Company Registration No. 07772771 (England and Wales)
ASPIRE EDUCATION CONSULTANTS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ASPIRE EDUCATION CONSULTANTS UK LTD
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ASPIRE EDUCATION CONSULTANTS UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
(unaudited)
Notes
£
£
£
£
Current assets
Debtors
4
-
460,871
Cash at bank and in hand
75
-
75
460,871
Creditors: amounts falling due within one year
5
(845,287)
(623,274)
Net current liabilities
(845,212)
(162,403)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(845,312)
(162,503)
Total equity
(845,212)
(162,403)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 December 2019 and are signed on its behalf by:
N Gupta
Director
Company Registration No. 07772771
ASPIRE EDUCATION CONSULTANTS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2016 (unaudited)
100
81,286
81,386
Year ended 30 September 2017(unaudited):
Loss and total comprehensive income for the year
-
(243,789)
(243,789)
Balance at 30 September 2017
100
(162,503)
(162,403)
(unaudited)
Year ended 30 September 2018:
Loss and total comprehensive income for the year
-
(682,809)
(682,809)
Balance at 30 September 2018
100
845,312
845,212
ASPIRE EDUCATION CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Aspire Education Consultants UK Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Belmont House, Station Way, Crawley, West Sussex, United Kingdom, RH10 1JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which the Director believes to be appropriate for the following reason. The company is reliant on the support of other group companies as a result of the way that the group is financed. Global University Systems Holding B.V. has agreed to continue to provide financial and other support to the company for the foreseeable future to enable it to continue to trade.
true
As a result, having assessed the response of the directors of Global University Systems Holding B.V., in light of its support and on the basis of his assessment of the company's financial position and Global University Systems Holding B.V. financial position, the Director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.
ASPIRE EDUCATION CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Revenue comprises the fair value of the sales of goods and services net of discounts. Goods sold represent books, study texts, course note, online video materials and published matter.
Revenue represents fees receivable for the provision of tuition and student services. Revenue is recognised on the basis of the estimated timing of delivery of the courses and the provision of student services. For certain courses delivery can vary on a student by student basis and therefore an estimation of the timing of the delivery is made on a course by course basis. Revenue in respect of student services is recognised on invoice.
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is recognised by reference to the stage of completion of the transaction at the balance sheet date. Deferred income represents amounts invoiced for which the service will be provided in future periods. Revenue is only recognised when the company has performed all of its required obligations and when all the following conditions are satisfied: the revenue can be measured reliably; it is possible that the economic benefits will flow to the company; the state of completion at the balance sheet date can be measure reliably; and the cost relating to the transaction can be measured reliably.
The Company makes allowances for doubtful trade debtors. Significant judgement is used to determine doubtful accounts. Changes in the economy, industry, or specific customer conditions may require adjustments to the allowance for doubtful debts recorded in the financial statements.
Expenses include VAT where applicable as the company cannot reclaim it.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
ASPIRE EDUCATION CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Auditor's remuneration
2018
2017
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).
ASPIRE EDUCATION CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
4
Debtors
2018
2017
(unaudited)
Amounts falling due within one year:
£
£
Trade debtors
-
460,871
5
Creditors: amounts falling due within one year
2018
2017
(unaudited)
£
£
Trade creditors
18,175
2,805
Amounts owed to group undertakings
703,304
414,768
Taxation and social security
119,520
193,578
Other creditors
4,288
12,123
845,287
623,274
6
Called up share capital
2018
2017
(unaudited)
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Isaacs.
The auditor was Jeffreys Henry LLP.
8
Events after the reporting date
Management of the company states that after the reporting date there were no other events, for which this financial statement requires adjustments or disclosures.
ASPIRE EDUCATION CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
9
Related party transactions
2018
2017
Amounts due to related parties
£
£
Global University Systems Canada Holdings, Inc.
703,304
414,768
10
Parent company
The immediate parent company is Aspire Skills Academy Limited, a company incorporated in England and Wales.
The ultimate parent company Riverhead Ventures Limited, a company registered in the British Virgin Islands.
The ultimate controlling party is The Heritage Trust, registered in Guernsey.
The smallest and largest group into which the entity is consolidated is Global University Systems Holding B.V., a company registered in The Netherlands. The registered office is 5th floor, H Tower, WTC Amsterdam, 36 Zuidplein, Amsterdam 1077 XV, The Netherlands from which copies of the group financial statements can be obtained.