St. Patrick's College Limited
Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 08906836 (England and Wales)
St. Patrick's College Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
St. Patrick's College Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
22,439,374
24,975,489
Creditors: amounts falling due within one year
5
(18,666)
(2,246,961)
Net current assets
22,420,708
22,728,528
Reserves
Income and expenditure account
22,420,708
22,728,528
Members' funds
22,420,708
22,728,528

The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
E Groysman
Director
Company Registration No. 08906836
St. Patrick's College Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 2
1
Accounting policies
Company information

St. Patrick's College Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Buchanan House, 30 Holborn, London, EC1N 2HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

St Patrick's College Limited is an indirectly wholly owned subsidiary of Global University Systems Holding B.V. and the results of St Patrick's College Limited are included in the consolidated financial statements of Global University Systems Holding B.V. which are available from Passeerdersgracht 23, 1016 XG, Amsterdam, the Netherlands.

1.2
Going concern

The financial statements have been prepared on a going concern basis which the Director believes to be appropriate for the following reason. The company is reliant on the support of other group companies as a result of the way that the group is financed. Global University Systems Holding B.V. has agreed to continue to provide financial and other support to the company for the foreseeable future to enable it to continue to trade.true

 

As a result, having assessed the response of the director of Global University Systems Holding B.V., in light of its support and on the basis of her assessment of the company's financial position and Global University Systems Holding B.V.'s financial position, the Director have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and continuo to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Cash and cash equivalents

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.

St. Patrick's College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 3
1.5
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.

Other financial assets

The company does not enter into any transactions that can be classified as other financial assets, including equity instruments which are not subsidiaries, associates or joint ventures.

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.

St. Patrick's College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 4
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.

 

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recoonised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
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.

St. Patrick's College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 5
2
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany receivable

The key judgement applied by the director is in respect of recoverability of intercompany receivables. The director considers the net assets and trading prospects of group debtors to form a judgement on the recoverable amount after taking account of the nature and extent of group support and guarantees issued. The director concluded that no impairment was required at year end.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
22
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
22,431,054
24,975,489
Other debtors
8,320
-
22,439,374
24,975,489
St. Patrick's College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,707
4,302
Corporation tax
-
0
2,196,954
Other taxation and social security
-
0
19,453
Accruals and deferred income
13,959
26,252
18,666
2,246,961
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shivani Kothari
Statutory Auditor:
Moore Kingston Smith LLP
8
Financial commitments, guarantees and contingent liabilities

The company acts, along with other group companies, as guarantor in respect of a lease held by Interactive Pro Limited, a group company. The director considers that no material exposure arises under the guarantee.

 

In 2018 HMRC opened an enquiry into historic VAT treatments applied by certain entities in the Global University Systems group, including St Patrick's College Limited. The Board are of the view that directives relating to the application of VAT as it applies to education services is open to varying interpretations by HMRC, tax tribunal and the courts. As at the year end, appeals were continuing and so no final resolution had been reached in respect of the enquiry. Therefore the director considers the outcome of the enquiry, which could include interest and penalties in addition to any assessed additional VAT liability, to be uncertain.

9
Related party transactions

During the year the company was recharged management fees of £80,624. In 2022 £1,089,150 of costs were recharged to other group companies.

St. Patrick's College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 7
10
Events after the reporting date

The director is of the opinion that there were no significant adjusting or non-adjusting events occurring after the reporting date.

11
Parent company

The director considers that the immediate parent undertaking is St. Patrick's International College Limited, a company incorporated in England and Wales, by virtue of being the sole member of the company.

The ultimate controlling party is The Heritage Trust, registered in Guernsey.

The smallest group into which the entity is consolidated is Global University Systems Holding B.V., a company registered in The Netherlands. The lamest group into which the entity is consolidated is Academic Bridge B.V., a company registered in The Netherlands. The registered office of both parent companies is Passeerdersgracht 23, 1016 XG, Amsterdam, the Netherlands.

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