REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
INUNI Marketing Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
INUNI Marketing Limited |
INUNI Marketing Limited (Registered number: 07581287) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
INUNI Marketing Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
31 Sackville street |
Manchester |
M1 3LZ |
INUNI Marketing Limited (Registered number: 07581287) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
(As |
restated) |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
INUNI Marketing Limited (Registered number: 07581287) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
1. Section 4 ' Statement of Financial Position': Reconciliation of the opening and closing member of shares; |
2. Section 7 'Statement of Cash Flows': Presentation of a statement of cashflow and related notes and disclosures; |
3. Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
4. Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; |
5. Section 33 'Related Party Disclosures': Compensation for key management personnel. |
The financial statements of the company are consolidated in the financial statements of Academic Bridge B.V., a company incorporated in the Netherlands. The consolidated financial statements are available from its registered office, Passeerdersgracht 23, 1016XG, Amsterdam, The Netherland. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate as the Immediate Parent company Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust has agreed to continue to provide financial support to INUNI Marketing Limited, so that it can meet all its obligation as they fall due for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. This is considered appropriate as the immediate parent company has a net wealth far in excess of the liabilities of the group as per the review of the financial statements and paying attention to the prospective cash position in a variety of scenarios. |
Written confirmation has been obtained confirming their intention to continue to support INUNI Marketing Limited for a minimum of 12 months from the signing date of the financial statements. |
For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
INUNI Marketing Limited (Registered number: 07581287) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
EQUITY INSTRUMENTS |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
FOREIGN EXCHANGE |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.Gains and losses arising on translation in the period are included in profit or loss. |
CASH AND CASH EQUIVALENT |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
INUNI Marketing Limited (Registered number: 07581287) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements ,when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
BASIC FINANCIAL ASSETS |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
CLASSIFICATION OF FINANCIAL LIABILITIES |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
INUNI Marketing Limited (Registered number: 07581287) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | AUDITORS' REMUNERATION |
2023 | 2022 |
(As |
restated) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,000 |
3,000 |
Taxation compliance services |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(As |
restated) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured and no interest receivable on the above stated balance. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(As |
restated) |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured and no interest payable on the above stated balances.No demand for repayment of amounts owed to group undertakings will be made without giving 12 months notice that repayment is to be demanded. |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | 1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
INUNI Marketing Limited (Registered number: 07581287) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
The Report of the Auditors was unqualified. |
Jeffrey Bor FCA (Senior Statutory Auditor) |
For and on behalf of SCB (Accountants) Ltd. |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption available in FRS 102 section 33.1a whereby it has not disclosed transactions with wholly owned subsidiary undertakings in the group. |
9. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Global University Systems BV., a company incorporated in the Netherlands. The address of its registered office is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
The smallest and largest group into which the entity is consolidated is Academic Bridge B.V, a company registered in the Netherlands. The registered address is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands. |
The ultimate controlling company is The Heritage Trust, a company registered in Guernsey. |
10. | PRIOR YEAR ADJUSTMENTS |
During the year, we identified that expenses related to the year 31 July 2022 were omitted in the financial statements for the year ended 31 July 2022, and as a result of that the financial statements for the year ended 31 July 2022 have been restated. |
The change has resulted in the following re-statement of the "comparative" figures (Balance Sheet at 31July 2022, Profit and Loss account and Statement of Changes in Equity for the year ended 31 July 2022 and the accompanying notes) as well as the Retained Earnings figure at 1 August 2022. |
Balance Sheet |
Note No. |
At 31 July |
Increase/ |
2022 | (Decrease | ) |
(As restated | ) |
£ | £ |
Trade Creditors | 5 | 100,525 | 19,842 |
Amounts owed to group undertakings | 5 | 243,483 | (458,719 | ) |
Taxation and Social Security | 4 | 1,243 | (1,375 | ) |
Profit and Loss Account | Note No. | For the year | Increase/ |
ended 31 | (Decrease | ) |
July 2022 |
(As restated | ) |
£ | £ |
Cost of sales | 584,911 | (186,502 | ) |
Administrative Expenses | 192,421 | 11,592 |
The above changes have resulted in the following re-statement of retained earnings: - |
Retained | Increase/ |
Earnings | (Decrease | ) |
(As restated | ) |
£ | £ |
Retained Earnings as at 01 August 2022 | 360,021 | 440,252 |