Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2856true57No description of principal activity2022-03-01falsetrue 07166785 2022-03-01 2023-02-28 07166785 2021-03-01 2022-02-28 07166785 2023-02-28 07166785 2022-02-28 07166785 2021-03-01 07166785 c:PriorPeriodIncreaseDecrease 2022-03-01 2023-02-28 07166785 d:Director3 2022-03-01 2023-02-28 07166785 c:Buildings c:LongLeaseholdAssets 2022-03-01 2023-02-28 07166785 c:Buildings c:LongLeaseholdAssets 2023-02-28 07166785 c:Buildings c:LongLeaseholdAssets 2022-02-28 07166785 c:PlantMachinery 2022-03-01 2023-02-28 07166785 c:FurnitureFittings 2022-03-01 2023-02-28 07166785 c:FurnitureFittings 2023-02-28 07166785 c:FurnitureFittings 2022-02-28 07166785 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07166785 c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07166785 c:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 07166785 c:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 07166785 c:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 07166785 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 07166785 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 07166785 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 07166785 c:CurrentFinancialInstruments 2023-02-28 07166785 c:CurrentFinancialInstruments 2022-02-28 07166785 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 07166785 c:CurrentFinancialInstruments c:WithinOneYear 2022-02-28 07166785 c:ShareCapital 2022-03-01 2023-02-28 07166785 c:ShareCapital 2023-02-28 07166785 c:ShareCapital 2021-03-01 2022-02-28 07166785 c:ShareCapital 2022-02-28 07166785 c:ShareCapital 2021-03-01 07166785 c:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 07166785 c:RetainedEarningsAccumulatedLosses 2023-02-28 07166785 c:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 07166785 c:RetainedEarningsAccumulatedLosses 2022-02-28 07166785 c:RetainedEarningsAccumulatedLosses 2021-03-01 07166785 d:FRS102 2022-03-01 2023-02-28 07166785 d:Audited 2022-03-01 2023-02-28 07166785 d:FullAccounts 2022-03-01 2023-02-28 07166785 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07166785 d:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07166785 c:PatentsTrademarksLicencesConcessionsSimilar c:InternallyGeneratedIntangibleAssets 2022-03-01 2023-02-28 07166785 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:InternallyGeneratedIntangibleAssets 2022-03-01 2023-02-28 07166785 2 2022-03-01 2023-02-28 07166785 c:InternallyGeneratedIntangibleAssets 2022-03-01 2023-02-28 07166785 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2022-03-01 2023-02-28 07166785 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

`07166785










LEARNA LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

.






 
LEARNA LIMITED
REGISTERED NUMBER: 07166785

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
191,355
-

Tangible assets
 5 
41,063
45,877

  
232,418
45,877

Current assets
  

Debtors: amounts falling due within one year
 6 
1,672,093
1,407,728

Cash at bank and in hand
 7 
2,498,532
2,206,381

  
4,170,625
3,614,109

Creditors: amounts falling due within one year
 8 
(2,432,969)
(2,861,594)

Net current assets
  
 
 
1,737,656
 
 
752,515

Total assets less current liabilities
  
1,970,074
798,392

Provisions for liabilities
  

Deferred tax
  
(8,964)
(8,716)

  
 
 
(8,964)
 
 
(8,716)

Net assets
  
1,961,110
789,676


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,961,109
789,675

  
1,961,110
789,676


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 February 2024.




C Probert
Page 1

 
LEARNA LIMITED
REGISTERED NUMBER: 07166785
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
LEARNA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
1
789,675
789,676


Comprehensive income for the year

Profit for the year

-
1,171,434
1,171,434


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,171,434
1,171,434


Total transactions with owners
-
-
-


At 28 February 2023
1
1,961,109
1,961,110


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
LEARNA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2021
1
3,411,595
3,411,596


Comprehensive income for the year

Profit for the year

-
1,378,080
1,378,080


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,378,080
1,378,080


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,000,000)
(4,000,000)


Total transactions with owners
-
(4,000,000)
(4,000,000)


At 28 February 2022
1
789,675
789,676


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Learna Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07166785. The company's registered office is Ty Bevan House, Cleeve Drive, Llanishen, Cardiff, CF14 5GF. The principal activity is that of providing post-graduate level higher education services.

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 including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£). 

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The directors are confident that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The company has continued to be profit making in the year and has both net current assets and net assets at the balance sheet date.
Although the situation remains uncertain, in the opinion of the directors the challenges presented by the current economic climate, will not adversely affect the ability of the company to continue trading for the foreseeable future. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 5

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.


.


Fee income

Fee income is credited to revenue over the period in which the students are studying.                                                     Any fee income carried forward to a future financial year is included in Creditors as deferred income. Any refunds and discounts to tuition fees are applied to the fee that is receivable. 

Page 6

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

Page 7

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

The Directors have elected to capitalise costs of a new programme development department in line with FRS 102 as development costs. Once the courses are launched, the costs are transferred from under development to completed, and subsequently amortised over their estimated useful life on a straight-line basis. The useful life of completed courses is 4 years. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 8

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the remaining useful life of the lease
Plant and machinery
-
25%
Straight Line Basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 9

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 10

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


        2023
        2022
            No.
            No.







Service, Sales and Administration
53
52



Directors
4
4

57
56


4.


Intangible assets




Programmes being  developed
Completed Programmes
Total

£
£
£



Cost


Additions - internal
203,635
-
203,635


Transfer to Completed
(112,170)
112,170
-



At 28 February 2023

91,465
112,170
203,635



Amortisation


Charge for the year on owned assets
-
12,280
12,280



At 28 February 2023

-
12,280
12,280



Net book value



At 28 February 2023
91,465
99,890
191,355



At 28 February 2022
-
-
-


Page 11

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
 
           4.Intangible assets (continued)



5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 March 2022
14,811
95,260
110,071


Additions
-
16,286
16,286



At 28 February 2023

14,811
111,546
126,357



Depreciation


At 1 March 2022
1,206
62,989
64,195


Charge for the year on owned assets
2,067
19,032
21,099



At 28 February 2023

3,273
82,021
85,294



Net book value



At 28 February 2023
11,538
29,525
41,063



At 28 February 2022
13,606
32,271
45,877


6.


Debtors

2023
2022
£
£


Trade debtors
406,534
571,481

Amounts owed by group undertakings
836,188
404,988

Other debtors
122,086
84,143

Prepayments and accrued income
307,285
347,116

1,672,093
1,407,728


Page 12

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,498,532
2,206,381

2,498,532
2,206,381



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
42,530
41,366

Corporation tax
244,444
299,794

Other taxation and social security
313,401
248,677

Other creditors
54,646
49,072

Accruals and deferred income
1,777,948
2,222,685

2,432,969
2,861,594



9.


Contingent asset

After the balance sheet date Learna Limited received confirmation from HMRC that an appeal submitted in relation to the historic VAT treatment applied to the supplies of education was successful. After the balance sheet date (and prior to the signing of the accounts), Learna Limited received repayments of overpaid VAT from HMRC totalling £4,145,167. £3,805,092 of this related to periods covering FY18 to FY23.


10.


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. Contributions totalling £12,381 (2022 - £5,372) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

Amounts of £836,188 (2022- £404,988) were owed by the parent company, Learna Holdings Ltd, at the year end. The balances are interest free and repayable on demand. 


12.


Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. 

Page 13

 
LEARNA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Controlling party

The controlling party is the parent company Learna Holdings Limited. There is no single ultimate controlling party.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 5 March 2024 by Brian Garland BA ACA (Senior statutory auditor) on behalf of MHA.     MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

 
Page 14