BOYD TOPCO LIMITED

• ⚠

  Material uncertainty over going concern

  The group and the parent company are dependent on successfully refinancing the existing loan facilities, which is not guaranteed. This indicates the existence of a material uncertainty which may cast significant doubt on the group's and the company's ability to continue as a going concern and, therefore, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The group and the parent company are dependent on successfully refinancing the existing loan facilities, which is not guaranteed. This indicates the existence of a material uncertainty which may cast significant doubt on the group's and the company's ability to continue as a going concern and, therefore, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business.”

Group structure

1. BOYD TOPCO LIMITED · parent
   1. Boyd Midco Limited 100% · Durham
   2. Boyd Midco 2 Limited 100% · Durham
   3. Boyd Bidco Limited 100% · Durham
   4. Genius Holdco Limited 100% · Durham
   5. Genius Bidco Limited 100% · Durham
   6. Learning Curve (NE) Group Limited 100% · Durham
   7. Acorn Training Consultants Limited 100% · Durham
   8. Learning Curve Group Limited 100% · Durham
   9. Profound Services Limited 100% · Durham
   10. Northern Care Training Limited 100% · Durham
   11. Profound National Apprenticeship Company Limited 100% · Durham
   12. Learning at Work Limited 100% · Durham
   13. Workwise Personnel Limited 100% · Durham
   14. Learning Curve Skill Centres Limited 100% · Durham
   15. The London Hairdressing Apprenticeship Academy Limited 100% · London
   16. The London Beauty Training Academy Limited 100% · London
   17. Antrec Limited 100% · Durham
   18. APCYMRU Limited 100% · Cardiff
   19. Military Preparation College Limited 100% · Cardiff
   20. The White Rose School of Beauty and Complementary Therapies Limited 100% · Durham
   21. Urban Serenity Limited 100% · Durham
   22. PGL Training Holdings Limited 100% · Durham
   23. PGL Training (Plumbing) Limited 100% · Durham
   24. PGL Assessment and Training Limited 100% · Durham

Significant events

• “Exceptional costs in the year relate to one-off non-recurring items that were not related to the ongoing operations of the business. A significant portion of the exceptional costs related to restructuring cost, costs associated with new business activities, legal and professional and refinancing fees.”
• “On the 4th of August 2025 the company received a positive judgement on an outstanding warranty claim. The group was awarded £5,211,625 plus costs and interest. The defendant has lodged an appeal against the judgement. The directors are confident that the likelihood of this appeal being successful is low.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -0.5%

  £59,350,663 → £59,054,189

• Cash

  +15.5%

  £12,728,889 → £14,700,594

• Net assets

  -37.2%

  -£109,022,981 → -£149,543,008

• Employees

  -8.8%

  904 → 824

• Operating profit

  +12.8%

  -£18,132,474 → -£15,810,727

• Profit before tax

  -1.6%

  -£39,692,903 → -£40,309,535

• Wages

  -3.7%

  £26,436,124 → £25,462,129

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers