REGISTERED NUMBER: 14282467 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 8 September 2022 to 31 August 2023 |
for |
Planet Education Networks Ltd |
REGISTERED NUMBER: 14282467 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 8 September 2022 to 31 August 2023 |
for |
Planet Education Networks Ltd |
Planet Education Networks Ltd (Registered number: 14282467) |
Contents of the Consolidated Financial Statements |
for the Period 8 September 2022 to 31 August 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Planet Education Networks Ltd |
Company Information |
for the Period 8 September 2022 to 31 August 2023 |
Directors: |
Registered office: |
Registered number: |
Senior statutory auditor: | Naresh Jani FCCA |
Auditors: |
1st Floor |
156 Cromwell Road |
Kensington |
London |
SW7 4EF |
Planet Education Networks Ltd (Registered number: 14282467) |
Group Strategic Report |
for the Period 8 September 2022 to 31 August 2023 |
The directors present their strategic report of the company and the group for the period 8 September 2022 to 31 August 2023. |
Review of business |
Planet Education Networks Group's strategy is to operate and invest in the relevant sector to maintain its long-standing tradition of providing exceptional higher education programs. The primary focus is to offer top-quality higher education services, while emphasising academic and career guidance in an all-encompassing approach. |
Planet Education Networks (PEN) group delivers accredited courses through its partnerships and is associated with several of the most prestigious universities in the UK. PEN group has an excellent reputation for delivering quality education, thanks to our highly qualified and experienced faculty. The business is constantly looking to expand its collaborations and connections with more providers and universities. |
Currently, the group's business operates across seven campuses in London, Leeds, Manchester, Northampton, Leicester and Birmingham, and has a strategic plan in place to acquire more functional campuses to increase its outreach. The group is also actively exploring opportunities to expand its presence in other regions of the UK. |
The education sector is a dynamic and ever-expanding industry, driven by the increasing demand for qualifications and skills among individuals in the UK and around the world. As globalisation continues to connect people and economies, the demand for high-quality education and training has grown significantly, creating a wealth of opportunities for educators and learners alike. PEN group caters to the needs of both domestic and international students and is always seeking ways to improve and expand its course offerings. |
Planet Education Networks Ltd (Registered number: 14282467) |
Group Strategic Report |
for the Period 8 September 2022 to 31 August 2023 |
Principal risks and uncertainties |
Partnerships with universities are a crucial aspect of the company's strategy for growth and expansion. These partnerships offer a range of benefits, including access to resources, expertise, and networks that help PEN group deliver high-quality education and stay competitive in the market. |
However, PEN group is aware of the risks that come with these partnerships, especially in terms of meeting the target number of students. Failure to achieve the desired enrolment numbers can have significant financial implications, impacting the company's revenue and profitability. |
Another risk the group faces is reputation risk, which can arise if PEN group admits students with false academic histories. This can have serious consequences, not just for PEN group's reputation but also for the students who may be disqualified from their programs or even face legal action. |
Quality risk is also a major concern, as maintaining high academic standards and providing quality education is essential to attracting and retaining top-quality faculty and students. Any decline in the quality of education provided can result in lower rankings, decreased student satisfaction, and difficulty in attracting and retaining students and faculty. |
To mitigate these risks, the group has established robust processes for admissions, academic standards, and quality control, and regularly monitor and review its performance against these metrics. This will help the group maintain its reputation, attract, and retain top-quality faculty and students, and ensure its long-term success. |
Financial performance |
Financial performance for this year has been analysed as follows: |
Key Performance Indicators | 31 August 2023 |
Revenue | £ 33,280,438 |
Operating Profit / ( Loss) | £ 15,425,201 |
On behalf of the board: |
Planet Education Networks Ltd (Registered number: 14282467) |
Report of the Directors |
for the Period 8 September 2022 to 31 August 2023 |
The directors present their report with the financial statements of the company and the group for the period 8 September 2022 to 31 August 2023. |
Incorporation |
The group was incorporated on 8 August 2022 . |
Principal activity |
The principal activity of the group in the period under review was that of other education. |
Dividends |
The total distribution of dividends for the period ended 31 August 2023 will be £ 180,000 . |
Directors |
Other changes in directors holding office are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Planet Education Networks Ltd (Registered number: 14282467) |
Report of the Directors |
for the Period 8 September 2022 to 31 August 2023 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The auditors, Andertons Europe Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Planet Education Networks Ltd |
Opinion |
We have audited the financial statements of Planet Education Networks Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 August 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Planet Education Networks Ltd |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Corporate Governance Statement |
We have reviewed the information presented in the separate Annual Governance Statement for consistency . We have no matters to report as a result of this work. |
Report of the Independent Auditors to the Members of |
Planet Education Networks Ltd |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Planet Education Networks Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Audit response to risks identified : |
We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. |
During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management overide of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether |
judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations , or through collusion |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Planet Education Networks Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1st Floor |
156 Cromwell Road |
Kensington |
London |
SW7 4EF |
Planet Education Networks Ltd (Registered number: 14282467) |
Consolidated Income Statement |
for the Period 8 September 2022 to 31 August 2023 |
Notes | £ |
Turnover | 33,280,438 |
Cost of sales | (2,255,106 | ) |
Gross profit | 31,025,332 |
Distribution costs | (2,263,098 | ) |
Administrative expenses | (13,389,874 | ) |
15,372,360 |
Other operating income | 106,158 |
Operating profit | 4 | 15,478,518 |
Interest receivable and similar income |
73,581 |
15,552,099 |
Interest payable and similar expenses |
5 |
(126,898 |
) |
Profit before taxation | 15,425,201 |
Tax on profit | 6 | (3,285,349 | ) |
Profit for the financial period |
Profit attributable to: |
Owners of the parent | 12,139,852 |
Planet Education Networks Ltd (Registered number: 14282467) |
Consolidated Other Comprehensive Income |
for the Period 8 September 2022 to 31 August 2023 |
Notes | £ |
Profit for the period | 12,139,852 |
Other comprehensive income | - |
Total comprehensive income for the period |
12,139,852 |
Total comprehensive income attributable to: |
Owners of the parent | 12,139,852 |
Planet Education Networks Ltd (Registered number: 14282467) |
Consolidated Balance Sheet |
31 August 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 9 | 423,228 |
Tangible assets | 10 | 14,928,864 |
Investments | 11 | 2,419,359 |
17,771,451 |
Current assets |
Debtors | 12 | 2,103,162 |
Cash in hand | 14,028,509 |
16,131,671 |
Creditors |
Amounts falling due within one year | 13 | 15,116,046 |
Net current assets | 1,015,625 |
Total assets less current liabilities | 18,787,076 |
Creditors |
Amounts falling due after more than one year |
14 |
(1,304,706 |
) |
Provisions for liabilities | 16 | (20,490 | ) |
Net assets | 17,461,880 |
Capital and reserves |
Called up share capital | 17 | 100 |
Retained earnings | 18 | 17,461,780 |
Shareholders' funds | 17,461,880 |
The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by: |
A A Faruki - Director |
Planet Education Networks Ltd (Registered number: 14282467) |
Company Balance Sheet |
31 August 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Debtors | 12 |
Cash in hand |
Creditors |
Amounts falling due within one year | 13 |
Net current liabilities | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 17 |
Retained earnings | 18 |
Shareholders' funds |
Company's profit for the financial year |
2,117,989 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Planet Education Networks Ltd (Registered number: 14282467) |
Consolidated Statement of Changes in Equity |
for the Period 8 September 2022 to 31 August 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 100 | - | 100 |
Dividends | - | (180,000 | ) | (180,000 | ) |
Total comprehensive income | - | 12,139,852 | 12,139,852 |
Balance at 31 August 2023 | 100 | 11,959,852 | 11,959,952 |
Planet Education Networks Ltd (Registered number: 14282467) |
Company Statement of Changes in Equity |
for the Period 8 September 2022 to 31 August 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 31 August 2023 |
Planet Education Networks Ltd (Registered number: 14282467) |
Consolidated Cash Flow Statement |
for the Period 8 September 2022 to 31 August 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 26,120,252 |
Interest paid | (126,898 | ) |
Tax paid | (434,366 | ) |
Consolidation Adjustment | (60,212 | ) |
Net cash from operating activities | 25,498,776 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (25,000 | ) |
Purchase of tangible fixed assets | (11,474,295 | ) |
Purchase of fixed asset investments | (2,934,865 | ) |
Sale of fixed asset investments | 1,765,506 |
Interest received | 73,581 |
Net cash from investing activities | (12,595,073 | ) |
Cash flows from financing activities |
New loans in year | 1,304,706 |
Share issue | 100 |
Equity dividends paid | (180,000 | ) |
Net cash from financing activities | 1,124,806 |
Increase in cash and cash equivalents | 14,028,509 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
14,028,509 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Cash Flow Statement |
for the Period 8 September 2022 to 31 August 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
£ |
Profit before taxation | 15,425,201 |
Depreciation charges | 492,944 |
Finance costs | 126,898 |
Finance income | (73,581 | ) |
15,971,462 |
Increase in trade and other debtors | (2,103,162 | ) |
Increase in trade and other creditors | 12,251,952 |
Cash generated from operations | 26,120,252 |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 August 2023 |
31.8.23 | 8.9.22 |
£ | £ |
Cash and cash equivalents | 14,028,509 | - |
3. | Analysis of changes in net funds |
At 8.9.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 14,028,509 | 14,028,509 |
- | 14,028,509 | 14,028,509 |
Debt |
Debts falling due within 1 year | - | (179,430 | ) | (179,430 | ) |
Debts falling due after 1 year | - | (1,304,706 | ) | (1,304,706 | ) |
- | (1,484,136 | ) | (1,484,136 | ) |
Total | - | 12,544,373 | 12,544,373 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements |
for the Period 8 September 2022 to 31 August 2023 |
1. | Statutory information |
Planet Education Networks Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statement incorporate those of Planet Education Networks Ltd and all of its subsidiaries for the financial year. Subsidiaries are consolidated using the acquisition method and their results are included from the date of acquisition. All subsidiaries have prepared financial statement to 31 August 2023. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Software | - Amortised over 4 years |
Tangible fixed assets |
Depreciation is provided on at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. |
The principle rates in use are : |
Motor Vehicles | 25 % | on reducing balance |
Land & building | 2 % | on reducing balance |
Leasehold property | 2 % | on reducing balance |
Fixtures & fittings | 25 % | on reducing balance |
Plant & Machinery | 25 % | on reducing balance |
Financial instruments |
Financial liabilities are equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
2. | Accounting policies - continued |
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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Dividends |
Equity dividends are recognised when they become legally payable. |
3. | Employees and directors |
£ |
Wages and salaries | 8,237,989 |
Social security costs | 725,882 |
Other pension costs | 120,643 |
9,084,514 |
The average number of employees during the period was as follows: |
Administration | 272 |
Marketing | 39 |
£ |
Directors' remuneration | 60,622 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
4. | Operating profit |
The operating profit is stated after charging: |
£ |
Hire of plant and machinery | 31,070 |
Depreciation - owned assets | 485,652 |
Computer software amortisation | 7,292 |
Auditors' remuneration | 45,000 |
5. | Interest payable and similar expenses |
£ |
Bank loan interest | 99,676 |
Interest payable | 3 |
Other Interest | 27,219 |
126,898 |
6. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 3,298,460 |
Deferred tax | (13,111 | ) |
Tax on profit | 3,285,349 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax | 15,425,201 |
Profit multiplied by the standard rate of corporation tax in the UK of 21.285 % |
3,283,254 |
Effects of: |
Depreciation in excess of capital allowances | 15,464 |
Utilisation of tax losses | (258 | ) |
Deferred Tax | (13,111 | ) |
Total tax charge | 3,285,349 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
7. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | Dividends |
£ |
Ordinary shares of £ 1.00 each |
Final | 180,000 |
9. | Intangible fixed assets |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
Additions | 405,520 | 25,000 | 430,520 |
At 31 August 2023 | 405,520 | 25,000 | 430,520 |
AMORTISATION |
Amortisation for period | - | 7,292 | 7,292 |
At 31 August 2023 | - | 7,292 | 7,292 |
NET BOOK VALUE |
At 31 August 2023 | 405,520 | 17,708 | 423,228 |
The above goodwill is on consolidation. |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
10. | Tangible fixed assets |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 8 September 2022 | 3,284,142 | 369,383 | 41,380 |
Additions | 10,583,804 | 73,961 | 1,950 |
At 31 August 2023 | 13,867,946 | 443,344 | 43,330 |
DEPRECIATION |
At 8 September 2022 | 25,383 | 281 | 27,121 |
Charge for period | 156,608 | 2,047 | 5,050 |
At 31 August 2023 | 181,991 | 2,328 | 32,171 |
NET BOOK VALUE |
At 31 August 2023 | 13,685,955 | 441,016 | 11,159 |
At 7 September 2022 | 3,258,759 | 369,102 | 14,259 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 8 September 2022 | 330,518 | 96,989 | 4,122,412 |
Additions | 800,080 | 14,500 | 11,474,295 |
At 31 August 2023 | 1,130,598 | 111,489 | 15,596,707 |
DEPRECIATION |
At 8 September 2022 | 105,159 | 24,247 | 182,191 |
Charge for period | 296,501 | 25,446 | 485,652 |
At 31 August 2023 | 401,660 | 49,693 | 667,843 |
NET BOOK VALUE |
At 31 August 2023 | 728,938 | 61,796 | 14,928,864 |
At 7 September 2022 | 225,359 | 72,742 | 3,940,221 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
10. | Tangible fixed assets - continued |
Company |
Freehold |
property |
£ |
COST |
Additions |
At 31 August 2023 |
DEPRECIATION |
Charge for period |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
11. | Fixed asset investments |
Group | Company |
£ | £ |
Shares in group undertakings | - |
Other investments not loans | 2,419,359 |
2,419,359 |
Additional information is as follows: |
Group |
Own |
shares |
£ |
COST |
At 8 September 2022 | 1,250,000 |
Disposals | (1,250,000 | ) |
At 31 August 2023 | - |
NET BOOK VALUE |
At 31 August 2023 | - |
At 7 September 2022 | 1,250,000 |
Investments (neither listed nor unlisted) were as follows: |
£ |
Investments held as F. Assets | 2,877,267 |
Additions | 57,598 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
11. | Fixed asset investments - continued |
Disposals | (515,506 | ) |
2,419,359 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
12. | Debtors: amounts falling due within one year |
Group | Company |
£ | £ |
Trade debtors | 110,923 |
Amounts owed by group undertakings | - |
Other debtors | 810,328 |
Prepayments and accrued income | 1,181,911 |
2,103,162 |
13. | Creditors: amounts falling due within one year |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 15) | 179,430 |
Trade creditors | 2,211,981 |
Amounts owed to group undertakings | - |
Tax | 2,864,094 |
Social security and other taxes | 747,707 |
Other creditors | 1,139,661 |
Directors' current accounts | 904,151 | 863,900 |
Accruals and deferred income | 7,069,022 |
15,116,046 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
14. | Creditors: amounts falling due after more than one year |
Group |
£ |
Bank loans (see note 15) | 1,304,706 |
15. | Loans |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year | or on demand: |
Bank loans | 179,430 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 179,451 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 538,352 |
Amounts falling due in more than | five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 586,903 |
16. | Provisions for liabilities |
Group |
£ |
Deferred tax |
Accelerated capital allowances | 20,490 |
Group |
Deferred |
tax |
£ |
Provided during period | 20,490 |
Balance at 31 August 2023 | 20,490 |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
17. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £ 1.0 | 0 | 100 |
18. | Reserves |
Group |
Retained |
earnings |
£ |
At 8 September 2022 | 5,501,928 |
Profit for the period | 12,139,852 |
Dividends | (180,000 | ) |
At 31 August 2023 | 17,461,780 |
Company |
Retained |
earnings |
£ |
Profit for the period |
At 31 August 2023 |
19. | Capital commitments |
31 August 2023 |
Operating leases which expire : |
£ |
Within one year | 1,608,111 |
Between two to five years | 1,931,511 |
More than five years | 928,488 |
-------------- |
4,468,110 |
======== |
Planet Education Networks Ltd (Registered number: 14282467) |
Notes to the Consolidated Financial Statements - continued |
for the Period 8 September 2022 to 31 August 2023 |
20. | Related party disclosures |
Amounts due to related companies are as follows : |
2023 |
£ |
Biriyani Ltd | 50,129.00 |
Jobhunger Ltd | 81,431.33 |
Stronger Together Investment Company Ltd | 996,510.00 |
The above relates to services provided by the above companies. |
21. | Subsidiaries |
Details of the company's subsidiary undertakings over which the company has control, at 31 August 2023 are as follows : |
Name | Nature of business | % Holding of |
ordinary shares |
Elizabeth School of London Ltd | Education | 100 |
Online Qualifications Ltd | Education | 100 |
Uni Application Portal Ltd | Education consultancy | 100 |
William College Ltd | Education | 100 |
Zenith School of studies Ltd | Education Consultancy | 100 |
London Professional College Ltd | Education | 100 |
Victoria College of Arts & Design Ltd |
Education |
100 |
The subsidiaries are incorporated in England and Wales. |
The net assets at 31 August 2023 and profit/(loss) before tax for the year ended 31 August 2023 of Elizabeth School of London Ltd are £12,256,361 and £5,052,300, Online Qualifications Ltd are £75,328 and £96,294 respectively, Uni Application Portal Ltd are £167,343 and £213,774 respectively, William College Ltd are £314,331and £402,128 respectively, Zenith School of studies Ltd are £2,556,175 and £ 2956,741 respectively, London Professional College Ltd are £ 208,035 and £ 293,832 respectively, Victoria College of Arts & Design Ltd are £229,118 and £247,505 respectively. |