Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
COMPANY INFORMATION
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KAPLAN SQE LIMITED
CONTENTS
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KAPLAN SQE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Strategic Report on the company for the year ended 31 December 2023.
Turnover has increased this year to £26,158,536 (2022: £15,606,935) a rise of 68%. Gross profit has increased to £15,337,283 (2022: £12,250,594) an increase of 25%, and profit before tax has also increased to £5,678,476 (2022: £4,546,963) an increase of 25%.
The directors recognise that the company faces a number of business risks and uncertainties. The principal risks facing the company are brand reputation, the economy and changes in laws, regulations and government policies.
The process of risk management is addressed through a framework of policies, procedures and internal control. All policies are subject to approval by the directors and are reviewed on an ongoing basis by management. Compliance with laws, regulations and government policies is a high priority for the company and is reviewed regularly by senior management and the finance department.
Kaplan’s brand is one of the most established and reputable brands in the sector. To prevent brand reputational damage, the company ensures assessments are delivered to high standard benchmarks. The company strives to provide the best candidate journey experience possible, and to build strong working relationship with key suppliers.
The general economy is another risk that the company faces, given the current uncertainty of the global economy.
The company operates in highly regulated markets where changes to government policies can impact the business. The directors proactively review regulations and policies to ensure compliance and have mechanisms in place to manage and adapt as appropriate.
Financial risk management is necessary to ensure the success of future operations whilst protecting against potential losses resulting from changing market conditions. The principal risks facing the company are that of credit, liquidity and cash flow.
Credit risk is the potential exposure of the company to loss in the event of non-performance by a counterparty. Credit risk is managed in relation to specific credit limits. These limits are set based on a combination of payment history and reputation. Regular review, based on ageing debt and collection history, is used to ensure the level of debts outstanding remain within reasonable ranges.
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KAPLAN SQE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Liquidity and cash flow risk reflects the potential that insufficient working capital will be generated by the company’s business activities and that in this event suitable sources of funding may not be available. The company mitigates this risk by exercising effective credit management and receiving sufficient funding from its parent company for operations and long-term investment plans. There is no commercial borrowing.
The directors actively review the monthly management accounts and candidate numbers as key indicators to monitor the performance of the company.
The financial key performance indicators have been identified as turnover and operating profit. Turnover this year was £26,158,536 versus £15,606,935 last year, an increase of 68%. Operating profit was £5,678,476 versus £4,546,963 last year, an increase of 25%. The increase in profit is due to the increase in candidate numbers during 2023.
The directors also review the number of candidates sitting assessments as a key performance indicator. The number of candidates sitting the SQE was nearly 3 times the number sitting in 2022.
This report was approved by the board on 20 September 2024 and signed on its behalf.
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KAPLAN SQE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £3,504,685 (2022 - £4,541,400).
During the year the Company paid dividends of £5,000,000 (2022 - £Nil). There were no further dividends recommended to be paid.
The directors who served during the year were:
K A Walton was appointed as director on 15 March 2024.
The Company continues to invest in new technologies, business relationships, and customer needs to ensure that it continues to deliver assessments of the highest standards.
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KAPLAN SQE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KAPLAN SQE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAPLAN SQE LIMITED
We have audited the financial statements of Kaplan SQE Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard 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.
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 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.
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KAPLAN SQE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAPLAN SQE LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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KAPLAN SQE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAPLAN SQE LIMITED (CONTINUED)
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:
Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operates in and how the Company is complying with the legal and regulatory
frameworks;
∙Enquired with management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:
∙UK GAAP FRS 102 and Companies Act;
∙Tax compliance regulations; and
∙The key contract held by the Company.
Additional audit procedures performed by the audit engagement team included:
∙Review of the financial statement disclosures and testing to supporting documentation;
∙Review of the terms of the key contract and comparison to the account;
∙Completion of disclosure checklists to identify areas of non-compliance.
The areas that we identified as being susceptible to material misstatement due to fraud were:
∙Revenue Recognition;
∙Management Override;
∙Going Concern.
Audit procedures in response to the identified areas above:
∙Obtaining an understanding of the processes and controls around revenue recognition;
∙Analytically testing revenue against the key contract;
∙Detailed discussions with management and review of post year end management information;
∙Evaluation of the appropriateness of the accounting policies;
∙Testing the appropriateness of journal entries and other adjustments;
∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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KAPLAN SQE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAPLAN SQE LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
Date:
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KAPLAN SQE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
REGISTERED NUMBER: 11637771
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 25 form part of these financial statements.
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KAPLAN SQE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Kaplan SQE Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 179-191 Borough High Street, London, England, SE1 1HR.
The principle activity of the company is the provision of post-graduate level examinations.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Graham Holdings Company as at 31 December 2023 and these financial statements may be obtained from 179-191 Borough High Street, London, England, SE1 1HR.
The directors pay careful attention to the cost base of the Company ensuring not only that it is kept at a level to satisfy the commercial requirements but also that it remains appropriate to the level of activity of the Company and the financial resources available to it.
The company has a creditors of £11,924,881 owed to group companies. A letter of support has been provided, by these group companies. Based on the above, the directors expect the Company to have adequate resources to continue to adopt the going concern basis of accounting in preparing these financial statements.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from a contract to provide services is recognised based on the Company's input to deliver the performance obligations to date on a pro rata basis and is allocated to the distinct performance obligations based on a cost plus margin basis allocated proportionately to each performance obligation. Revenue is recognised when all of the following conditions are satisfied:
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and 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 in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. i) Revenue recognition The Company's main contract includes variable consideration such that the Company has estimated the transaction price of the contract based on the most likely amount in a range of possible consideration amounts to be allocated in accordance with the accounting policy outlined in Note 2.5.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the provision of post-graduate level examinations.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £375,531 (2022 - £302,188). No contributions were payable to the fund at the balance sheet date (2022 - £Nil).
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KAPLAN SQE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent company is Kaplan Financial Limited. The only group in which the results of the Company are consolidated is that headed by The Graham Holdings Company, being the ultimate parent company and controlling party, which is incorporated in the US. Copies of its consolidated financial statements can be obtained from the Company's director, 179 - 191 Borough High Street, London, England, SE1 1HR.
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