REGISTERED NUMBER: |
Financial Statements |
for the Period 1 July 2023 to 31 May 2024 |
for |
Learning Information Systems Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Retained earnings | 8 | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 July 2023 |
Disposals | ( |
) |
At 31 May 2024 |
AMORTISATION |
At 1 July 2023 |
Eliminated on disposal | ( |
) |
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 |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 July 2023 |
Eliminated on disposal | ( |
) |
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 |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Amounts owed to related party | - | 185,592 |
Director's current account | - | 21,636 |
Accruals and deferred income |
8. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2023 | ( |
) | 10,011 |
Deficit for the period | ( |
) | ( |
) |
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. |
for and on behalf of |
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. |