Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31falsetruetruetruetruetrue2022-08-01falseNo description of principal activity567475true 02367892 2022-08-01 2023-07-31 02367892 2021-08-01 2022-07-31 02367892 2023-07-31 02367892 2022-07-31 02367892 2021-08-01 02367892 c:CompanySecretary1 2022-08-01 2023-07-31 02367892 c:Director1 2022-08-01 2023-07-31 02367892 c:Director2 2022-08-01 2023-07-31 02367892 c:Director3 2022-08-01 2023-07-31 02367892 c:Director4 2022-08-01 2023-07-31 02367892 c:Director4 2023-07-31 02367892 c:Director5 2022-08-01 2023-07-31 02367892 c:Director6 2022-08-01 2023-07-31 02367892 c:Director6 2023-07-31 02367892 c:RegisteredOffice 2022-08-01 2023-07-31 02367892 c:Agent1 2022-08-01 2023-07-31 02367892 d:CurrentFinancialInstruments 2023-07-31 02367892 d:CurrentFinancialInstruments 2022-07-31 02367892 d:Non-currentFinancialInstruments 2023-07-31 02367892 d:Non-currentFinancialInstruments 2022-07-31 02367892 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02367892 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02367892 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02367892 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 02367892 d:ReportableOperatingSegment1 2022-08-01 2023-07-31 02367892 d:ReportableOperatingSegment1 2021-08-01 2022-07-31 02367892 d:ReportableOperatingSegment3 2022-08-01 2023-07-31 02367892 d:ReportableOperatingSegment3 2021-08-01 2022-07-31 02367892 d:ReportableOperatingSegment5 2022-08-01 2023-07-31 02367892 d:ReportableOperatingSegment5 2021-08-01 2022-07-31 02367892 d:ShareCapital 2023-07-31 02367892 d:ShareCapital 2022-07-31 02367892 d:ShareCapital 2021-08-01 02367892 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02367892 d:RetainedEarningsAccumulatedLosses 2023-07-31 02367892 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 02367892 d:RetainedEarningsAccumulatedLosses 2022-07-31 02367892 d:RetainedEarningsAccumulatedLosses 2021-08-01 02367892 c:OrdinaryShareClass1 2022-08-01 2023-07-31 02367892 c:OrdinaryShareClass1 2023-07-31 02367892 c:OrdinaryShareClass1 2022-07-31 02367892 c:FRS102 2022-08-01 2023-07-31 02367892 c:Audited 2022-08-01 2023-07-31 02367892 c:FullAccounts 2022-08-01 2023-07-31 02367892 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02367892 2 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:02367892













ANGLIA RUSKIN ENTERPRISE LTD






FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023











 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
COMPANY INFORMATION


Directors
S D Powell 
P W Bogle 
J Rolfe 
M J Millan (resigned 2 August 2022)
C A Whatford 
J A Young (appointed 4 November 2022)




Company secretary
P W Bogle



Registered number
02367892



Registered office
Bishop Hall Lane

Chelmsford

Essex

CM1 1SQ




Independent auditor
SB Audit LLP
Chartered Accountants & Statutory Auditor

820 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ




Bankers
Barclays Bank PLC
40/41 High Street

Chelmsford

Essex

CM1 1BE




Solicitors
Mills and Reeve
Botanic House

98-100 Hills Road

Cambridge

CB2 1PH






 
ANGLIA RUSKIN ENTERPRISE LTD
 


CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Business review
 
The Company is a wholly owned subsidiary of Anglia Ruskin University Higher Education Corporation. The  principal activity of the Company in the year under review was to assist where necessary with the commercial development of certain University undertakings.
The Company is primarily engaged in the provision of tuition for short educational courses and consultancy. The Company is also engaged in offering an employment bureau service for administrative staff both internally within the Group and externally to the wider community.
ARISE (Chelmsford) (formally known as MedBic) is a Business Innovation Centre situated on the Chelmsford Campus. ARISE was setup for start-up and early-stage businesses in medical and advanced engineering. The building was purpose built to speed commercial ideas to market and to nurture fledgling ventures by providing all the resources, expertise and support required in a single building. A second venture, ARISE (Harlow) is now fully operational.

Results and dividends
The profit for the year, after taxation, but before gift aid, amounted to £373,417 (2022 - £549,737).
The directors have not recommended a dividend.

Principal risks and uncertainties
 
The risks to the Company are considered to be modest due to the diversity of the Company's activities and the activity with fellow members of the Anglia Ruskin University group. The directors intend to continue with the diverse activities to assist with the commercial development of certain University undertakings. 
 

Future developments and post Balance Sheet events
The Company continues its focus on increasing its educational and consultancy activities; notably Paediatric Ophthalmology Service (ACPOS) in conjunction with Addenbrookes Hospital in Cambridge, Salivary Analysis Consultancy and Optometry Clinic. 
There are no post Balance Sheet events to note.


This report was approved by the board on 22 November 2023 and signed on its behalf.



P W Bogle
Director


- 1 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

S D Powell 
P W Bogle 
J Rolfe 
M J Millan (resigned 2 August 2022)
C A Whatford 
J A Young (appointed 4 November 2022)

Employee involvement

The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company.

Disabled employees

Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of an employee becoming disabled, every effort is given to retrain them in order that their employment with the company may continue. It is the policy of the company that training, career development and promotion opportunities should be available to all employees.


- 2 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Matters covered in the Strategic Report

Information in respect of future developments is disclosed in the Strategic Report as it is considered to be of strategic importance.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Directors indemnity

Throughout the year there was an indemnity insurance policy in place covering the indemnity of the directors of the company. 

Auditor

Our auditors Scrutton Bland LLP transferred their audit registration and therefore that part of their business to a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. Accordingly Scrutton Bland LLP formally resigned as the Company's auditor with the Directors duly appointing SB Audit LLP to fill the vacany arising.
The auditor, SB Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 November 2023 and signed on its behalf.
 





P W Bogle
Director


- 3 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD

Opinion


We have audited the financial statements of Anglia Ruskin Enterprise Ltd (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 July 2023 and of its profit 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.


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 United Kingdom, including the Financial Reporting Council'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.


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



- 4 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)

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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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:


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.



- 5 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the companies regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: the Health and Safety at Work etc Act 1974, safeguarding (the Care Act 2014), employment law, GDPR and specific accreditations required for courses. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

- 6 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


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 2006Our 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.





Timothy O'Connor (Senior Statutory Auditor)
  
for and on behalf of
SB Audit LLP
 
Chartered Accountants
Statutory Auditor
  
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ

28 November 2023

- 7 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
4,068,112
4,417,196

Gross profit
  
4,068,112
4,417,196

Staff costs
  
(3,631,675)
(3,628,558)

Other operating charges
  
(113,486)
(195,260)

Operating profit
  
322,951
593,378

Interest receivable and similar income
 7 
98,251
11,065

Interest payable and similar expenses
 8 
(47,785)
(54,706)

Profit before tax
  
373,417
549,737

Profit for the financial year
  
373,417
549,737

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 18 form part of these financial statements.


- 8 -



 
ANGLIA RUSKIN ENTERPRISE LTD
REGISTERED NUMBER:02367892


BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
11,008,449
11,377,253

Bank and cash balances
  
2,127,730
2,509,459

  
13,136,179
13,886,712

Creditors: amounts falling due within one year
 11 
(870,271)
(756,430)

Net current assets
  
 
 
12,265,908
 
 
13,130,282

Total assets less current liabilities
  
12,265,908
13,130,282

Creditors: amounts falling due after more than one year
 12 
(1,257,534)
(1,505,451)

  

Net assets
  
11,008,374
11,624,831


Capital and reserves
  

Called up share capital 
 13 
10,000,100
10,000,100

Profit and loss account
  
1,008,274
1,624,731

  
11,008,374
11,624,831


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 November 2023.




P W Bogle
S D Powell
Director
Director

The notes on pages 11 to 18 form part of these financial statements.


- 9 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
10,000,100
1,589,778
11,589,878


Comprehensive income for the year

Profit for the year
-
549,737
549,737

Gift aid paid
-
(514,784)
(514,784)



At 1 August 2022
10,000,100
1,624,731
11,624,831


Comprehensive income for the year

Profit for the year
-
373,417
373,417

Gift aid paid
-
(989,874)
(989,874)


At 31 July 2023
10,000,100
1,008,274
11,008,374


The notes on pages 11 to 18 form part of these financial statements.


- 10 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Anglia Ruskin Enterprise Limited is a private company limited by shares incorporated in England and Wales, registration number 02367892. The registered office is Bishop Hall Lane, Chelmsford, Essex CM1 1SQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Anglia Ruskin University Higher Education Corporation as at 31 July 2023 and these financial statements may be obtained from Anglia Ruskin University, Rivermead Gate, Bishop Hall Lane, Chelmsford, Essex, CM1 1SQ.


- 11 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 12 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

  
2.8

Current and deferred taxation

The company does not provide for deferred taxation on short-term timing differences on the basis that the company plans to continue to gift aid any taxable profits to its parent undertaking for the foreseeable future. Taxable profits are therefore not anticipated to arise.
The company has an agreement with other subsidiaries of Anglia Ruskin University whereby tax losses are transferred between subsidiaries at varying rates for each £1 of gross tax loss surrendered or claimed.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.12

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities:
• Short term debtors (financial assets) are measured at the transaction price.
• Short term creditors and loans (financial liabilities) are measured at the transaction price.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are of the opinion that there are no significant judgments or estimates applicable to the financial statements other than the holiday pay accrual as required by FRS 102.


- 13 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Short courses
-
8,000

Agency staff
3,486,625
3,895,157

Other
581,487
514,039

4,068,112
4,417,196


All turnover arose within the United Kingdom.


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
8,500
8,500


- 14 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
2,764,089
2,908,230

Social security costs
147,172
147,826

Staff bought in from Anglia Ruskin University
720,414
572,502

3,631,675
3,628,558


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrative staff
567
475

During the year, no director received any emoluments (2022 - £NIL).


7.


Interest receivable

2023
2022
£
£


Other interest receivable
98,251
11,065


8.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
47,785
54,706


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ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Taxation


2023
2022
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
373,417
549,737


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
70,949
104,450

Effects of:


Tax losses received from group compananies / gift aid
(70,949)
(104,450)

Total tax charge for the year
-
-


10.


Debtors

2023
2022
£
£


Trade debtors
116,651
144,959

Amounts owed by group undertakings
10,836,079
11,181,179

Other debtors
55,719
51,115

11,008,449
11,377,253



- 16 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
247,917
240,791

Trade creditors
776
8,320

Other taxation and social security
157,522
146,606

Other creditors
464,056
360,713

870,271
756,430



12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,257,534
1,505,451


Included within other loans is a loan from ARU in respect of Harlow MedBic on which interest is payable at a rate of 2.92% per annum. Within the amount of £1,257,534 (2022 - £1,505,421), the amount falling due within 1-2 years is £255,254 (2022 - £247,917) and within 2-5 years is £811,986 (2022 - £788,647). The remainder is due after more than 5 years.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000,100 (2022 - 10,000,100) Ordinary shares of £1.00 each
10,000,100
10,000,100



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £112,265 (2022 - £24,709). Contributions totalling £13,331 (2022 - £9,782) were payable to the fund at the balance sheet date and are included in creditors.


- 17 -



 
ANGLIA RUSKIN ENTERPRISE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Related party transactions

The company has taken advantage of the exemption available to wholly owned subsidiaries in relation to the disclosure of material transactions with members of Anglia Ruskin University Higher Education Corporation Group. There are no other related party transactions.


16.


Controlling party

The Directors regard Anglia Ruskin University Higher Education Corporation, a statutory corporation created by the exercise of the powers conferred on the Secretary of State by the Education Reform Act 1988 and amended by the 1992 Act, as the ultimate parent body. According to the register kept by the Company, Anglia Ruskin University holds 10,000,100 ordinary shares of Anglia Ruskin Enterprise Ltd at 31 July 2023. Copies of the Parent's consolidated financial statements may be obtained from the Finance Director, Anglia Ruskin University, Rivermead Gate, Bishop Hall Lane, Chelmsford, Essex, CM1 1SQ.

 

- 18 -