REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
Aspire Skills Academy Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
Aspire Skills Academy Limited |
Aspire Skills Academy Limited (Registered number: 10247354) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Aspire Skills Academy Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
31 Sackville street |
Manchester |
M1 3LZ |
Aspire Skills Academy Limited (Registered number: 10247354) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
1. Section 7 'Statement of Cash Flows': Presentation of a statement of cashflow and related notes and disclosures; |
2. Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
3. Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; |
4. Section 33 'Related Party Disclosures': Compensation for key management personnel. |
The financial statements of the company are consolidated in the financial statements of Academic Bridge B.V., a company incorporated in the Netherlands. The consolidated financial statements are available from its registered office, Passeerdersgracht 23, 1016XG, Amsterdam, The Netherland. |
EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS |
The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. |
GOING CONCERN |
At the year end, the company had net liabilities of £27,830. The financial statements have been prepared on a going concern basis which the directors believe to be appropriate as the Immediate Parent company Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust has agreed to continue to provide financial support to Aspire Skills Academy Limited, so that it can meet all its obligation as they fall due for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. This is considered appropriate as the immediate parent company has a net wealth far in excess of the liabilities of the group as per the review of the financial statements and paying attention to the prospective cash position in a variety of scenarios. |
Written confirmation has been obtained confirming their intention to continue to support the Aspire Skills Academy Limited for a minimum of 12 months from the signing date of the financial statements. |
For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FIXED ASSETS INVESTMENTS |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
CASH AND CASH EQUIVALENTS |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
CLASSIFICATION OF FINANCIAL LIABILITIES |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
EQUITY INSTRUMENTS |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
FOREIGN EXCHANGE |
Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. |
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the director is 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. |
The director considers the only-area of estimation uncertainty to pertain to the recoverable value of the investments in subsidiaries. |
INVESTMENT IN SUBSIDIARIES |
Investment in subsidiaries are valued at cost and and reviewed annually for impairment. Impairment is deemed necessary where the recoverable value of the investment is less than the carrying amount of the investment. |
The recoverable amount is ascertained by calculating an enterprise value based on free cash flows incorporating forecast figures discounted at the weighted average cost of capital. |
There is an inevitable degree of judgement involved and value will vary depending on the methodology adopted. Given the knowledge of management and the director, no expert valuation has been considered necessary. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,250 |
2,250 |
Taxation compliance services |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Buchanan House,30 Holborn, London,England,ECIN 2HS |
Nature of business: |
% |
Class of shares: | holding |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Amounts owed to group undertakings are unsecured and no interest payable on the above stated balance. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary share capital | 1 | 100 | 100 |
Aspire Skills Academy Limited (Registered number: 10247354) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We draw attention to note 2 of the financial statements, which describes the going concern basis on which the accounts are prepared.The company's losses for the year totalled to £3,090 and net liabilities of £27,830 (2022: £24,741). These events or condition indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. It is also anticipated that the company will incur further losses but the company will have no obligation to meet any group liabilities until it is in financial position to do so. |
The company relies on the financial support of the Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust. The directors have reviewed the cashflow requirements of the company for the next 12 months ended 30 June 2025 and are satisfied that the company has sufficient resources to continue trading. We have examined the assumptions underlying the projections and are satisfied that those assumptions are reasonable. Our opinion is not modified in respect of this matter. |
9. | RELATED PARTY DISCLOSURES |
At the year end, the company owed £25,901 (2022: £22,511) to Global University Systems Canada Holdings Inc., a fellow subsidiary company. This amount is included within amounts owed to group undertakings. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Global University Systems BV., a company incorporated in the Netherlands. The address of its registered office is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
In addition to this, N Gupta and G Wright both own 10% each of the ordinary share capital. |
The smallest and largest group into which the entity is consolidated is Academic Bridge B.V, a company registered in the Netherlands. The registered address is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
The ultimate controlling company is The Heritage Trust, a company registered in Guernsey. |