REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
LEARNINGMATE SOLUTIONS (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
LEARNINGMATE SOLUTIONS (UK) LIMITED |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LEARNINGMATE SOLUTIONS (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Doughty Street |
London |
WC1N 2PH |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
LearningMate Solutions (UK) Limited is a |
The company's place of business is at: Level 7-10, Techno Business Park, 74/II "C" Cross Road, MIDC, Andheri (East), Mumbai, India. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Management has produced forecasts which have been reviewed by the directors. These forecasts demonstrate that the Company will have sufficient funds to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. |
As such, the directors are satisfied that the Company has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing these financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. |
The company does not have significant judgements, estimates and assumptions that have a significant effect on the carrying value of assets and liabilities of the Company as at the balance sheet date. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that the revenue can be reliably measured. The following recognition criteria must also be met before turnover is recognised: |
- | Turnover from time and material contracts are recognised as related services are performed. |
- | Turnover from fixed price contracts are recognised in accordance with the percentage completion method. |
- | Turnover from sale of third-party software are recognised when significant risks and rewards of ownership of the software are passed onto the buyer, which generally coincide with the installation of the software on the customers' servers. |
Turnover is stated net of value-added tax. |
Accrued income |
Where a contract has only been partially completed at the balance sheet date, turnover includes the value of services provided to date based on a proportion of the total expected consideration at completion. The corresponding figure is shown as accrued income. |
Deferred Income |
Deferred Income represents billings in excess of turnover in case of ongoing fixed price and time and material contracts wherein amounts have been billed in accordance with the billing cycle and efforts to supply the service would be incurred subsequent to the year-end. |
Tangible fixed assets |
Plant and machinery etc | - |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting |
date. |
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
At 31st March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The company had financial commitments arising from operating leases at the balance sheet date of £2,970 (2023: £9,333). |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | RELATED PARTY DISCLOSURES |
LearningMate Solutions Private Limited |
Parent company. |
2024 | 2023 |
£ | £ |
Services provided by the related party | 6,047,905 | 6,576,039 |
Amount due to related party at the balance sheet date | 814,165 | 430,162 |
LearningMate Solutions Inc |
Fellow group undertaking |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 209,813 | - |
SPi Global Content Holding PTE Ltd |
Fellow group undertaking |
2024 | 2023 |
£ | £ |
Management charges paid | 6,767 | - |
Amount due to related party at the balance sheet date | 6,767 | - |
SPi Global US Inc |
Fellow group undertaking |
2024 | 2023 |
£ | £ |
Management charges paid | 22,677 | - |
Amount due to related party at the balance sheet date | 22,677 | - |
SPi Technologies Inc. |
Fellow group undertaking |
2024 | 2023 |
£ | £ |
Management charges paid | 44,225 | - |
Loan interest received during the year | 11,600 |
Amount due to related party at the balance sheet date | 14,781 | - |
12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
LEARNINGMATE SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 05494091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent entity is Learningmate Solutions Private Limited, a company incorporated and registered in India. The immediate parent entity's registered office address is 74 Techno Business Park, Level 7-10, 74/II, "C" Cross Road, MIDC, Andheri (East), Mumbai 400 093, India. |
The parent entity of the largest group within which the immediate parent entity belongs is SPI Global Content Holding Pte Ltd, a company incorporated in Singapore. |
The ultimate parent entity is Baring Asia Private Equity Fund VII, registered in Hong Kong. |