REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
LRN Group Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
LRN Group Limited |
LRN Group Limited (Registered number: 04761437) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 |
LRN Group Limited |
Company Information |
For The Year Ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Senior Statutory Auditor |
Unit 6E |
Nutgrove Office Park |
Dublin 14 |
Dublin |
LRN Group Limited (Registered number: 04761437) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
LRN Group Limited (Registered number: 04761437) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | Statutory information |
LRN Group Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 04761437. The registered office of the company is Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH 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. |
The Company's functional currency is US Dollars. This differs from the presentational currency which is British Sterling. The reason for the difference is that the ultimate parent company, LRN Corporation, prepares consolidated financial statements, including LRN Group Limited, in US Dollars. The financial statements are presented in British Sterling to make them more comparable in the UK market. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
Consolidated accounts |
The company is entitled to the exemption in Section 400 of the Companies Act 2006 from the obligation to prepare group accounts. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
LRN Group Limited (Registered number: 04761437) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest date determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asses if it were to be sold at the reporting date. |
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 Statement of Financial Position date. |
LRN Group Limited (Registered number: 04761437) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Deferred tax |
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 result 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 Statement of Financial Position date. |
Foreign currencies |
Foreign currencies transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
Cash flow statement |
The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
4. | Employees and directors |
The average number of employees during the year was |
LRN Group Limited (Registered number: 04761437) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
5. | Fixed asset investments |
Shares |
,group |
undertaki |
£ |
Cost |
At 1 January 2023 |
Exchange differences | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
7. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
8. | Secured debts |
Amounts owed by group undertakings are unsecured, repayable on demand and non-interest bearing. |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
LRN Group Limited (Registered number: 04761437) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | Capital commitments |
The company had no material capital commitments at the financial year ended 31 December 2023. |
11. | Related party disclosures |
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings. |
12. | Post balance sheet events |
There are no significant post balance sheet events. |
13. | Ultimate controlling party |
The company regards LRN Corporation as its parent company. |
The company's ultimate parent undertaking is Lion Midco Inc. |
The address of Lion Midco Inc. is 41 Madison Ave, 30th Floor, New York. |
the parent of the largest group in which the results are consolidated is Lion Midco Inc. |
Lion Midco Inc. is registered in United States. |