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REGISTERED NUMBER: 02975461 (England and Wales)



















Financial Statements

for the Period 1 July 2023 to 31 May 2024

for

Learning Information Systems Limited

Learning Information Systems Limited (Registered number: 02975461)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Learning Information Systems Limited

Company Information
for the Period 1 July 2023 to 31 May 2024







DIRECTOR: J P Howard





SECRETARY: J P Howard





REGISTERED OFFICE: C/O Flywire
45 Folgate Street
4th Floor
London
Greater London
E1 6GL





REGISTERED NUMBER: 02975461 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Learning Information Systems Limited (Registered number: 02975461)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 6 1 72,160
Cash at bank and in hand - 174,549
1 246,709
CREDITORS
Amounts falling due within one year 7 - 236,598
NET CURRENT ASSETS 1 10,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

1

10,111

CAPITAL AND RESERVES
Called up share capital 1 100
Share premium 8 - 124,985
Retained earnings 8 - (114,974 )
SHAREHOLDERS' FUNDS 1 10,111

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





J P Howard - Director


Learning Information Systems Limited (Registered number: 02975461)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 May 2024

1. STATUTORY INFORMATION

Learning Information Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers during the year. Turnover is recognised when the company has provided the service to the customer and it is probable that the company will receive the agreed upon payment.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation. 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 provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and equipment - Straight line over 2 years

The assets' residual values, useful lives and the 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 within 'administrative expenses' in the profit and loss account.

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.

Related parties
The company is a wholly owned subsidiary of which the ultimate parent is Flywire Corporation. The company has taken advantage of the exemption contained within FRS 102 and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements.

Learning Information Systems Limited (Registered number: 02975461)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 May 2024

2. ACCOUNTING POLICIES - continued

Going concern
A strategic decision was taken to operate the trading activity of the company through a related subsidiary undertaking, Flywire Payments Limited. The net assets were transferred on 31 May 2024 and the company ceased to trade and be a going concern from that date.

Net assets transferred comprised:

£
Intangible fixed assets fully amortised -
Tangible fixed assets fully depreciated -
Current assets 65,164
Cash at bank and in hand 147,235
Current liabilities (203,467 )
8,932

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 July 2023 798,778
Disposals (798,778 )
At 31 May 2024 -
AMORTISATION
At 1 July 2023 798,778
Eliminated on disposal (798,778 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 30 June 2023 -

Learning Information Systems Limited (Registered number: 02975461)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and
equipment
£   
COST
At 1 July 2023 8,357
Disposals (8,357 )
At 31 May 2024 -
DEPRECIATION
At 1 July 2023 8,357
Eliminated on disposal (8,357 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 30 June 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1 -
Other debtors - 75
Deferred tax asset - 63,000
Prepayments and accrued income - 9,085
1 72,160

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1,339
Social security and other taxes - 7,911
Amounts owed to related party - 185,592
Director's current account - 21,636
Accruals and deferred income - 20,120
- 236,598

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 (114,974 ) 124,985 10,011
Deficit for the period (5,135 ) (5,135 )
Capital reduction 129,041 (124,985 ) 4,056
Dividend in specie (8,932 ) - (8,932 )
At 31 May 2024 - - -

Learning Information Systems Limited (Registered number: 02975461)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 May 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd

10. PARENT COMPANY

The immediate parent company is Learning Information Systems Pty Limited, a company incorporated in Australia.

The company's ultimate parent company is Flywire Corporation, a company incorporated in the United States of America. Its registered address is 141 Tremont St, 10th Floor, Boston, USA.