Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false2022-09-01falseNo description of principal activity121120truetrue 09001078 2022-09-01 2023-08-31 09001078 2021-09-01 2022-08-31 09001078 2023-08-31 09001078 2022-08-31 09001078 c:Director3 2022-09-01 2023-08-31 09001078 d:Buildings 2022-09-01 2023-08-31 09001078 d:Buildings 2023-08-31 09001078 d:Buildings 2022-08-31 09001078 d:Buildings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09001078 d:Buildings d:LongLeaseholdAssets 2022-09-01 2023-08-31 09001078 d:MotorVehicles 2022-09-01 2023-08-31 09001078 d:FurnitureFittings 2022-09-01 2023-08-31 09001078 d:OfficeEquipment 2022-09-01 2023-08-31 09001078 d:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 09001078 d:OtherPropertyPlantEquipment 2023-08-31 09001078 d:OtherPropertyPlantEquipment 2022-08-31 09001078 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09001078 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09001078 d:CurrentFinancialInstruments 2023-08-31 09001078 d:CurrentFinancialInstruments 2022-08-31 09001078 d:Non-currentFinancialInstruments 2023-08-31 09001078 d:Non-currentFinancialInstruments 2022-08-31 09001078 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 09001078 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 09001078 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 09001078 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 09001078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 09001078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 09001078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 09001078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 09001078 d:ShareCapital 2023-08-31 09001078 d:ShareCapital 2022-08-31 09001078 d:SharePremium 2023-08-31 09001078 d:SharePremium 2022-08-31 09001078 d:RetainedEarningsAccumulatedLosses 2023-08-31 09001078 d:RetainedEarningsAccumulatedLosses 2022-08-31 09001078 c:FRS102 2022-09-01 2023-08-31 09001078 c:Audited 2022-09-01 2023-08-31 09001078 c:FullAccounts 2022-09-01 2023-08-31 09001078 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09001078 d:WithinOneYear 2023-08-31 09001078 d:WithinOneYear 2022-08-31 09001078 d:BetweenOneFiveYears 2023-08-31 09001078 d:BetweenOneFiveYears 2022-08-31 09001078 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 09001078 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 09001078 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09001078 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 09001078 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 09001078 6 2022-09-01 2023-08-31 09001078 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 09001078 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 09001078 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 09001078 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 09001078 d:RetirementBenefitObligationsDeferredTax 2023-08-31 09001078 d:RetirementBenefitObligationsDeferredTax 2022-08-31 09001078 d:Buildings d:LeasedAssetsHeldAsLessee 2023-08-31 09001078 d:Buildings d:LeasedAssetsHeldAsLessee 2022-08-31 09001078 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 09001078 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-31 09001078 d:LeasedAssetsHeldAsLessee 2023-08-31 09001078 d:LeasedAssetsHeldAsLessee 2022-08-31 09001078 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 09001078









QV EDUCATION LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
QV EDUCATION LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QV EDUCATION LIMITED
FOR THE YEAR ENDED 31 AUGUST 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of QV Education Limited for the year ended 31 August 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of QV Education Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of QV Education Limited and state those matters that we have agreed to state to the Board of Directors of QV Education Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than QV Education Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that QV Education Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of QV Education Limited. You consider that QV Education Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of QV Education Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Feltons
 
Chartered Accountants
  
1 The Green
Richmond
Surrey
TW9 1PL
1 March 2024
Page 1

 
QV EDUCATION LIMITED
REGISTERED NUMBER: 09001078

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,972,497
2,658,480

Investments
 5 
1
1

  
2,972,498
2,658,481

Current assets
  

Stocks
  
67,952
67,969

Debtors: amounts falling due within one year
 6 
188,840
430,551

Cash at bank and in hand
 7 
1,507,792
1,329,237

  
1,764,584
1,827,757

Creditors: amounts falling due within one year
 8 
(2,707,066)
(2,531,892)

Net current liabilities
  
 
 
(942,482)
 
 
(704,135)

Total assets less current liabilities
  
2,030,016
1,954,346

Creditors: amounts falling due after more than one year
 9 
(220,761)
(317,175)

Provisions for liabilities
  

Deferred tax
 12 
(179,670)
-

  
 
 
(179,670)
 
 
-

Net assets
  
1,629,585
1,637,171


Capital and reserves
  

Called up share capital 
  
1,711,135
1,711,135

Share premium account
  
86,137
86,137

Profit and loss account
  
(167,687)
(160,101)

  
1,629,585
1,637,171


Page 2

 
QV EDUCATION LIMITED
REGISTERED NUMBER: 09001078
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

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 statement of income and retained earnings 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 26 February 2024.




J Polansky
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

QV Education Limited is a company incorporated in the United Kingdom under the Companies Act.  The company is a private company limited by shares and is registered in England and Wales.  The address of the Registered Office is 1 The Green, Richmond Surrey TW9 1PL.
The financial statements are presented in pound sterling (£) which is the functional currency of the company and rounded to the nearest pound.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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
Page 4

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

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.

 
2.7

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.

Page 5

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

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.

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
-
80 years straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
33% 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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 cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.11

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.

 
2.12

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.

Page 6

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 121 (2022 - 120).

Page 7

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 September 2022
2,286,246
1,180,566
3,466,812


Additions
359,672
191,253
550,925



At 31 August 2023

2,645,918
1,371,819
4,017,737



Depreciation


At 1 September 2022
138,266
670,066
808,332


Charge for the year on owned assets
55,890
181,018
236,908



At 31 August 2023

194,156
851,084
1,045,240



Net book value



At 31 August 2023
2,451,762
520,735
2,972,497



At 31 August 2022
2,147,980
510,500
2,658,480

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Land and buildings
381,058
389,373

Motor vehicles
-
31,356

381,058
420,729

Page 8

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 September 2022
1
-
1


Additions
-
498,594
498,594


Disposals
-
(498,594)
(498,594)



At 31 August 2023
1
-
1





6.


Debtors

2023
2022
£
£


Trade debtors
124,003
42,008

Amounts owed by group undertakings
-
299,606

Other debtors
-
5,741

Prepayments and accrued income
64,837
83,196

188,840
430,551



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,507,792
1,329,237


Page 9

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
111,255

Trade creditors
40,744
39,601

Amounts owed to group undertakings
1,060,585
1,049,062

Other taxation and social security
58,160
53,438

Obligations under finance lease and hire purchase contracts
51,966
27,027

Other creditors
417,080
289,494

Accruals and deferred income
1,078,531
962,015

2,707,066
2,531,892



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
206,594

Net obligations under finance leases and hire purchase contracts
-
110,581

Amounts owed to group undertakings
218,992
-

Accruals and deferred income
1,769
-

220,761
317,175


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
220,761
-

The repayment date of the amount repayable other than by installments is 1 July 2029. Interest is accruing  at a rate of EURIBOR 6 month plus 5.25%.

Page 10

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
111,255

Amounts falling due 1-2 years

Bank loans
-
115,904

Amounts falling due 2-5 years

Bank loans
-
90,691


-
317,850



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
25,683
84,855

Between 1-5 years
38,524
85,124

64,207
169,979

Page 11

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Deferred taxation




2023


£






Charged to profit or loss
(179,670)



At end of year
(179,670)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(202,126)
-

Tax losses carried forward
12,740
-

Pension provision
9,716
-

(179,670)
-


13.


Pension commitments

    
The Company operates a defined contributions pension scheme. The charge for the year ended 31 August 2023 is £268,444 (2022 - £184,384) and at the year end £38,863 (2022 - £26,208) was accrued in respect of contributions to this scheme.


14.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
39,151
37,002

Later than 1 year and not later than 5 years
56,220
73,398

95,371
110,400

Page 12

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Related party transactions

In the year ended 31 August 2023 the Company paid management charges to its parent Company , QV Education (Group) Limited, of £323,950 (2022 - £285,400).
As at 31 August 2023 the Company owed £1,060,585 to QV Education (Group) Limited (2022 -  £1,049,062).
As at 31 August 2023, the Company owed £218,992 (2022 - £Nil) to QV Bidco Limited, the parent company of QV Education (Group) Limited.  Accruals includes £1,769 in interest accrued on the loan from QV Bidco Limited.
During the year the Company sold its shares in a associated company at a loss of £498,593. The purchaser was a company whose shareholders included directors of the Company, as well as some of the immediate parent company's former shareholders.
During the year, the company charged a total of £85,635 (2022- £79,156) for tuition fees for children of members of staff. 


16.


Controlling party

The Company is a wholly owned subsidiary of QV Education (Group) Limited whose Registered Office is 1 The Green, Richmond, Surrey, TW9 1PL.
The smallest and largest company for which the Group accounts are drawn up and which the Company is included is: PN VII Holdco S.à r.l. (Société à Responsabilité Limitée). The registered office is located at 18, rue Dicks, L-1417 , Luxembourg.
Copies of the Group financial statements, which include the Company are available from the above address.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was qualified.

The qualification in the audit report was as follows:
We were not appointed as auditor of the company until after 31 August 2023 and thus did not observe the counting of physical stock at the end of the year. The prior year figures were unaudited. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 August 2023, which are included in the balance sheet at £67,952, as well as the opening stock of £67,969 at 1 September 2022, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to these amounts was necessary.

The audit report was signed on 1 March 2024 by Richard Rhodes (Senior Statutory Auditor) on behalf of Feltons.

 
Page 13