Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-312023-12-31043252023-01-01falseNo description of principal activitytruetrue 11486882 2023-01-01 2023-12-31 11486882 2022-01-01 2022-12-31 11486882 2023-12-31 11486882 2022-12-31 11486882 2022-01-01 11486882 c:Director1 2023-01-01 2023-12-31 11486882 c:Director2 2023-01-01 2023-12-31 11486882 c:Director4 2023-01-01 2023-12-31 11486882 c:Director5 2023-01-01 2023-12-31 11486882 c:RegisteredOffice 2023-01-01 2023-12-31 11486882 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 11486882 d:PlantMachinery 2023-01-01 2023-12-31 11486882 d:PlantMachinery 2023-12-31 11486882 d:PlantMachinery 2022-12-31 11486882 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11486882 d:FurnitureFittings 2023-01-01 2023-12-31 11486882 d:FurnitureFittings 2023-12-31 11486882 d:FurnitureFittings 2022-12-31 11486882 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11486882 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 11486882 d:CurrentFinancialInstruments 2023-12-31 11486882 d:CurrentFinancialInstruments 2022-12-31 11486882 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11486882 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11486882 d:ShareCapital 2023-01-01 2023-12-31 11486882 d:ShareCapital 2023-12-31 11486882 d:ShareCapital 2022-01-01 2022-12-31 11486882 d:ShareCapital 2022-12-31 11486882 d:ShareCapital 2022-01-01 11486882 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2023-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2022-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2022-01-01 11486882 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11486882 c:OrdinaryShareClass1 2023-12-31 11486882 c:OrdinaryShareClass1 2022-12-31 11486882 c:OrdinaryShareClass2 2023-01-01 2023-12-31 11486882 c:OrdinaryShareClass2 2023-12-31 11486882 c:OrdinaryShareClass2 2022-12-31 11486882 c:FRS102 2023-01-01 2023-12-31 11486882 c:Audited 2023-01-01 2023-12-31 11486882 c:FullAccounts 2023-01-01 2023-12-31 11486882 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11486882 d:Subsidiary1 2023-01-01 2023-12-31 11486882 d:Subsidiary1 1 2023-01-01 2023-12-31 11486882 d:Subsidiary2 2023-01-01 2023-12-31 11486882 d:Subsidiary2 1 2023-01-01 2023-12-31 11486882 d:Subsidiary3 2023-01-01 2023-12-31 11486882 d:Subsidiary3 1 2023-01-01 2023-12-31 11486882 d:Subsidiary4 2023-01-01 2023-12-31 11486882 d:Subsidiary4 1 2023-01-01 2023-12-31 11486882 d:Subsidiary5 2023-01-01 2023-12-31 11486882 d:Subsidiary5 1 2023-01-01 2023-12-31 11486882 d:Subsidiary6 2023-01-01 2023-12-31 11486882 d:Subsidiary6 1 2023-01-01 2023-12-31 11486882 d:Subsidiary7 2023-01-01 2023-12-31 11486882 d:Subsidiary7 1 2023-01-01 2023-12-31 11486882 d:Subsidiary8 2023-01-01 2023-12-31 11486882 d:Subsidiary8 1 2023-01-01 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2022-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2022-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:MoreThanFiveYears 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:MoreThanFiveYears 2022-12-31 11486882 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11486882 c:Consolidated 2023-12-31 11486882 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 11486882 2 2023-01-01 2023-12-31 11486882 6 2023-01-01 2023-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11486882







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


THE LEARNING EXPERIENCE SYSTEMS UK LTD






































img3c54.png                        

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


 
COMPANY INFORMATION


Directors
R Weissman 
S Levine 
S Paine 
B Alexander 




Registered number
11486882



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 



CONTENTS



Page
Consolidated statement of financial position
1
Company statement of financial position
2 - 3
Consolidated statement of changes in equity
4
Company statement of changes in equity
5
Notes to the financial statements
6 - 16


 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
REGISTERED NUMBER:11486882



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
23,723
-

Tangible assets
 5 
2,702,257
2,905,265

  
2,725,980
2,905,265

Current assets
  

Stocks
 7 
578,432
-

Debtors: amounts falling due within one year
 8 
1,551,240
165,437

Cash at bank and in hand
  
72,264
1,368,484

  
2,201,936
1,533,921

Creditors: amounts falling due within one year
 9 
(421,799)
(250,426)

Net current assets
  
 
 
1,780,137
 
 
1,283,495

Total assets less current liabilities
  
4,506,117
4,188,760

Provisions for liabilities
  

Net assets
  
4,506,117
4,188,760


Capital and reserves
  

Called up share capital 
 10 
11,213,994
9,392,887

Profit and loss account
  
(6,707,877)
(5,204,127)

Equity attributable to owners of the parent Company
  
4,506,117
4,188,760


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 consolidated 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 by: 



................................................
S Levine
Director

Date: 4 April 2024

The notes on pages 6 to 16 form part of these financial statements.

Page 1

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
REGISTERED NUMBER:11486882



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
23,723
-

Tangible assets
 5 
6,892
3,508

Investments
 6 
3,934,477
3,933,977

  
3,965,092
3,937,485

Current assets
  

Stocks
 7 
578,432
-

Debtors: amounts falling due within one year
 8 
1,754,647
479,004

Cash at bank and in hand
  
928
1,330,500

  
2,334,007
1,809,504

Creditors: amounts falling due within one year
 9 
(261,164)
(111,640)

Net current assets
  
 
 
2,072,843
 
 
1,697,864

Total assets less current liabilities
  
6,037,935
5,635,349

  

  

Net assets
  
6,037,935
5,635,349


Capital and reserves
  

Called up share capital 
 10 
11,213,994
9,392,887

Profit and loss account brought forward
  
(3,757,538)
(2,357,006)

Loss for the year
  
(1,418,521)
(1,400,532)

Profit and loss account carried forward
  
(5,176,059)
(3,757,538)

  
6,037,935
5,635,349


Page 2

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
REGISTERED NUMBER:11486882


    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 consolidated 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 by: 




................................................
S Levine
Director

Date: 4 April 2024

The notes on pages 6 to 16 form part of these financial statements.

Page 3

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
6,600,122
(3,402,429)
3,197,693


Comprehensive income for the year

Loss for the year
-
(1,801,698)
(1,801,698)


Contributions by and distributions to owners

Shares issued during the year
2,792,765
-
2,792,765



At 1 January 2023
9,392,887
(5,204,127)
4,188,760


Comprehensive income for the year

Loss for the year
-
(1,503,750)
(1,503,750)


Contributions by and distributions to owners

Shares issued during the year
1,821,107
-
1,821,107


At 31 December 2023
11,213,994
(6,707,877)
4,506,117


The notes on pages 6 to 16 form part of these financial statements.

Page 4

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
6,600,122
(2,357,006)
4,243,116


Comprehensive income for the year

Loss for the year
-
(1,400,532)
(1,400,532)


Contributions by and distributions to owners

Shares issued during the year
2,792,765
-
2,792,765



At 1 January 2023
9,392,887
(3,757,538)
5,635,349


Comprehensive income for the year

Loss for the year
-
(1,418,521)
(1,418,521)


Contributions by and distributions to owners

Shares issued during the year
1,821,107
-
1,821,107


At 31 December 2023
11,213,994
(5,176,059)
6,037,935


The notes on pages 6 to 16 form part of these financial statements.

Page 5

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

1.


General information

The Learning Experience Systems UK Ltd is a private company, limited by shares, incorporated in England in Wales under the Companies Act 2006. The address of the registered office is disclosed on the company information page and the principal place of business is 250 East End Road, East Finchley, London, N2 8AU.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group has full support from its Parent Company, The Learning Experience Corporation, is funding the development of these centres and enabling the Group to meet its liabilities as they fall due.
The Learning Experience Corporation has indicated its intention to provide funding support without restriction for a period of at least 12 months from the approval of these financial statements. The Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 6

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.4

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

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.
The assets held by the company are currently under construction and no depreciation will be charged until the assets are brought into use.

Page 7

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Intangible assets

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

 The estimated useful lives range as follows:

Trademarks
-
Straight line to renewal date

 
2.10

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 Group 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.

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:

Short-term leasehold property
-
Over the life of the lease
Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 8

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the first in, first out basis. Cost includes the purchase price, including taxes and transport and handling directly attributable to bringing the stocks to its present location and condition.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


3.


Employees

The average monthly number of employees, during the year was 43 (2022 - 25).


4.


Intangible assets

Group





Trademarks

£



Cost


At 1 January 2023
-


Additions
26,883



At 31 December 2023

26,883



Amortisation


Charge for the year on owned assets
3,160



At 31 December 2023

3,160



Net book value



At 31 December 2023
23,723



At 31 December 2022
-



Page 9

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           4.Intangible assets (continued)

Company




Trademarks

£



Cost


At 1 January 2023
-


Additions
26,883



At 31 December 2023

26,883



Amortisation


Charge for the year
3,160



At 31 December 2023

3,160



Net book value



At 31 December 2023
23,723



At 31 December 2022
-

Page 10

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

5.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,343,896
4,785
109,866
3,458,547


Additions
9,150
30,547
20,372
60,069



At 31 December 2023

3,353,046
35,332
130,238
3,518,616



Depreciation


At 1 January 2023
523,107
1,277
28,898
553,282


Charge for the year on owned assets
239,103
956
23,018
263,077



At 31 December 2023

762,210
2,233
51,916
816,359



Net book value



At 31 December 2023
2,590,836
33,099
78,322
2,702,257



At 31 December 2022
2,820,789
3,508
80,968
2,905,265

Page 11

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

           5.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 January 2023
4,785
-
4,785


Additions
-
4,650
4,650



At 31 December 2023

4,785
4,650
9,435



Depreciation


At 1 January 2023
1,277
-
1,277


Charge for the year on owned assets
956
310
1,266



At 31 December 2023

2,233
310
2,543



Net book value



At 31 December 2023
2,552
4,340
6,892



At 31 December 2022
3,508
-
3,508






Page 12

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,933,977


Additions
500



At 31 December 2023
3,934,477






Net book value



At 31 December 2023
3,934,477



At 31 December 2022
3,933,977

Page 13

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

TLE at East Finchley UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Leatherhead UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
Leatherhead Red UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Dorking UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Epsom UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Hampton Wick UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Balham UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
TLE at Weybridge UK Limited
Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%


7.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Work in progress
578,432
-
578,432
-

578,432
-
578,432
-


Page 14

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

8.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
10,503
4,531
-
-

Amounts owed by group undertakings
-
-
328,473
410,458

Other debtors
1,418,574
41,159
1,417,983
44,382

Called up share capital not paid
100
100
100
100

Prepayments and accrued income
122,063
119,647
8,091
24,064

1,551,240
165,437
1,754,647
479,004



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
202,055
53,957
138,816
46,849

Other creditors
-
-
800
300

Accruals and deferred income
219,744
196,469
121,548
64,491

421,799
250,426
261,164
111,640



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary Shares shares of £1.00 each
100
100
11,213,894 (2022 - 9,392,787) Preference Shares shares of £1.00 each
11,213,894
9,392,787

11,213,994

9,392,887


The Company issued 1,821,107 preference shares with a nominal value of £1 each. The total consideration received was £1,821,107.


11.


Capital commitments

At 31 December 2023 the Company had capital commitments amounting to £1,240,490 for the development contributions for a new site.

Page 15

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

12.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
383,292
351,273
45,792
13,773

Later than 1 year and not later than 5 years
1,350,000
1,350,000
-
-

Later than 5 years
1,966,875
2,304,375
-
-

3,700,167
4,005,648
45,792
13,773


13.


Parent company

The parent of the smallest group for which consolidated financial statements are drawn up is The Learning Experience Corp. The registered office is 210 Hillsboro Technology Drive, Deerfield Beach, FL 33441.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 4 April 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 16