REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 July 2018 |
|
for |
|
Bloomsbury International (UK) Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 July 2018 |
|
for |
|
Bloomsbury International (UK) Limited |
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 July 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Report of the Independent Auditors | 3 |
|
Income Statement | 5 |
|
Balance Sheet | 6 |
|
Notes to the Financial Statements | 7 |
|
Bloomsbury International (UK) Limited |
|
Company Information |
for the Year Ended 31 July 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
SENIOR STATUTORY AUDITOR: |
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
Boundary House Suite 310 |
Boston Road |
Hanwell |
London |
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Report of the Directors |
for the Year Ended 31 July 2018 |
|
The directors present their report with the financial statements of the company for the year ended 31 July 2018. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Providing tuition in English as a Foreign |
Language and other courses. |
|
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2017 to the date of this report. |
|
|
|
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
|
AUDITORS |
The auditors, Bourke Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Bloomsbury International (UK) Limited |
|
We have audited the financial statements of Bloomsbury International (UK) Limited for the year ended 31 July 2018 on |
pages five to nine. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
Respective responsibilities of directors and auditors |
|
|
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
|
|
Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2018 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Material uncertainty related to going concern |
We draw attention to Note 2 Going Concern in the financial statements, which indicates that the Company is reliant on |
cost sharing of occupancy costs and overheads with parent and affiliated undertakings sharing its principal premises. |
The ability of the company to continue as a going concern is reliant on the ability of parent and affiliated undertakings to |
absorb ongoing costs in this respect. Note 2, indicates that a material uncertainty exists that may cast significant doubt |
on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
|
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Bloomsbury International (UK) Limited |
|
|
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
|
|
|
|
|
for and on behalf of
|
Statutory Auditor |
Boundary House Suite 310 |
Boston Road |
Hanwell |
London |
|
|
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Income Statement |
for the Year Ended 31 July 2018 |
|
2018 | 2017 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
(42,943 | ) | (141,464 | ) |
|
Other operating income |
|
|
OPERATING LOSS | 4 | ( |
) | ( |
) |
|
Interest receivable and similar income |
|
|
LOSS BEFORE TAXATION | ( |
) | ( |
) |
|
Tax on loss | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Balance Sheet |
31 July 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Prepayments and accrued income |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET (LIABILITIES)/ASSETS | ( |
) |
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) |
|
SHAREHOLDERS' FUNDS | ( |
) |
|
|
|
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Notes to the Financial Statements |
for the Year Ended 31 July 2018 |
|
1. | STATUTORY INFORMATION |
|
Bloomsbury International (UK) Limited is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
Going Concern |
|
The company's balance sheet reflects a negative net asset position at the year-end and current liabilities exceed |
current assets. £50,000 of new share capital was introduced on 1 February 2019 by Gendai Travel Limited, the |
parent company to finance the deficit. |
The Company is reliant on cost sharing of occupancy costs and overheads with parent and affiliated undertakings |
sharing its principal premises. The ability of the company to continue as a going concern is reliant on the ability |
of parent and affiliated undertakings to absorb ongoing lease costs and commitments in this respect. There exists |
a considerable degree of uncertainty with respect to the ability of parent and affiliated undertakings of the |
company to maintain sufficient levels of cost sharing over the remaining term of the lease.. |
The directors have indicated their intent to furnish liquidity support to the company as and when required, |
however no formal agreement is in place. The directors, having considered the above and made due enquiries, |
continue to adopt the going concern basis in preparing the financial statements which assumes that the company |
will continue in operation for the foreseeable future. |
|
Turnover |
Turnover represents net invoiced sales of registration and course fees, accommodation and ancillary services and |
rents receivable. Revenue is recognised on student registration and as services are rendered over the period of |
instruction. |
|
Tangible fixed assets |
|
Plant and machinery etc | - | 25% on reducing balance and 15% on reducing balance |
|
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 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. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | OPERATING LOSS |
|
The operating loss is stated after charging: |
|
2018 | 2017 |
£ | £ |
Depreciation - owned assets |
|
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2017 |
|
Disposals | ( |
) |
At 31 July 2018 |
|
DEPRECIATION |
At 1 August 2017 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 July 2018 |
|
NET BOOK VALUE |
At 31 July 2018 |
|
At 31 July 2017 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Amt due from Related Parties |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Accruals and Deferred Income |
|
|
|
|
Bloomsbury International (UK) Limited (Registered number: 03586081) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
|
8. | CONTINGENT LIABILITIES |
|
Prepaid Tuition |
|
The policy of the school is that tuition fees are payable in full at the commencement of a course and fees are non |
refundable after commencement.In certain circumstances this policy may be relaxed and a part refund of fees |
made. |
|
|
Loan guarantees |
|
Debenture including fixed all present and future freehold and leasehold property. |
First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and |
floating charge over all assets and undertaking both present and future dated 18 March 2004. |
|
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The properties from which the company provides accommodation services are owned by the directors. The rents |
paid for the use of these properties during the year were £54,985. |
|
10. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
Amounts due from related parties at the year-end were as follows: |
|
Eikoku News Digest Ltd (company with common directors) £72,159 |
|
Affinity Japan (company with common directors £10,680 |
|
11. | POST BALANCE SHEET EVENTS |
|
The Parent Company, Gendai Travel Limited, introduced £50,000 of capital on 1 February 2019 by way of |
subscription for 50,000 £1 Ordinary shares. |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Gendai Travel Ltd by virtue of its majority shareholding. |
|
The ultimate controlling party is M Mori. |