Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2022-07-01truefalseNo description of principal activity4635 06906693 2022-07-01 2023-06-30 06906693 2021-07-01 2022-06-30 06906693 2023-06-30 06906693 2022-06-30 06906693 1 2022-07-01 2023-06-30 06906693 d:Director1 2022-07-01 2023-06-30 06906693 c:Buildings c:LongLeaseholdAssets 2022-07-01 2023-06-30 06906693 c:Buildings c:LongLeaseholdAssets 2023-06-30 06906693 c:Buildings c:LongLeaseholdAssets 2022-06-30 06906693 c:PlantMachinery 2022-07-01 2023-06-30 06906693 c:PlantMachinery 2023-06-30 06906693 c:PlantMachinery 2022-06-30 06906693 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06906693 c:FurnitureFittings 2022-07-01 2023-06-30 06906693 c:FurnitureFittings 2023-06-30 06906693 c:FurnitureFittings 2022-06-30 06906693 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06906693 c:ComputerEquipment 2022-07-01 2023-06-30 06906693 c:ComputerEquipment 2023-06-30 06906693 c:ComputerEquipment 2022-06-30 06906693 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06906693 c:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 06906693 c:OtherPropertyPlantEquipment 2023-06-30 06906693 c:OtherPropertyPlantEquipment 2022-06-30 06906693 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06906693 c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06906693 c:CurrentFinancialInstruments 2023-06-30 06906693 c:CurrentFinancialInstruments 2022-06-30 06906693 c:CurrentFinancialInstruments 1 2023-06-30 06906693 c:CurrentFinancialInstruments 1 2022-06-30 06906693 c:Non-currentFinancialInstruments 2023-06-30 06906693 c:Non-currentFinancialInstruments 2022-06-30 06906693 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 06906693 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 06906693 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 06906693 c:Non-currentFinancialInstruments c:AfterOneYear 2022-06-30 06906693 c:ShareCapital 2023-06-30 06906693 c:ShareCapital 2022-06-30 06906693 c:RetainedEarningsAccumulatedLosses 2023-06-30 06906693 c:RetainedEarningsAccumulatedLosses 2022-06-30 06906693 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 06906693 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 06906693 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2023-06-30 06906693 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2022-06-30 06906693 d:FRS102 2022-07-01 2023-06-30 06906693 d:Audited 2022-07-01 2023-06-30 06906693 d:FullAccounts 2022-07-01 2023-06-30 06906693 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06906693 c:WithinOneYear 2023-06-30 06906693 c:WithinOneYear 2022-06-30 06906693 c:BetweenOneFiveYears 2023-06-30 06906693 c:BetweenOneFiveYears 2022-06-30 06906693 c:MoreThanFiveYears 2023-06-30 06906693 c:MoreThanFiveYears 2022-06-30 06906693 d:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 06906693 4 2022-07-01 2023-06-30 06906693 f:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 06906693










LIVERPOOL MEDIA ACADEMY










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
LIVERPOOL MEDIA ACADEMY
REGISTERED NUMBER: 06906693

BALANCE SHEET
AS AT 30 JUNE 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,145,452
7,874,940

  
11,145,452
7,874,940

Current assets
  

Debtors: amounts falling due within one year
 6 
3,514,910
823,973

Cash at bank and in hand
 7 
5,286,055
4,804,185

  
8,800,965
5,628,158

Creditors: amounts falling due within one year
 8 
(6,342,995)
(4,721,337)

Net current assets
  
 
 
2,457,970
 
 
906,821

Total assets less current liabilities
  
13,603,422
8,781,761

Creditors: amounts falling due after more than one year
 9 
(11,150,373)
(7,447,578)

Provisions for liabilities
  

Deferred tax
  
(399,300)
(135,550)

  
 
 
(399,300)
 
 
(135,550)

Net assets
  
2,053,749
1,198,633


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
2,053,549
1,198,433

  
2,053,749
1,198,633


Page 1

 
LIVERPOOL MEDIA ACADEMY
REGISTERED NUMBER: 06906693
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 profit and loss account 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 1 December 2023.




R E Wallace
Director

The notes on pages 3 to 15 form part of these financial statements.
Please refer to note 11 for an explanation of restatements. 

Page 2

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.06906693). The address of the registered office is c/o Langtons, The Plaza, 100 Old Hall Street, Liverpool, Merseyside L3 9QJ.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of the provision of further education. 

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 following principal accounting policies have been applied:

 
2.2

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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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:

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.

 
2.4

Operating leases: the Company as lessee

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
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.

Page 4

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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.

 
2.8

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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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 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.

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:

Leasehold improvements
-
straight line over the life of the relevant lease
Plant and machinery
-
5 year straight-line
Fixtures and fittings
-
5 year straight-line
Computer equipment
-
5 year 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

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.

 
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.

Page 6

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 7

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 8

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors' view there is uncertainty with regards to the impairment of tangible assets as discussed in note 14. 


4.


Employees

The average monthly number of employees, including directors, during the year was 46 (2022 - 35).

Page 9

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 July 2022
8,497,922
227,530
99,325
-
-


Additions
-
22,744
-
79,436
3,690,344



At 30 June 2023

8,497,922
250,274
99,325
79,436
3,690,344



Depreciation


At 1 July 2022
772,026
78,487
99,324
-
-


Charge for the year on owned assets
458,376
49,576
-
14,060
-



At 30 June 2023

1,230,402
128,063
99,324
14,060
-



Net book value



At 30 June 2023
7,267,520
122,211
1
65,376
3,690,344



At 30 June 2022
7,725,896
149,043
1
-
-
Page 10

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 July 2022
8,824,777


Additions
3,792,524



At 30 June 2023

12,617,301



Depreciation


At 1 July 2022
949,837


Charge for the year on owned assets
522,012



At 30 June 2023

1,471,849



Net book value



At 30 June 2023
11,145,452



At 30 June 2022
7,874,940

Page 11

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,358,845
-

Amounts owed by group undertakings
1,064
-

Other debtors
382,417
493,807

Prepayments and accrued income
772,584
323,889

Tax recoverable
-
6,277

3,514,910
823,973



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,286,055
4,804,185

5,286,055
4,804,185


Page 12

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: Amounts falling due within one year

2023
As restated 2022
£
£

Other provision
1,300,328
581,000

Trade creditors
303,988
-

Current proportion of deferred lease incentive
72,629
72,627

Amounts owed to group undertakings
3,099,883
2,981,215

Corporation tax
90,063
-

Other taxation and social security
67,545
59,686

Other creditors
7,904
15,772

Accruals and deferred income
1,400,655
1,011,037

6,342,995
4,721,337


The 2022 comparable year amount has been restated. The intercompany loan previously classified as
current has been reclassified as due after more than one year. 
The Hackney borough was a victim of a cyber attack. Following the attack no council rates were issued on the property until during the 2023 year end. No council rates were accrued for the year end 2022. In this 2023 financial statements, the comparative 2022 column has been amended to include the missing council rates amounting to £581k. The entries posted are Debit Administrative Expenses and Credit Other Provisions within current creditors.


9.


Creditors: Amounts falling due after more than one year

2023
As restated 2022
£
£

Amounts owed to group undertakings
9,605,367
5,829,944

Other creditors
1,545,006
1,617,634

11,150,373
7,447,578


The 2022 comparable year amount has been restated. The intercompany loan previously classified as
current has been reclassified as due after more than one year. 

Page 13

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
8,205,336
4,921,236


Financial liabilities


Financial liabilties measured at amortised cost
(15,127,020)
9,837,969


Financial assets measured at fair value through profit or loss comprises trade debtors, other debtors, accrued income and cash at bank.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors, other loans and accruals.


11.


2022 Restatement

The 2022 comparable year amounts in creditors falling due within one year and creditors falling due after more than one year have been restated. The intercompany loan previously classified as current ("falling due within one year") has been reclassified as due after more than one year.
The Hackney borough was a victim of a cyber attack. Following the attack no council rates were issued on the property until during the 2023 year end. No council rates were accrued for the year end 2022. In this 2023 financial statements, the comparative 2022 column has been amended to include the missing council rates amounting to £581k. The entries posted are Debit Administrative Expenses and Credit Other Provisions within current creditors.


12.


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 £31,831 (2022: £37,331). Contributions totalling £7,904 (2022: £15,772) were payable to the fund at the balance sheet date.

Page 14

 
LIVERPOOL MEDIA ACADEMY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Commitments under operating leases

At 30 June 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
2,760,197
1,882,336

Later than 1 year and not later than 5 years
10,765,425
8,236,733

Later than 5 years
23,599,166
17,697,912

37,124,788
27,816,981


14.


Post balance sheet events

During the year, the directors and shareholders of LMA made the decision to suspend the build on studio
10 within the Here East complex and move to another space that became available, previously occupied by BT sport. The move will reduce the amount of capital expenditure and improve both financial performance & student experience. The company has currently spent £3.7m on Studio 10 that remains on the balance sheet as an asset. There are 2 options available to LMA which are:
1) Using it internally as additional site, giving the company potential for long-term growth; and, 
2) The company can sell the asset to a new tenant.
As a result of the options available to the company, the directors believe there is no impairment risk.


15.


Controlling party

The company's immediate parent company is LMA Holdings Limited, which is incorporated in the United
Kingdom and registered in England and Wales.
The ultimate controlling party is GGE BCO1 S.A.S.
Consolidated financial statements are available from the registered office of GGE BCO1 S.A.S.

16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 1 December 2023 by Peter Smith FCA (Senior statutory auditor) on behalf of Constantin.

Page 15