Caseware UK (AP4) 2023.0.135 2023.0.135 02022-11-01falsePrimary education General secondary education First-degree level higher education Post-graduate level higher educationtrue0false 11021863 2022-11-01 2023-10-31 11021863 2023-10-31 11021863 2022-10-31 11021863 2022-11-01 2023-10-31 11021863 2021-11-01 2022-10-31 11021863 2023-10-31 11021863 2022-10-31 11021863 1 2022-11-01 2023-10-31 11021863 d:Director4 2022-11-01 2023-10-31 11021863 c:CurrentFinancialInstruments 2023-10-31 11021863 c:CurrentFinancialInstruments 2022-10-31 11021863 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 11021863 c:CurrentFinancialInstruments c:WithinOneYear 2022-10-31 11021863 c:ShareCapital 2023-10-31 11021863 c:ShareCapital 2022-10-31 11021863 c:RetainedEarningsAccumulatedLosses 2023-10-31 11021863 c:RetainedEarningsAccumulatedLosses 2022-10-31 11021863 d:FRS102 2022-11-01 2023-10-31 11021863 d:Audited 2022-11-01 2023-10-31 11021863 d:FullAccounts 2022-11-01 2023-10-31 11021863 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11021863 d:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11021863 2 2022-11-01 2023-10-31 11021863 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 11021863









VEL Education Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 October 2023

 
VEL Education Limited
Registered number: 11021863

Statement of financial position
As at 31 October 2023

2023
Unaudited 2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
3,743,268
3,188,589

Cash at bank and in hand
 6 
11,776
15,984

  
3,755,044
3,204,573

Creditors: amounts falling due within one year
 7 
(3,378,378)
(2,843,073)

Net current assets
  
 
 
376,666
 
 
361,500

Total assets less current liabilities
  
376,666
361,500

  

Net assets
  
376,666
361,500


Capital and reserves
  

Called up share capital 
  
300,001
300,001

Profit and loss account
  
76,665
61,499

  
376,666
361,500


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




Dhamodaran Srinivasan
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
VEL Education Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

1.


General information

VEL Education Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 11021863 and has its registered office address at Cambridge Tutors College, Water Tower Hill, Croydon, England, CR0 5SX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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:

 
2.2

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
VEL Education Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

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 receipts 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.

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
Page 3

 
VEL Education Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


5.


Debtors

2023
Unaudited Restated 2022
£
£


Other debtors
3,743,268
3,188,589

3,743,268
3,188,589



6.


Cash and cash equivalents

2023
Unaudited 2022
£
£

Cash at bank and in hand
11,776
15,984

11,776
15,984


Page 4

 
VEL Education Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

7.


Creditors: Amounts falling due within one year

2023
Unaudited Restated 2022
£
£

Trade creditors
4,539
8,400

Corporation tax
19,584
16,027

Other creditors
3,329,075
2,816,666

Accruals and deferred income
25,180
1,980

3,378,378
2,843,073



8.


Prior year adjustment

Advances paid by the company of  £20,000 were offset against other creditors in the prior period financial statements which have now been reclassified as other debtors reflecting the true nature of the transactions. Both current liabilities and current assets were understated by £20,000 in the comparatives but there is no impact neither on retained earning nor on the net assets of the Company.  


9.


Related party transactions

During the year, the Company received advances totaling £323,200 (2022: 472,000) from a company under common control. Amount owed by the Company at the year end was £2,224,700 (2023: £1,901,500) which is included in other creditors. These advances are unsecured, repayable on demand and carry variable interest rate, currently @2.27% p.a. During the year, the company accrued interest cost of £44,208 (2023: £58,858) and total cumulative accrued interest payable at balance sheet date of  £119,164 (2022: £74,956) is included in other creditors. 


10.


Post balance sheet events

After the year end, the Company acquired the business including all the assets and liabilities of Cambridge Tutors Educational Trust Limited (CTC).
As part of the acquisition agreement, loan payable by Cambridge Tutors Educational Trust to Sun Hotel  Ltd of £455k was assigned to  the Company by way of novation agreement.
Total value of net assets acquired was £3.1 million. However, the advances paid (including loan novated from Sun Hotel Ltd and accumulated accrued interest) towards the acquisition was £4,755,063. The surplus of the advances paid to CTC in excess of net assets of £3.1m were written off as part of acquisition agreement.


11.


Controlling party

The company is jointly controlled by Dr I Ganesh and A Ganesh by virtue of their majority shareholding in the company.

Page 5

 
VEL Education Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 30 October 2024 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 6