Company registration number 05572704 (England and Wales)
ACER INTERNATIONAL UNITED KINGDOM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ACER INTERNATIONAL UNITED KINGDOM LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
ACER INTERNATIONAL UNITED KINGDOM LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,481
40,839
Investments
5
36,133
54,199
63,614
95,038
Current assets
Debtors
6
137,104
1,240,815
Cash at bank and in hand
317,981
1,066,799
455,085
2,307,614
Creditors: amounts falling due within one year
8
(1,190,875)
(2,008,211)
Net current (liabilities)/assets
(735,790)
299,403
Total assets less current liabilities
(672,176)
394,441
Provisions for liabilities
(250,769)
Net (liabilities)/assets
(672,176)
143,672
Capital and reserves
Called up share capital
9
3,000,000
3,000,000
Profit and loss reserves
(3,672,176)
(2,856,328)
Total equity
(672,176)
143,672
The directors of the company have elected not to include a copy of the profit and loss account 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 3 November 2023 and are signed on its behalf by:
Prof G Masters
Director
Company Registration No. 05572704
ACER INTERNATIONAL UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
1
(2,955,197)
(2,955,196)
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
98,869
98,869
Conversion of loan to shares
9
2,999,999
-
2,999,999
Balance at 30 June 2022
3,000,000
(2,856,328)
143,672
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(815,848)
(815,848)
Balance at 30 June 2023
3,000,000
(3,672,176)
(672,176)
ACER INTERNATIONAL UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
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.
2
Accounting policies
Company information
ACER International United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Column House , London Road, Shrewsbury, Shropshire, SY2 6NN.
The trading office is 13-15 Canfield Place, London, United Kingdom, NW6 3BT.
2.1
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The financial statements of the company are consolidated in the financial statements of The Australian Council for Educational Research Limited, a company incorporated and registered in Australia. These consolidated financial statements are available from its registered office:
The Australian Council for Educational Research Limited
19 Prospect Hill Road
Camberwell
Victoria
3124
Australia
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 4 -
2.2
Going concern
The company has the continued support of the Australian Council for Educational Research Limited, its parent company. true
Within 'Creditors:amounts falling due within one year' is a loan owing to the parent company, which results in a net liability position at the year-end. There is no intention by The Australian Council for Educational Research Limited to require repayment of the balance with ACER International Limited until funds are available for it to do so.
Management will continue to take a cautious approach and manage the risk of not securing new business by limiting new recruitment and considering staffing cuts if necessary. Overhead costs have already been cut by reducing office space in London to reflect increased working from home. This is not expected to impact on the ability to continue to trade, due to the continued support of the Australian Council for Educational Research Limited, our parent company.
Appropriate steps have been taken, reviewing the cash flow requirements and engaging with all the relevant stakeholders, to ensure we have appropriate business and strategic plans in place to manage the ongoing changes. The position is under constant review.
2.3
Turnover
Examination Fees
Revenue is recognised in the period in which examinations are held. Provision is made for postponed or cancelled registrations.
Materials income
Revenue from the sale of goods relating to examination preparation materials is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Professional services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
2.4
Tangible fixed assets
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the term of the lease
Fixtures, fittings & equipment
15% straight line on a monthly basis
Computer equipment
25% straight line on a monthly basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 5 -
2.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Investments in unlisted Company shares, whose market value can be reliably determined, are re-measured to market value at each balance sheet date. Gains and losses on re-measurement 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.
2.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
2.7
Cash at bank and in hand
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.
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.
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 6 -
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2.9
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.
2.10
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
2.11
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 leases asset are consumed.
2.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Employees
The average number of employees, including directors, during the year was as follows:
2023
2022
Number
Number
Total
19
22
4
Tangible fixed assets
Leasehold Property Improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
194,087
76,469
270,556
Additions
10,011
10,011
At 30 June 2023
194,087
86,480
280,567
Depreciation and impairment
At 1 July 2022
166,698
63,019
229,717
Depreciation charged in the year
13,502
9,867
23,369
At 30 June 2023
180,200
72,886
253,086
Carrying amount
At 30 June 2023
13,887
13,594
27,481
At 30 June 2022
27,389
13,450
40,839
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Fixed asset investments
2023
2022
Cost
£
£
At 1 July 2022
55,425
14,906
Additions
-
40,519
At 30 June 2023
55,425
55,425
Impairment
At 1 July 2022
1,226
1,226
Impairment losses
18,066
At 30 June 2023
19,292
1,226
Carrying amount
At 30 June 2023
36,133
54,199
At 30 June 2022
54,199
1,226
The impairment loss in 2023 relates to the impairment of the investment in Acer Indonesia.
The additions in 2022 related to the acquisition of further share capital in Acer Indonesia.
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,946
862,957
Other debtors
62,158
377,858
137,104
1,240,815
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,843
29,555
Amounts owed to group undertakings
694,373
890,178
Taxation and social security
59,760
59,493
Other creditors
417,899
1,028,985
1,190,875
2,008,211
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
3,000,000
3,000,000
3,000,000
3,000,000
On 31 March 2022, Acer International United Kingdom Limited issued 2,999,999 new ordinary £1 shares
to the parent company Acer Limited as part of a debt for equity swap.
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
193,974
205,734
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The amount outstanding and included within creditors at the year-end is £17,552 (2022 :£20,249).
ACER INTERNATIONAL UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
69,750
116,250
12
Events after the reporting date
On 22 September 2023 the company passed a special resolution to amend the articles of association to establish the company as a not for profit entity.
13
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 Lee Meredith ACA and the auditor was Azets Audit Services.
14
Parent company
The ultimate and immediate parent company, in which the company's results are included, is The Australian Council for Educational Research Limited, a company incorporation and registered in Australia.
Copies of the group financial statements may be obtained from:
The Australian Council for Educational Research Limited
19 Prospect Hill Road
Camberwell
Victoria
3124
Australia
The directors do not believe that there was an ultimate controlling party for the period ended 30 June 2023.
2023-06-302022-07-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr W DawesProf G MastersMr P McGuckianMr R SaubernDr S P ThomsonDr D P BerminghamMr W Dawesfalse055727042022-07-012023-06-30055727042023-06-30055727042022-06-3005572704core:LandBuildings2023-06-3005572704core:OtherPropertyPlantEquipment2023-06-3005572704core:LandBuildings2022-06-3005572704core:OtherPropertyPlantEquipment2022-06-3005572704core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3005572704core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3005572704core:ShareCapital2023-06-3005572704core:ShareCapital2022-06-3005572704core:RetainedEarningsAccumulatedLosses2023-06-3005572704core:RetainedEarningsAccumulatedLosses2022-06-3005572704core:ShareCapital2021-06-3005572704core:RetainedEarningsAccumulatedLosses2021-06-30055727042021-06-3005572704bus:Director12022-07-012023-06-3005572704core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30055727042021-07-012022-06-3005572704core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3005572704core:ShareCapital2021-07-012022-06-3005572704core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3005572704core:ComputerEquipment2022-07-012023-06-3005572704core:LandBuildings2022-06-3005572704core:OtherPropertyPlantEquipment2022-06-30055727042022-06-3005572704core:LandBuildings2022-07-012023-06-3005572704core:OtherPropertyPlantEquipment2022-07-012023-06-3005572704core:CurrentFinancialInstruments2023-06-3005572704core:CurrentFinancialInstruments2022-06-3005572704core:WithinOneYear2023-06-3005572704core:WithinOneYear2022-06-3005572704bus:PrivateLimitedCompanyLtd2022-07-012023-06-3005572704bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3005572704bus:FRS1022022-07-012023-06-3005572704bus:Audited2022-07-012023-06-3005572704bus:Director22022-07-012023-06-3005572704bus:Director32022-07-012023-06-3005572704bus:Director42022-07-012023-06-3005572704bus:Director52022-07-012023-06-3005572704bus:Director62022-07-012023-06-3005572704bus:CompanySecretary12022-07-012023-06-3005572704bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP