BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period The company is principally involved in the business of teaching English to foreign students. 25 September 2024 150 106 03669269 2023-12-31 03669269 2022-12-31 03669269 2021-12-31 03669269 2023-01-01 2023-12-31 03669269 2022-01-01 2022-12-31 03669269 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03669269 uk-curr:PoundSterling 2023-01-01 2023-12-31 03669269 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 03669269 uk-bus:Audited 2023-01-01 2023-12-31 03669269 uk-core:ShareCapital 2023-12-31 03669269 uk-core:ShareCapital 2022-12-31 03669269 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 03669269 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 03669269 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 03669269 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 03669269 uk-bus:FRS102 2023-01-01 2023-12-31 03669269 uk-core:Goodwill 2023-01-01 2023-12-31 03669269 uk-core:LandBuildings 2023-01-01 2023-12-31 03669269 uk-core:Land 2023-01-01 2023-12-31 03669269 uk-core:PlantMachinery 2023-01-01 2023-12-31 03669269 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03669269 uk-core:Goodwill 2022-12-31 03669269 uk-core:Goodwill 2023-12-31 03669269 uk-core:ParentEntities 2023-01-01 2023-12-31 03669269 2023-01-01 2023-12-31 03669269 uk-bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 03669269 uk-bus:Director2 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 03669269
 
 
Centre of English Studies Limited
 
Abridged Financial Statements
 
for the financial year ended 31 December 2023
Centre of English Studies Limited
DIRECTORS' REPORT
for the financial year ended 31 December 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The company is principally involved in the business of teaching English to foreign students.
     
Principal Risks and Uncertainties
Financial Risk Management
In the normal course of business, the company is exposed to fluctuations in exchange rates. The risks associated with these fluctuations are managed in accordance with policies approved by the board of directors. The board’s policies are implemented by the finance department.

Credit risks
The company has implemented a strict credit control system.

Health and Safety
The company seeks to achieve industry best practice standards of health and safety. This is recognized as a critical issue for all of the company‘s stakeholders particularly employees.

Human Resources
Overall responsibility for human resources lies with allocated members of the management team. Day to day responsibility for ensuring that the company‘s employment policies are effectively implemented lies with the Managing Director.  The company ensures that the training requirements of staff are catered for on an ongoing basis
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £230,091 (2022 - £25,972).
     
Directors
The directors who served during the financial year are as follows:
     
Michael Quinn
Justin Quinn
Jonathan Quinn
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-select suitable accounting policies and apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, Whiteside Cullinan have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Michael Quinn
Director
     
     
     
___________________________
Justin Quinn
Director
     
25 September 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Centre of English Studies Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Centre of English Studies Limited ('the company') for the financial year ended 31 December 2023 which comprise the Abridged Profit and Loss Account, the Abridged Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 3 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

– The Primary audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the jurisdictions in which the Company operates and the EU General Data Protection Regulation (GDPR).

– We understood how the Company is complying with those frameworks by making enquiries of management, those responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our review of board minutes, as well as consideration of the results of our audit procedures across the Company.

– We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where it considered there was susceptibility to fraud; and assessing whistleblowing incidences for those with a potential financial reporting impact. We also considered performance targets and their propensity to influence on efforts made by management to manage revenue and earnings. We considered the programmes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud, and how senior management monitors those programmes and controls.

– Based on our understanding, our procedures involved: enquiries of management and those charged with governance; journal entry testing, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the business; and challenging the assumptions and judgements made by management in respect of significant one-off transactions in the financial year and significant accounting estimates.

– Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition referred to in the key audit matter section above and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
 
__________________________________
Alan McLean (Senior Statutory Auditor)
for and on behalf of
WHITESIDE CULLINAN
Chartered Accountants & Registered Auditors
Fleming Court
Fleming’s Place
Dublin 4
 
25 September 2024



Centre of English Studies Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Centre of English Studies Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Gross profit 3,197,831 1,875,150
 
Administrative expenses (2,901,139) (1,849,819)
Other operating income - 32,406
───────── ─────────
Operating profit 296,692 57,737
 
Interest receivable and similar income 48,266 -
Interest payable and similar expenses (43,525) (27,960)
───────── ─────────
Profit before taxation 301,433 29,777
 
Tax on profit (71,342) (3,805)
───────── ─────────
Profit for the financial year 230,091 25,972
───────── ─────────
Total comprehensive income 230,091 25,972
    ═════════   ═════════



Centre of English Studies Limited
Company Registration Number: 03669269
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 5 - 182,524
Tangible assets 6 3,256,669 3,255,314
───────── ─────────
Fixed Assets 3,256,669 3,437,838
───────── ─────────
 
Current Assets
Debtors 656,618 1,198,091
Cash and cash equivalents 3,248,917 3,033,191
───────── ─────────
3,905,535 4,231,282
───────── ─────────
Creditors: amounts falling due within one year (1,887,466) (2,784,892)
───────── ─────────
Net Current Assets 2,018,069 1,446,390
───────── ─────────
Total Assets less Current Liabilities 5,274,738 4,884,228
 
Creditors:
amounts falling due after more than one year (2,627,512) (2,465,160)
 
Provisions for liabilities (494) (2,427)
───────── ─────────
Net Assets 2,646,732 2,416,641
═════════ ═════════
 
Capital and Reserves
Called up share capital 100,000 100,000
Retained earnings 2,546,732 2,316,641
───────── ─────────
Equity attributable to owners of the company 2,646,732 2,416,641
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
Approved by the Board and authorised for issue on 25 September 2024 and signed on its behalf by
           
           
           
________________________________          
Michael Quinn          
Director          
           
           
           
________________________________
Justin Quinn
Director
           



Centre of English Studies Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Centre of English Studies Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 03669269. The registered office of the company is 12 Stoke Abbott Road, Worthing, West Sussex BN11 1HE, England which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report.
 
Currency
The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises of Tuition Fees received from the provision of teaching foreign students English together with related Exams Fees, Accommodation and Activities income.  Turnover has been accounted for on an accruals basis.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Freehold property - Not depreciated
  Long leasehold property - 10% Straight line
  Computer equipment - 33% Straight line
  Fixtures, and fittings - 15% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company‘s taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 106, (2022 - 106).
 
  2023 2022
  Number Number
 
Administration & teaching 150 106
  ═════════ ═════════
     
5. Intangible assets
   
  Goodwill
  £
Cost
At 1 January 2023 1,827,417
  ─────────
 
At 31 December 2023 1,827,417
  ─────────
Amortisation
At 1 January 2023 1,644,893
Charge for financial year 182,524
  ─────────
At 31 December 2023 1,827,417
  ─────────
Net book value
At 31 December 2023 -
  ═════════
At 31 December 2022 182,524
  ═════════
             
6. Tangible assets
  Freehold Long Computer Fixtures, Total
  property leasehold equipment and fittings  
    property      
  £ £ £ £ £
Cost
At 1 January 2023 3,173,324 64,626 253,071 255,223 3,746,244
Additions - - 34,473 5,976 40,449
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 3,173,324 64,626 287,544 261,199 3,786,693
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 64,626 231,972 194,332 490,930
Charge for the financial year - - 21,863 17,231 39,094
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 - 64,626 253,835 211,563 530,024
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 3,173,324 - 33,709 49,636 3,256,669
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 3,173,324 - 21,099 60,891 3,255,314
  ═════════ ═════════ ═════════ ═════════ ═════════
 
No depreciation is provided for on Freehold Properties as the Directors believe that the residual value of the properties remains above their carrying value.  Due to the nature of the business the properties have to be maintained at a high standard and the company has a maintenance programme to ensure the freehold properties retain their value.  The Directors regularly review the property values for impairment.
   
7. Parent company
 
The company regards Centre of English Languages Studies Limited, a company incorporated in Ireland, as its parent company.
 
   
8. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.