St. Patrick's International College Limited
Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 03698965 (England and Wales)
St. Patrick's International College Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
St. Patrick's International College Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
9,923,205
10,827,688
Cash at bank and in hand
29,013,385
29,123,906
38,936,590
39,951,594
Creditors: amounts falling due within one year
7
(230,018)
(936,340)
Net current assets
38,706,572
39,015,254
Capital and reserves
Called up share capital
8
4,998,002
4,998,002
Profit and loss reserves
33,708,570
34,017,252
Total equity
38,706,572
39,015,254

The director of the company has elected not to include a copy of the profit and loss 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 and signed by the director and authorised for issue on 22 October 2024
D M Hayes
Director
Company Registration No. 03698965
St. Patrick's International College Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 2
1
Accounting policies
Company information

St. Patrick's International College Limited is a private company limited by shares 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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 directors of Global University Systems Holding B.V., in light of its support and on the basis of his assessment of the company's financial position and Global University Systems Holding B.V. financial position, the Director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises the fair value of the sales of goods and services net of discounts.

 

Revenue represents fees receivable for the provision of tuition and student services. Revenue is recognised on the basis of the estimated timing of delivery of the courses and the provision of student services. For certain courses delivery can vary on a student by student basis and therefore an estimation of the timing of the delivery is made on a course by course basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 International College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 4
1.7
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

St. Patrick's International College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 5
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 profit and loss account, 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.

1.10
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.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
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 International College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 6
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of debtors

The Director makes an estimate of the recoverable amount of trade debtors at each reporting date. When assessing potential impairment of trade debtors, the Director considers the current overall economic conditions, industry-specific economic conditions, and historical and anticipated cash collections. Changes in the economy, industry, or specific customer conditions may require further adjustment to the provision recorded in the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 and 31 July 2023
55,607
Depreciation and impairment
At 1 August 2022 and 31 July 2023
55,607
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
St. Patrick's International College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 7
5
Subsidiaries

Consolidated financial statements for the Global University Systems Holding B. V. group, which include St Patrick's International College Limited and its subsidiary, are prepared and publicly available as disclosed in Note 13.

Details of the company's subsidiaries at 31 July 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
St Patrick's College Limited
30 Holborn, Buchanan House, London, EC1N 2HS
Limited by guarantee
100.00

The subsidiary is limited by guarantee and therefore the investment has no carrying value in the accounts. St Patrick's International College Limited is the sole member. The director considers that the company controls St Patrick's College Limited by virtue of its ability to control the activities of the company.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
19,619
Amounts owed by group undertakings
9,917,608
10,808,069
Other debtors
5,597
-
9,923,205
10,827,688
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,442
27,919
Corporation tax
-
0
690,904
Other taxation and social security
150,000
150,000
Accruals and deferred income
55,576
67,517
230,018
936,340
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,998,002
4,998,002
4,998,002
4,998,002
St. Patrick's International College Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 8
9
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
10
Financial commitments and guarantees

The company, along with certain other group companies, is named as a guarantor in the senior facilities agreement for Markermeer Finance B.V., a company in the Global University Systems group. A fixed and floating security has been provided over certain of the company's assets. The various loans which total approximately €1 billion are due for repayment in 2027 and the revolving credit facility of £120m is due to be repaid in 2026. The Director considers that no material exposure arises in respect of the guarantee.

11
Related party transactions

The company has taken advantage of the exemption allowed in FRS 102 paragraph 1AC.35 and has not disclosed details of related party transactions with 100% owned entities within the group.

12
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.

13
Contingent liabilities

In 2018 HMRC opened an enquiry into historic VAT treatments applied by certain entities in the Global University Systems group, including London School of Business & Finance 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 tribunals and courts. As at the year end, appeals were continuing and so no final resolution had been reached in respect of the enquiry. Therefore the Directors consider the outcome of the enquiry, which could include interest and penalties in addition to any assessed VAT liability, to be uncertain.

14
Parent company

The immediate parent undertaking is UK Academic Holdings Limited, a company incorporated in England and Wales.

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 largest 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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