Company registration number 09517223 (England and Wales)
LAKE BRIDGE INTERNATIONAL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
LAKE BRIDGE INTERNATIONAL PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 20
LAKE BRIDGE INTERNATIONAL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2022
- 1 -

The directors present the strategic report for the year ended 31 July 2022.

Fair review of the business

The result for the year ended 31 July 2022, and the company’s financial position at the end of the year, are shown in the financial statements.

 

The profit and loss account for the year shows a total comprehensive profit for the year of £12,294 (2021: £934).

 

Business review and future developments

The directors considered the performance of the company and future prospects to be satisfactory. The company has undertaken no new lending and does not intend to do so in the coming period and therefore there are no significant future developments to address.

Principal risks and uncertainties

The company continued enhancing its management team, risk management strategies and internal control processes throughout the year. The directors and management consider the key risks and uncertainties affecting the company’s business to be: the general economic environment; global interest rates; reputational risks; regulatory risks; liquidity and credit risks.

 

While the company’s management has developed specific plans to deal with each of those risk areas and the directors consider such plans to be adequate, not all risk factors are within management’s control. Other risks and uncertainties not listed above could also affect the company. The directors continually monitor credit risk and perform recoverability assessments at year end based on their credit risk exposure assessments.

Key performance indicators

The directors have identified a number of Key Performance Indicators for the company. For reasons of commercial confidentiality, the directors resolved that further detail can be provided on request and at the company’s discretion.

 

Corporate governance

The company has progressed with its phased implementation plan of the principles it adopted from “Corporate Governance Guidance and Principles for Unlisted Companies in the UK”, published by the Institute of Directors and the European Confederation of Directors’ Associations. The directors consider the company's governance arrangements to be sufficient after taking account of the complexity of the business.

 

Section 172(1) statement

This section of the Strategic Report describes how the Directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the Directors’ statement required under section 414C(11) of The Companies Act 2006. The Directors consider that they have, in good faith, promoted the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

Long-term decisions

The Board is focused on the long term success of the Company and makes decisions to deliver long-term security and commercial performance. All key decisions are scrutinised by the Board and assessed on the balance of risk, reward and overall strategy in line with the code of corporate governance.

 

Employees

The company has no employees other than directors.

 

Business relationships

The Company has been built on solid relationships with its customers and professional advisers. We are reliant on external suppliers for a small number of key specialist services such as legal, audit and advisory. The Company believes in fair treatment of suppliers who are all paid within the agreed engagement terms.

LAKE BRIDGE INTERNATIONAL PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 2 -

Community and environment

The Company has limited physical presence, operates digitally, and minimal travel is undertaken. The Company seeks to be as efficient and environmentally friendly as it can be, with regular reviews of how this can be improved.

 

The Company, and the group it belongs to, contributes to charities and other worthy bodies who provide support in the local community. Separately, members of the Board dedicate their time and resources to good causes and are encouraged and supported to do so.

 

Business conduct

The Company has been built on its impeccable conduct and high business standards. The Board recognise the value in maintaining these vales and the reputation which has been built on them. All Board members are expected to adhere to these standards which are regularly communicated throughout the Company.

 

Communication, monitoring, and review are key to the Company maintaining the high ethical standards and conduct expected. Risks to the business are continually monitored and communicated within the Company to promote high business standards.

 

Interaction between members

The Board acts in the best interests of all of its members, ensuring a consistent and impartial approach is taken, aiming for a fair outcome for all. The Board are committed to clear and frequent communications with its members.

On behalf of the board

O Wehlau
Director
23 October 2023
LAKE BRIDGE INTERNATIONAL PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2022.

Principal activities

The principal activity of the company is that of operating as a special purpose finance vehicle within the Global University Systems group.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

V Kisilevsky
R Morawski
(Resigned 26 August 2021)
O Wehlau
(Appointed 26 August 2021)
Post reporting date events

Please refer to Note 14 of these financial statements.

Future developments

The Company intends to continue to operate in line with its principal activity for the foreseeable future.

Auditor

Gravita Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the Company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

LAKE BRIDGE INTERNATIONAL PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
O Wehlau
Director
23 October 2023
LAKE BRIDGE INTERNATIONAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKE BRIDGE INTERNATIONAL PLC
- 5 -
Opinion

We have audited the financial statements of Lake Bridge International PLC (the 'company') for the year ended 31 July 2022 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

LAKE BRIDGE INTERNATIONAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKE BRIDGE INTERNATIONAL PLC
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable to detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

LAKE BRIDGE INTERNATIONAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKE BRIDGE INTERNATIONAL PLC
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LAKE BRIDGE INTERNATIONAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKE BRIDGE INTERNATIONAL PLC
- 8 -

Use of our report

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 an auditor's report 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.

Joseph Brewer (Senior Statutory Auditor)
For and on behalf of Gravita Audit Limited
24 October 2023
Chartered Accountants
Statutory Auditor
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
LAKE BRIDGE INTERNATIONAL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2022
- 9 -
2022
2021
Notes
£
£
Turnover
3
17,210,194
14,697,581
Cost of sales
(17,167,276)
(14,660,929)
Gross profit
42,918
36,652
Administrative expenses
(30,624)
(35,718)
Profit before taxation
12,294
934
Tax on profit
6
-
0
-
0
Profit for the financial year
12,294
934
Other comprehensive income
-
-
Total comprehensive income for the year
12,294
934
LAKE BRIDGE INTERNATIONAL PLC
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2022
31 July 2022
- 10 -
2022
2021
as restated
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
7
504,924,091
487,744,121
Creditors: amounts falling due within one year
8
(129,628,213)
(112,460,537)
Net current assets
375,295,878
375,283,584
Creditors: amounts falling due after more than one year
9
(298,890,001)
(298,890,001)
Net assets
76,405,877
76,393,583
Capital and reserves
Called up share capital
11
53,100
53,100
Share premium account
80,684,632
80,684,632
Profit and loss reserves
(4,331,855)
(4,344,149)
Total equity
76,405,877
76,393,583
The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
O Wehlau
Director
Company Registration No. 09517223
LAKE BRIDGE INTERNATIONAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2020
53,100
80,684,632
(4,345,083)
76,392,649
Year ended 31 July 2021:
Profit and total comprehensive income for the year
-
-
934
934
Balance at 31 July 2021
53,100
80,684,632
(4,344,149)
76,393,583
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
12,294
12,294
Balance at 31 July 2022
53,100
80,684,632
(4,331,855)
76,405,877
LAKE BRIDGE INTERNATIONAL PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2022
- 12 -
2022
2021
£
£
£
£
Cash flows from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
The company held no cash at any time in the current or prior period.
LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 13 -
1
Accounting policies
Company information

Lake Bridge International PLC is a public company limited by shares incorporated on 30 March 2015 in England and Wales. The registered office is 30 Holborn, Buchanan House, London, EC1N 2HS.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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 truedirectors believe 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 meet all of its debts as and when they fall due.

 

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 directors have 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.

1.3
Turnover

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

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.

LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 14 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

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 payments 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. Amounts 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.

LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The principal judgement made by directors is in respect of the recoverable amount on amounts due by group companies. The directors perform credit risk assessments by reference to a range of credit characteristics of the debtors as well as by reference to wider economic factors which could impact the ability of the debtors to comply with the terms of the loans as well as an assessment of the likelihood and timing of any restructuring which may affect the ability of the company to recover the balances. The directors have also had regard to a guarantee issued by Global University Systems Holding B.V., which has control over all debtor entities, in respect of intercompany debts and have considered the current and expected financial position of that company in forming an assessment of recoverability. The directors concluded that no provision was required at the year end.

3
Turnover and other revenue

All of the company's turnover relates to interest income. All interest paid (and received) relates to balances with group companies.

4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
14,250
12,000
For other services
Taxation compliance services
1,250
1,200
5
Employees

The average number of persons (including directors) employed by the company during the year was 2 (2021: 2).

LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 17 -
6
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
12,294
934
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
2,336
177
Tax effect of expenses that are not deductible in determining taxable profit
1,615
1,254
Unutilised tax losses carried forward
(3,951)
(1,431)
Tax expense for the year
-
-
7
Debtors
2022
2021
as restated
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
504,924,091
487,744,121
8
Creditors: amounts falling due within one year
2022
2021
as restated
Notes
£
£
Other borrowings
10
129,612,963
112,445,687
Accruals and deferred income
15,250
14,850
129,628,213
112,460,537
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Other borrowings
10
298,890,001
298,890,001
LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 18 -
10
Loans and overdrafts
2022
2021
as restated
£
£
Other loans
428,502,964
411,335,688
Payable within one year
129,612,963
112,445,687
Payable after one year
298,890,001
298,890,001

Other loans payable after one year include floating rate loan notes of £280,980,001, issued on 22 December 2017, due for repayment on 18 December 2024, and £17,910,000, issued on 23 February 2018, due for repayment on 18 December 2024.

11
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
53,100
53,100
53,100
53,100

Ordinary shares entitle the holder to full voting, dividend and rights on winding up.

12
Financial commitments and guarantees

The company, along with certain other companies in the Global University Systems group, is named as a guarantor in the senior facilities agreement for Markermeer Finance B.V., a group company. A fixed and floating security has been provided over certain of the company's assets. The facility which totals approximately €1 billion is due for repayment in 2027 and an associated revolving credit facility of £120m is due to be repaid in 2026. The Directors consider that no material exposure arises as a result of the guarantee commitment as at the year end.

13
Controlling party

The immediate parent undertaking is Global University Systems Holding B.V., a company incorporated in The Netherlands.

 

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 Keizersgracht 307, 1016ED Amsterdam, The Netherlands.

14
Events after the reporting date

The directors are of the opinion that there were no significant adjusting or non-adjusting events occurring after the reporting date.

LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 19 -
15
Related party transactions

The company has taken advantage of the exemption allowed in FRS 102 Section 33 - Related Party Disclosures and has not disclosed details of related party transactions with wholly-owned entities within the group.

16
Contingent liabilities

At the year end and at the date of approval of the financial statements, HMRC enquiries into certain tax filings relating to earlier accounting periods of entities in the Global University Systems group were ongoing. The conclusion of the enquiries may result in additional tax becoming payable, plus interest and penalties, however the Directors consider the outcome, and the amount of any tax potentially payable, to be uncertain.

17
Analysis of changes in net debt
2022
£
Opening net debt
Borrowings including accrued interest
(352,024,626)
(352,024,626)
Changes in net debt arising from:
Interest accrued in the period
(17,167,276)
Closing net debt
Borrowings including accrued interest
(369,191,902)
(369,191,902)
18
Prior period adjustment

The directors identified that in the prior year, credit balances of £59,311,062 relating to intercompany loans had incorrectly been reflected within debtors. A prior year restatement has been recorded to increase debtors and creditors by this amount. This prior year restatement has no impact on the reported profit or loss for the comparative year.

Changes to the statement of financial position
Adjustment
£
Current assets
Debtors due after one year
59,311,062
Creditors due within one year
Loans and overdrafts
(59,311,062)
Net assets
-
Capital and reserves
Total equity
-
LAKE BRIDGE INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
18
Prior period adjustment
(Continued)
- 20 -
Changes to the income statement
Adjustment
Period ended 31 July 2021
£
Profit for the financial period
-
LAKE BRIDGE INTERNATIONAL PLC
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JULY 2022
LAKE BRIDGE INTERNATIONAL PLC
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2022
2022
2021
£
£
£
£
Turnover
Interest income
17,210,194
14,697,581
Cost of sales
Interest payable
17,167,276
14,660,929
(17,167,276)
(14,660,929)
Gross profit
42,918
36,652
Administrative expenses
Legal and professional fees
7,874
15,918
Audit fees
14,250
13,200
Fines and penalties
8,500
6,600
(30,624)
(35,718)
Operating profit
12,294
934
2022-07-312021-08-01falseCCH SoftwareCCH Accounts Production 2023.200V KisilevskyR MorawskiO WehlauO Wehlau095172232021-08-012022-07-3109517223bus:Director32021-08-012022-07-3109517223bus:Director12021-08-012022-07-3109517223bus:Director22021-08-012022-07-3109517223bus:Director42021-08-012022-07-31095172232022-07-31095172232020-08-012021-07-3109517223core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3109517223core:Non-currentFinancialInstrumentscore:AfterOneYear2021-07-3109517223core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3109517223core:CurrentFinancialInstrumentscore:WithinOneYear2021-07-31095172232021-07-3109517223core:ShareCapital2022-07-3109517223core:ShareCapital2021-07-3109517223core:SharePremium2022-07-3109517223core:SharePremium2021-07-3109517223core:RetainedEarningsAccumulatedLosses2022-07-3109517223core:RetainedEarningsAccumulatedLosses2021-07-3109517223core:ShareCapital2020-07-3109517223core:SharePremium2020-07-3109517223core:RetainedEarningsAccumulatedLosses2020-07-31095172232021-07-31095172232020-07-3109517223core:AfterOneYear2022-07-3109517223core:AfterOneYear2021-07-3109517223core:CurrentFinancialInstruments2022-07-3109517223core:CurrentFinancialInstruments2021-07-3109517223core:Non-currentFinancialInstruments2022-07-3109517223core:Non-currentFinancialInstruments2021-07-3109517223bus:PrivateLimitedCompanyLtd2021-08-012022-07-3109517223bus:FRS1022021-08-012022-07-3109517223bus:Audited2021-08-012022-07-3109517223bus:FullAccounts2021-08-012022-07-31xbrli:purexbrli:sharesiso4217:GBP