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Registered number: 13210674












SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

CONTENTS



Page
Company information
 
1
Statement of governance and internal control
 
2 - 4
Balance sheet
 
5
Statement of changes in equity
 
6
Statement of cash flows
 
7
Notes to the financial statements
 
8 - 17


 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED
 
COMPANY INFORMATION


Directors
N Jain 
S Pagni 
N Puri 
M S Stuart 
P W Willman 
N V Tyagarajan 




Company secretary
M Lowe



Registered number
13210674



Registered office
Suite 2.03 Hx1 And 2nd Floor Hx2 Harbour Exchange Square
Isle of Dogs

London

E14 9GE




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED
 
STATEMENT OF GOVERNANCE AND INTERNAL CONTROL
FOR THE YEAR ENDED 31 MARCH 2024

The following statement is intended to provide an understanding of the governance and internal control environment applicable to SP Jain London School of Management ("SPJ UK") as it has operated for the year ended 31 March 2024 and up to the date of approval of this report. The school is a private higher education institution regulated by the Office for Students (OfS) in its capacity as principal regulator. 
Governance
In accordance with the Memorandum and Articles of the School and the School’s Governance Charter, the Board of Directors (BoD) is responsible for ensuring the effective governance and management of the affairs of the School.  In particular its duties are:
Leadership, strategic direction and oversight of the affairs of SPJ UK.
Ensure compliance with the Office for Students regulatory requirements including the Public Interest             Governance Principles.
Act in accordance with the CUC Higher Education Code of Governance or other appropriate codes.
Delegate such powers as are necessary for the efficient administration of SPJ UK and keep delegations under review.
Approve the vision, mission, strategic direction, and business plan, and monitor performance against such plans.
Financial oversight in accordance with UK accounting standards, including setting and monitoring the annual budget, financial and cash flow forecasts, maintaining financial viability, appointing a qualified auditor to independently audit financial statements annually.
Oversee the risk management and assessment plans and review them at least annually.
Oversee workplace health and safety practices.
Oversee overall quality assurance and monitor effectiveness.
Approve non-academic policies and provide oversight of academic policies.
Appoint and monitor the performance of the Senior Executive.
Monitor the quality of programmes offered by the School and the awards made.
Approve and monitor systems of control and accountability.
Approve any significant commercial activities.
Oversee the functioning of the Academic Board.
Ensure equitable treatment of staff and students and foster wellbeing of staff and students.
Ensure academic freedom is protected at the School and that academic staff have freedom within the law to question and test received wisdom; and to put forward new ideas and controversial or unpopular opinions.
Ensure the School implements the Prevent Duty.
Approve appeal processes and decisions where necessary.

The BoD has established the following committees to support its work:
the Academic Board which is accountable for the academic governance of the School’s higher education operations, quality of educational offerings and scholarly outputs, the oversight of academic policies, research activities and research training, and the efficacy of academic leadership, teaching and learning.
the Audit and Risk Committee which advises and assists the BoD with all higher education risk management and finance matters. It is responsible for reviewing the annual accounts, the External Audit management letter and any recommendations. It is also responsible for oversight of the quality of data and the internal control environment. It is also responsible for establishing and maintaining the Risk Management Framework, oversee its implementation and review its effectiveness so as to identify and manage risks in a timely manner. The Audit and Risk Committee makes an annual report to the Board.
the Industry Advisory Board which fosters industry partnerships and connections and provides advice that contributes to new programme development areas and emerging disciplines or research. It also provides feedback about graduate employability, programme alignment with current industry practice and the relevancy and currency of the School’s programmes.
the Nominations Committee which is an advisory committee established by the BoD to assist it in determining the appropriate composition for the BoD, including appointing new BoD members, reviewing the performance of existing BoD members and taking stock of the skills composition for the BoD to ensure the BoD can effectively discharge its oversight duties as SPJ UK evolves.
Page 2

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

STATEMENT OF GOVERNANCE AND INTERNAL CONTROL (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

the Remuneration Committee which under delegated authority subject to annual reports sets the senior staff remuneration. 
 
The Board’s practice and procedure is in line with the OfS Regulatory Framework for Higher Education in England and the guidance notes issued by the OfS. It also conducts its business in accordance with the Standards in Public Life and the Committee of University Chairs (CUC) Higher Education Code of Governance 2020.  It has formally adopted the principles of the CUC Higher Education Remuneration Code and the CUC’s Higher Education Audit Committee's Code of Practice as appropriate to the size and nature of the institution.  
The School maintains a Register of Interests of members of the Board of Directors and senior staff which may be consulted by arrangement with the Chief Operating Officer. 
Executive management is delegated to the Senior Management Team. They make regular reports to the Board of Directors on the progress with the development of the School.
Statement of internal control
The Board of Directors is responsible for maintaining a sound system of internal financial control in accordance with the responsibilities assigned to it by the Higher Education and Research Act (2017) and the registration requirements of the Office for Students. 
The system of internal control is designed to manage the risk of failure to achieve strategic business objectives.  As well as supporting the achievement of aims and objectives it includes the appropriate policies including a Scheme of Delegation to ensure propriety, value for money and the safeguarding of public and other funds and assets while providing for the prevention and detection of corruption, fraud, bribery and other irregularities. The Board is advised on the system of internal control by the Audit and Risk Committee which also monitors the policies and their implementation as appropriate.  
The system also encompasses risk management at the School. To this end the School has approved a risk management policy and a risk management plan which is linked to the strategic objectives of the School as well as financial, operational and compliance risks and how these are being mitigated and managed. While the School is still in its first year of operations, the Board of Directors continues to review the risk management plan at every meeting to ensure that it understands how the risks are being managed. The Risk Management Plan is updated throughout the year and includes the main risk owners and risk mitigating actions. Risks are prioritised by likelihood and impact and rated accordingly. 
The system of internal control has been in place throughout the year ended 31 March 2024 and up to the date of approval of the financial statements and is consistent with OfS guidance.
The key elements of the internal risk control system, designed to discharge responsibilities set out above, include the following processes:
 
Consideration at Board meetings of the strategic direction, plans and performance of the institution.
Clear definitions of responsibilities of, and the authority delegated to, senior academic and professional staff.
Comprehensive financial regulations associated with financial controls and procedures approved by the board.
Maintenance of a School Risk Register covering corporate level risks, including the ability to comply with all OfS conditions of registration.
Regular reviews of student recruitment, academic performance and financial results involving variance
reporting and updates to the projected financial outturns.
A short and medium term planning process supplemented by details of annual income, capital and revenue
expenditure, and cash flows.
Constant review of the School’s policies, procedures and power delegated by the Board to other bodies and
individuals.
 
Page 3

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

STATEMENT OF GOVERNANCE AND INTERNAL CONTROL (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Statement of internal control (continued)
The Board has taken reasonable steps to: (a) ensure that there are appropriate financial and management controls in place to safeguard funds from all sources, especially in relation to the regularity and propriety of the use of the tuition fees received; (b) safeguard the School’s assets and prevent and detect fraud; (c) secure the efficient and effective management of the School’s resources; and (d) ensure that the tuition fees received are used only for the purposes they have been granted in accordance with the existing regulations and legislation. 
The Board oversees the preparation of an annual report and accounts and lodges an annual report and accounts with Companies House, in addition to which the financial statement is presented to meet OfS requirements.
As detailed in note 4 to the financial statements, an exceptional loss recorded under administrative expenses which represent fraudulent payments made by ICICI Bank London, which are the result of phishing activities that compromised the emails of the employees of the parent company. Improvements have been made to the internal control environment of the parent company to prevent re-occurrence. These include the appointment of an internal audit function and a three-stage approval process for all payments and a final sign of by the Senior Management Team. Improvements are also being made to IT Security. These controls have been reviewed by the Audit and Risk Committee and the Board of Directors. The company's external auditors have considered the impact on the financial statements and have concluded that adequate disclosure has been made. The external auditor has reviewed management's response to this breach and the steps being put in place to mitigate the risk and considers that the recommendations made, will strengthen internal control.


This report was approved by the board and signed on its behalf by:





M S Stuart
Chair of the board

K Soin
Accountable officer


Date: 29 July 2024


Page 4


 
REGISTERED NUMBER:13210674
SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,839,960
995

  
1,839,960
995

Current assets
  

Debtors: amounts falling due within one year
 5 
301,730
52,971

Cash at bank and in hand
  
282,134
1,373,169

  
583,864
1,426,140

Creditors: amounts falling due within one year
 6 
(5,868,611)
(650,010)

Net current (liabilities)/assets
  
 
 
(5,284,747)
 
 
776,130

Total assets less current liabilities
  
(3,444,787)
777,125

  

Net (liabilities)/assets
  
(3,444,787)
777,125


Capital and reserves
  

Called up share capital 
 7 
2,000,000
2,000,000

Profit and loss account
 8 
(5,444,787)
(1,222,875)

  
(3,444,787)
777,125


The financial statements have been prepared 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 by: 




M S Stuart
K Soin
Chair of the board
Accountable officer


Date: 29 July 2024

The notes on pages 8 to 17 form part of these financial statements.

Page 5

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 31 March 2022 and 1 April 2022
2,000,000
(328,056)
1,671,944


Comprehensive loss for the period

Loss for the financial period
-
(894,819)
(894,819)
Total comprehensive loss for the period
-
(894,819)
(894,819)



At 31 March 2023
2,000,000
(1,222,875)
777,125


Comprehensive loss for the year

Loss for the financial year
-
(4,221,912)
(4,221,912)
Total comprehensive loss for the year
-
(4,221,912)
(4,221,912)


At 31 March 2024
2,000,000
(5,444,787)
(3,444,787)


Page 6

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(4,221,912)
(894,819)

Adjustments for:

Depreciation of tangible assets
90,337
-

(Increase) in debtors
(248,660)
(52,971)

(Increase)/decrease in amounts owed by groups
(99)
-

Increase/(decrease) in creditors
1,239,936
(16,475)

Increase in amounts owed to groups
3,978,665
232,582

Net cash generated from operating activities

838,267
(731,683)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,929,302)
(995)

Net cash from investing activities

(1,929,302)
(995)


Net (decrease) in cash and cash equivalents
(1,091,035)
(732,678)

Cash and cash equivalents at beginning of year
1,373,169
2,105,847

Cash and cash equivalents at the end of year
282,134
1,373,169


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
282,134
1,373,169

282,134
1,373,169


The notes on pages 8 to 17 form part of these financial statements.

Page 7

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is Suite 2.03 Hx1 And 2nd Floor Hx2 Harbour Exchange Square, Isle Of Dogs, London, United Kingdom, E14 9GE.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and OfS Regularoy Advice 9: Accounts direction. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The directors have received confirmation from the company's parent that financial support will be forthcoming for the foreseeable future, being a period of not less than twelve months from the date that these financial statements were approved. 
Additionally, the directors have considered the ability of the parent company to provide such support. The directors do not foresee any issues with the ability or willingness of the parent company to support the company. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 8

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is derived from the provision of educational courses. 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:
Revenue represents tuition fees in relation to courses delivered during the year and is recognised evenly over the period of the relevant courses. Amounts invoiced for the courses which will be provided in future periods are held at the balance sheet date within deferred income. Where tuition has been provided to funded students but the funding has not yet been received the income is recognised as accrued income.
Revenue is recognised in relation to active students only. Active students are defined as those that are actively engaged with their courses. Where a student is absent for a period of time, the Student Success Tutors contact the student via phone or email to understand their absence and advise them on the potential impact a sustained absence may have on their funding. The Retention Team is informed to re-engage and ultimately take a decision as to the student’s status. If a student has not attended courses for a 4-week period and have not engaged with the relevant teams and tutors, they are suspended from study and after 5 weeks they are no longer considered active or we change status to withdrawn. Income is not recognised in respect of such students after that period.

 
2.4

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.

Page 9

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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
-
10 years
Fixtures and fittings
-
5 years
Office equipment
-
8 years
Computer equipment
-
3 years

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.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

  
2.7

Share capital

Ordinary shares are classified as equity.

Page 10

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.8

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Page 11

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

Financial liabilities
Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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..


3.


Employees

2024
2023
£
£

Wages and salaries
1,115,737
317,471
Page 12

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Employees (continued)


Social security costs
121,182
37,505

Cost of defined contribution scheme
8,561
1,508

1,245,480
356,484


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
7
7



Academic staff
4
-



Administrative staff
8
3

19
10

Page 13

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Employees (continued)

The number of staff with a basic salary over £100,000 in the year was as follows:
ole73bb.png
H
ead provider's salary
The Head of Provider’s remuneration and that of other members of the Senior Management Team and is determined by Remuneration Committee. When setting remuneration, the Committee receives benchmarking data and considers:

a set of key performance indicators (KPIs) and a report on performance;
 
the ability of the School to recruit and retain talented individuals with the skills required to lead the School;
 
the need to deliver value for money for students and the tax payer.
 
The head of provider received a basic salary of £125,496 (2023: £120,000), bonus totalling £38,000 (2023: £10,000) and pension contributions of £1,321 (2023: £1,321) during the year.
The head of the provider's basic salary is 4.2 (2023: 2.1) times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.
The head of provider's total remuneration is 5.4 (2023: 2.2) times the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff.

Page 14

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
-
174
-
821
995


Additions
1,717,691
23,864
110,663
77,084
1,929,302



At 31 March 2024

1,717,691
24,038
110,663
77,905
1,930,297



Depreciation


Charge for the year
71,570
2,023
5,764
10,980
90,337



At 31 March 2024

71,570
2,023
5,764
10,980
90,337



Net book value



At 31 March 2024
1,646,121
22,015
104,899
66,925
1,839,960



At 31 March 2023
-
174
-
821
995

Page 15

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
97,669
-

Amounts owed by group undertakings
99
-

Other debtors
2,953
-

Prepayments and accrued income
201,009
52,971

301,730
52,971



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
21,213
1,934

Amounts owed to group undertakings
4,619,234
640,569

Accruals and deferred income
1,228,164
7,507

5,868,611
650,010



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000,000 (2023 -2,000,000) Ordinary shares of £1.00 each
2,000,000
2,000,000



8.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 16

 

SP JAIN LONDON SCHOOL OF MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,373,169

(1,091,035)

282,134


1,373,169
(1,091,035)
282,134


10.


Details of fee income

2024
2023
£
£
Grant income from the Ofs

2,304

-
 
Fee income for taught awards (exclusive of VAT)

294,073

-
 
296,377

-
 


11.


Access and participation investment

2024
2023
£
£
Financial support investment

21,175

-
 
21,175

-
 


12.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


13.


Controlling party

S. P. Jain Education Fz-LLC is a company registered in Dubai, United Arab Emirates, is the immediate and ultimate parent company of S P Jain London School of Management Limited.
S. P. Jain Education Fz-LLC's registered address is S.P.Jain Center, 533 Kanta Terrace Ground Floor, Kalbadevi Road Mumbai, Mumbai City, MH 400002 IN.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 29 July 2024 by Mark Hart (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 17