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Faria UK Holdco III Limited
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For the year ended
31 December 2021
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Registered number:
12617107
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Faria UK Holdco III Limited
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Registered number:
12617107
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Statement of financial position
As at
31 December 2021
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Current asset investments
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 on
15 September 2022
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The notes on pages 2 to 5 form part of these financial statements.
Page 1
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Faria UK Holdco III Limited
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Notes to the financial statements
For the year ended 31 December 2021
Faria UK Holdco III Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 4th Floor 76 Watling Street, London, EC4M 9BJ. The company number is 12617107.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The company has net current liabilities at the reporting date and is currently dependent upon the financial
support of a group company, Faria Education Limited (a Hong Kong limited company) ('FEHK').
Creditors payable in less than one year consist solely of amounts payable to FEHK. The directors have
received confirmation from FEHK that it will continue to provide financial support to the company for a year
of at least twelve months from the date of approval of these financial statements. The directors also have no
reason to believe that this support will not be forthcoming.
Having regard for the foregoing, the directors consider it appropriate to prepare the financial statements on
the going concern basis. The financial statements therefore do not include any adjustments that would result
from the withdrawal of support form FEHK.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 2
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Faria UK Holdco III Limited
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Notes to the financial statements
For the year ended 31 December 2021
2.
Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
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at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
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at cost less impairment for all other investments.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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 period was 0 (2020 - 0).
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Investment in subsidiary companies
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Page 3
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Faria UK Holdco III Limited
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Notes to the financial statements
For the year ended 31 December 2021
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The following were subsidiary undertakings of the company:
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Oxford Digital Learning Limited
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Midland Hosue, West Way, Botley, Oxford, OX2 0PH
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Wolsey Hall Oxford International Limited
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Midland Hosue, West Way, Botley, Oxford, OX2 0PH
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Current asset investments
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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Page 4
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Faria UK Holdco III Limited
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Notes to the financial statements
For the year ended 31 December 2021
The immediate parent company is Faria Education Limited ('FEL') and the ultimate parent company is TA Lattice
Holdings (Cayman) Limited, a company incorporated in the Cayman islands.
FEL is the parent company of the smallest group of which the company is a member and for which group financial
statements are prepared.
Copies of the group financial statements may be obtained from:
Faria Education Limited
4th Floor 76 Watling Street
London
EC4M 9BJ
There is no ultimate controlling party.
The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on
15 September 2022
by
Hugh Swainson
(Senior statutory auditor) on behalf of
Buzzacott LLP
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Page 5
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