Surval Education Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 11658709 (England and Wales)
Surval Education Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Surval Education Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,104,193
1,104,193
Investments
4
2,726,947
86,081
3,831,140
1,190,274
Current assets
Debtors
6
3,566,477
438,395
Cash at bank and in hand
1,131
72,999
3,567,608
511,394
Creditors: amounts falling due within one year
7
(6,188,987)
(572,621)
Net current liabilities
(2,621,379)
(61,227)
Total assets less current liabilities
1,209,761
1,129,047
Creditors: amounts falling due after more than one year
8
(870,000)
(870,000)
Net assets
339,761
259,047
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
339,760
259,046
Total equity
339,761
259,047
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Surval Education Limited
Balance Sheet (Continued)
As at 30 November 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 16 November 2024
M W Malley
Director
Company Registration No. 11658709
Surval Education Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 3
1
Accounting policies
Company information
Surval Education Limited is a private company limited by shares incorporated in England and wales. The registered office is Bellevue Education International Second Floor, 200 Union Street, London, England, SE1 0LX.
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 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 truedirector has assessed whether the use of going concern is appropriate and has considered financial information for the current period to date, projections and possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The director has concluded that going concern is an appropriate basis on which to draw up the accounts.
1.3
Turnover
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Surval Education Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 4
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash at bank and in hand
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.
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.
Surval Education Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 5
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
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.
Surval Education Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0 (2022: 0).
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,104,193
Investment property comprises land and buildings of Gateway School. The fair value of the investment property has been arrived at on the basis of a purchase price paid in August 2020. The director believes that the fair value is not materially different from the purchase price.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,640,866
Other investments
86,081
86,081
2,726,947
86,081
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2022
-
86,081
86,081
Additions
2,640,866
-
2,640,866
At 30 November 2023
2,640,866
86,081
2,726,947
Carrying amount
At 30 November 2023
2,640,866
86,081
2,726,947
At 30 November 2022
-
86,081
86,081
Surval Education Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 7
5
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Surval Education SA
Switzerland
Ordinary
100.00
Elevated Learning Limited
England & Wales
Ordinary
100.00
Webber Independent School Limited
England & Wales
Ordinary
83.00
Surval Education SA was dormant during the current and prior year.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,563,082
Other debtors
3,395
438,395
3,566,477
438,395
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
221,092
221,092
Corporation tax
26,780
11,744
Other creditors
5,930,865
329,535
Accruals and deferred income
10,250
10,250
6,188,987
572,621
Included in Other Creditors is £1.35m of deferred consideration which has been paid in full subsequent to the year end.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
870,000
870,000
The loan has term of 5 years commencing 29 July 2020 and it is an interest only arrangement with the interest charged at LIBOR + 3%.
Surval Education Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 8
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
1,052,917
1,147,917
11
Related party transactions
At the balance sheet date other debtors includes £3,395 (2022: £nil) due from Global Education Management Systems Limited. The director of Surval Education Limited is also a director of Bellevue Education International Limited which provides management services to Global Education Management Systems Limited.
The company has taken advantage of the exemption available in FRS 102 Section 33.1A "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or wholly owned subsidiary undertakings of the group.
12
Directors' transactions
At the balance sheet date the company owed £4,580,865 to the director (2022: £329,535 owed by the director).
13
Control
The company is controlled by its director.