cumulative profit and loss net of distributions to owners.
The Company has identified an error in the calculation of VAT relating to prior periods. The outstanding VAT has now been calculated and recognised in full within these financial statements, together with the estimated interest payable.
At the reporting date, the matter remains under review by HM Revenue & Customs and the amount of any potential penalties cannot be reliably estimated. Accordingly, no provision has been recognised for potential penalties and these have been disclosed as a contingent liability.
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Trade Skills4U Ltd
Notes to the Financial Statements
For the Year Ended 31 August 2025
The Company operates a defined contribution 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 £191,692 (2024 - £101,961). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date.
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Related party transactions
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The company has taken advantage of the exemptions provided by paragraph 33.1A of FRS102 and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
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As at 31 August 2025, TradeSkills 4U Group Limited is the immediate parent undertaking of the company. The ultimate parent undertaking as at 31 August 2025 was The City and Guilds of London Institute.
The smallest and largest group in which the results of the company are consolidated is that headed by The
City and Guilds of London Institute. Copies of The City and Guilds of London Institute consolidated financial
statements for the year ended 31 August 2025 are publicly available and can be obtained from the Charity
Commission.
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 sale of its investments in TradeSkills 4U Group to City and Guilds Limited. The shares of City and Guilds Limited were, in turn, sold to PeopleCert Group. The ultimate parent undertaking from this date is PeopleCert Holdings Europe Limited.
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' report on the financial statements for the year ended 31 August 2025 was unqualified.
The audit report was signed on 1 October 2026 by Helen Besant-Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.
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