9822 Limited
Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 10167783 (England and Wales)
9822 Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
9822 Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,729,716
3,267,267
Current assets
Debtors
6
6,092,790
6,113,000
Cash at bank and in hand
173
236
6,092,963
6,113,236
Creditors: amounts falling due within one year
7
(11,230,364)
(10,997,465)
Net current liabilities
(5,137,401)
(4,884,229)
Net liabilities
(3,407,685)
(1,616,962)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(3,407,785)
(1,617,062)
Total equity
(3,407,685)
(1,616,962)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
E Groysman
Director
Company Registration No. 10167783
9822 Limited
Statement of Changes in Equity
For the year ended 31 July 2023
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2021
100
(1,417,358)
(1,417,258)
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
(199,704)
(199,704)
Balance at 31 July 2022
100
(1,617,062)
(1,616,962)
Year ended 31 July 2023:
Loss and total comprehensive income for the year
-
(1,790,723)
(1,790,723)
Balance at 31 July 2023
100
(3,407,785)
(3,407,685)
9822 Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 3
1
Accounting policies
Company information

9822 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Buchanan House, 30 Holborn, London, EC1N 2HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention other than investments which are carried at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the company's results are included in the consolidated accounts for a larger group, which is disclosed in Note 12. The financial statements present information about the company as an individual entity and not about its group. FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. The Company has taken advantage of the following exemptions in its individual financial statements:

 

1.2
Going concern

The financial statements have been prepared on a going concern basis which the directors believe to betrue appropriate for the following reason. At the year end, the company had net liabilities of £3,407,685. The company is reliant on the support of other group companies as a result of the way that the group is financed. Global University Systems Holding B.V. has agreed to continue to provide financial and other support to the company for the foreseeable future to enable it to continue to trade in the form of a letter of support.

 

As a result, having assessed the response of the directors of Global University Systems Holding B.V., in light of its support and on the basis of their assessment of the company's financial position and Global University Systems Holding B.V.´s financial position, the Directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset 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.

9822 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 4

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.

1.4
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.

1.5
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.

9822 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 5
1.6
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.

2
Judgements 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of investments

The carrying amount of investments in subsidiaries and associates is reviewed annually for any indication of impairment. In determining whether any impairment is required, management makes a number of estimates in respect of future cash flows and future earnings growth, as well as reviewing the current net asset position of these entities. Following their assessment and review, the directors have determined that an impairment of £1,556,794 (2022: £nil) should be recorded against the carrying value of fixed asset investments.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
2
9822 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 6
4
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
5
-
0
1,571,719
Loans to subsidiaries
5
1,729,716
1,695,548
1,729,716
3,267,267
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 August 2022
1,571,719
1,695,548
3,267,267
Exchange differences
-
34,168
34,168
At 31 July 2023
1,571,719
1,729,716
3,301,435
Impairment
At 1 August 2022
-
-
-
Impairment losses
1,571,719
-
1,571,719
At 31 July 2023
1,571,719
-
1,571,719
Carrying amount
At 31 July 2023
-
1,729,716
1,729,716
At 31 July 2022
1,571,719
1,695,548
3,267,267
5
Subsidiaries

Details of the company's subsidiaries at 31 July 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
I.B.A.T Limited
Ireland
Professional and English Language educational services
ordinary
100.00
9822 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,092,790
6,113,000
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,172
-
0
Amounts owed to group undertakings
11,209,562
10,986,937
Corporation tax
-
0
2,500
Accruals and deferred income
18,630
8,028
11,230,364
10,997,465
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shivani Kothari
Statutory Auditor:
Moore Kingston Smith LLP
10
Events after the reporting date

The directors are of the opinion that there were no significant adjusting or non-adjusting events occurring after the reporting period.

9822 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 8
11
Ultimate controlling party

The immediate parent undertaking is Global University Systems Holding B.V., a company incorporated in The Netherlands.

 

The ultimate controlling party is The Heritage Trust, registered in Guernsey.

 

The smallest and largest group into which the entity is consolidated is Global University Systems Holding B.V., a company registered in The Netherlands. The registered office is Passeerdersgracht 23, 1016 XG, Amsterdam, the Netherlands.

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