|
|
REGISTERED NUMBER: 07754025 (England and Wales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
|
FOR |
|
K12 EDUCATION (UK) LIMITED |
|
|
REGISTERED NUMBER: 07754025 (England and Wales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
|
FOR |
|
K12 EDUCATION (UK) LIMITED |
K12 EDUCATION (UK) LIMITED (REGISTERED NUMBER: 07754025) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
K12 EDUCATION (UK) LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditors |
4 Wimpole Street |
London |
W1G 9SH |
K12 EDUCATION (UK) LIMITED (REGISTERED NUMBER: 07754025) |
|
BALANCE SHEET |
30 JUNE 2018 |
|
2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
K12 EDUCATION (UK) LIMITED (REGISTERED NUMBER: 07754025) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
1. | STATUTORY INFORMATION |
|
K12 Education (UK) Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial |
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies |
Act 2006. The financial statements have been prepared under the historical cost convention. |
|
The financial statements have been prepared on a going concern basis which is not applicable as the directors ceased trading |
during FY 2017. There are no material adjustments required by preparing the financial statements on a break up basis |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
|
|
|
Tangible fixed assets |
Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated |
useful life. |
|
Computer Equipment - 33% on cost |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it |
relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which |
they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange |
differences are taken into account in arriving at the operating result. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2017 - 2 ). |
K12 EDUCATION (UK) LIMITED (REGISTERED NUMBER: 07754025) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
Cost |
At 1 July 2017 |
|
Disposals | ( |
) |
At 30 June 2018 |
|
Amortisation |
At 1 July 2017 |
|
|
Eliminated on disposal | ( |
) |
At 30 June 2018 |
|
Net book value |
At 30 June 2018 |
|
At 30 June 2017 |
|
|
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1 July 2017 |
|
Disposals | ( |
) |
At 30 June 2018 |
|
Depreciation |
At 1 July 2017 |
|
Eliminated on disposal | ( |
) |
At 30 June 2018 |
|
Net book value |
At 30 June 2018 |
|
At 30 June 2017 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
VAT |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
|
|
Accrued expenses |
|
|
|
|
K12 EDUCATION (UK) LIMITED (REGISTERED NUMBER: 07754025) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
10. | RESERVES |
Retained |
earnings |
£ |
|
At 1 July 2017 | ( |
) |
Deficit for the year | ( |
) |
At 30 June 2018 | ( |
) |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
12. | RELATED PARTY DISCLOSURES |
|
At the year end the amounts owed by K12 Education (UK) Ltd to its related parties were as follows: |
|
2018 | 2017 |
£ | £ |
K12, Inc | (8,556 | ) | 10,990 |
K12 Services, Inc | (45,051 | ) | (15,185 | ) |
K12 Management, Inc | (19,960 | ) | (20,434 | ) |
K12 International Holdings B.V. | (3,956,246 | ) | (3,915,055 | ) |
K12 GmbH | 1,082 | 1,082 |
|
K12 Education (UK) Ltd entered into a revised loan agreement with K12 International Holdings B.V. as of an effective date of 1 |
February 2018. The entire unpaid principal balance shall be due and payable in full 3 years from the effective date of 1 February |
2018. The principal of the loan bears interest at the long term applicable federal rate and interest is accrued on a monthly basis. |
|
13. | ULTIMATE CONTROLLING PARTY |
|
The company is a wholly owned subsidiary of K12 International Holdings BV, a company incorporated in the Netherlands. The |
ultimate parent company is K12 Inc, a company incorporated in the USA. |