REGISTERED NUMBER: |
Financial Statements |
for the Period 1 May 2021 to 29 April 2022 |
for |
Gus UK Management Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 May 2021 to 29 April 2022 |
for |
Gus UK Management Limited |
Gus UK Management Limited (Registered number: 08800645) |
Contents of the Financial Statements |
for the Period 1 May 2021 to 29 April 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Gus UK Management Limited |
Company Information |
for the Period 1 May 2021 to 29 April 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
31 Sackville street |
Manchester |
M1 3LZ |
Gus UK Management Limited (Registered number: 08800645) |
Balance Sheet |
29 April 2022 |
2022 | 2021 |
(As |
restated) |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements |
for the Period 1 May 2021 to 29 April 2022 |
1. | STATUTORY INFORMATION |
Gus UK Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
1. Section 4 ' Statement of Financial Position': Reconciliation of the opening and closing member of shares; |
2. Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; |
3. Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
4. Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; |
5. Section 33 'Related Party Disclosures': Compensation for key management personnel. |
The financial statements of the company are consolidated in the financial statements of Academic Bridge B.V., a company incorporated in the Netherlands. The consolidated financial statements are available from its registered office, Passeerdersgracht 23, 1016XG, Amsterdam, The Netherland. |
GOING CONCERN |
A letter of support has been obtained from Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust to confirm financial support for GUS UK Management Limited, so that it can discharge its liabilities for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.The directors have reviewed the cashflow requirements of the company for the 12 months ended 30 November 2024 and are satisfied that the company has sufficient resources to continue trading. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
2. | ACCOUNTING POLICIES - continued |
TURNOVER |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods 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. |
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 it is probable will be recovered. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Individual fixed assets costing £500 or more are capitalised at cost. |
Depreciation is recognised so as to write off the cost or valuation of assets less residual values over the useful life on the following basis: |
Computers 3 year straight line basis |
Motor Vehicle 4 year straight line 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. |
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. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 have been enacted or substantively enacted by the balance sheet date. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet 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. |
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. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
EMPLOYEE BENEFIT |
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. |
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. |
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. |
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the director is 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. |
REPORTING PERIOD |
The company has prepared the current accounts for 12 months from 1st May 2021 to 29th April 2022 which was shortened by 1day compared to previous year ended on 30th April 2021 by applying to the Companies House on 29th April 2022. Subsequent years will end on the same day and months in future year i.e. 29th April. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
4. | AUDITORS' REMUNERATION |
Period |
1.5.21 |
to | Year ended |
29.4.22 | 30.4.21 |
(As |
restated) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
6,250 |
6,000 |
5. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2021 |
Additions |
At 29 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for period |
At 29 April 2022 |
NET BOOK VALUE |
At 29 April 2022 |
At 30 April 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
(As |
restated) |
£ | £ |
Trade debtors |
Other debtors |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
(As |
restated) |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary share capital | 1 | 1 | 1 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to note 2 of the financial statements, which describes the going concern basis on which the accounts are prepared.The company's losses for the year totalled to £895,413 (2021: restated £2,446,121 and at the year end the company reported net liabilities of £18,813,672 (2021: restated £17,918,259). The company relies on the financial support of the Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust. The directors have reviewed the cashflow requirements of the company for the next 12 months ended 30 November 2024 and are satisfied that the company has sufficient resources to continue trading. We have examined the assumptions underlying the projections and are satisfied that those assumptions are reasonable. Our opinion is not qualified in this respect. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
Transactions with related parties |
The company has taken advantage of the exemption available in FRS 102 section 33.1a whereby it has not disclosed transactions with wholly owned subsidiary undertakings in the group. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Global University Systems BV., a company incorporated in the Netherlands. The address of its registered office is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
The smallest and largest group into which the entity is consolidated is Academic Bridge B.V, a company registered in the Netherlands. The registered address is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
The ultimate controlling company is The Heritage Trust, a company registered in Guernsey. |
Gus UK Management Limited (Registered number: 08800645) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 29 April 2022 |
12. | PRIOR YEAR ADJUSTMENTS |
During the year, it was identified that irrecoverable VAT from the partial exempt supplies related to the year end 30 April 2021 were omitted in the financial statements for the year ended 30 April 2021, and as a result of that the financial statements for the year ended 30 April 2021 have been restated. |
The change has resulted in the following re-statement of the "comparative" figures (Balance Sheet at 30 April 2021, Profit and Loss account and Statement of Changes in Equity for the year ended 30 April 2021 and the accompanying notes) as well as the Retained Earnings figure at 1 May 2021. |
Balance Sheet |
Note No. |
At 30 April |
Increase/ |
2021 | (Decrease | ) |
(As restated | ) |
£ | £ |
Debtors - Other debtors | 6 | 111,582 | (122,836 | ) |
Amounts falling due within oneyear -Taxation and social security |
7 |
(18,039,364 |
) |
788,729 |
Profit and Loss Account | Note No. | For the year | Increase/ |
ended 30 | (Decrease | ) |
April 2021 |
(As restated | ) |
£ | £ |
Administrative expenses | (2,775,023 | ) | 911,565 |
The above changes have resulted in the following re-statement of retained earnings: - |
Retained | Increase/ |
earnings | (Decrease | ) |
(As restated | ) |
£ | £ |
Retained Earnings as at 01 May 2021 | (17,918,259 | ) | 911,565 |