Registered number
07177562
Waltham International College Limited
Report and Financial Statements
31 July 2024
Waltham International College Limited
Report and accounts
Contents
Page
Company information 1
Strategic report 2
Director's report 8
Statement of director's responsibilities 9
Independent auditor's report 10
Income statement 14
Statement of comprehensive income 15
Statement of financial position 16
Statement of changes in equity 17
Statement of cash flows 18
Notes to the financial statements 19
Waltham International College Limited
Company Information
Director
Hassan Ashraf
Auditors
Taylors
Rosedean House
4 Argyle Road
Barnet
Herts
EN5 4DX
Registered office
Glebe House
Vicarage Drive
Barking
IG11 7NR
Registered number
07177562
Waltham International College Limited
Strategic Report
Waltham International College commenced its journey in 2010, as a private limited company; the college's core operation now is higher education (HE). Waltham International College (WIC) remains steadfast in its mission to provide unparalleled learning experiences and robust support, propelling students towards their academic and professional goals. This comprehensive report delves into our strategies, achievements, challenges, and prospects for 2024.
Aims for 2024/25
Waltham International College is committed to continue to support and build our community through education in the upcoming years. Central to our aspirations, as outlined in our Access and Participation Plan, is the democratisation of higher education. We're committed to support students both on weekday and weekend classes based on their availability. Recognising the potential within local communities that have historically seen low participation in higher education, our endeavours will focus on bridging this gap. This involves not only tailored outreach but also the enhancement of our infrastructure, from classrooms to advanced IT setups, ensuring every student has access to premier learning resources. Currently, there are 1,600+ students in WIC in the higher education section. WIC has bachelor courses in Business Administration, Health and Social Care, Computer Science and master’s Courses in International Business and Health and Wellbeing. WIC delivers these courses in partnership with Leeds Trinity University. Moreover, fairness, equality, and diversity will remain at the forefront of our operations, with reinforced governance and management practices to champion these values effectively.
Campuses of WIC
WIC boasts two strategically located campuses in the heart of Barking and Birmingham. Our Barking campus, set amidst the bustling urban tapestry, offers a vibrant and diverse learning environment that mirrors the eclectic spirit of the city. On the other hand, our Birmingham campus, ensconced in a city renowned for its rich history and cultural heritage, merges traditional architecture with state-of-the-art facilities. Both campuses are equipped with advanced classrooms, open-access IT facilities, dedicated computer suites, and well stacked libraries. Quiet study spaces provide sanctuaries for academic pursuits, while student-centric social areas foster community and collaboration. With the added advantage of a comprehensive virtual learning environment and dedicated student support services, both campuses of WIC stand as paragons of inclusive and innovative education.
Equality, Diversity, and Inclusion

At WIC, we deeply value the principles of equality, diversity, and inclusion, as emphasised in our Access and Participation Plan. We recognise the richness that a diverse student body and faculty bring to the academic landscape, and we're committed to fostering an environment where every individual feels valued, understood, and empowered. Our strategies go beyond mere representation; they aim to embed these principles in every facet of our operations. From tailored outreach programmes targeting traditionally underrepresented communities to comprehensive on-campus support, WIC endeavours to ensure every student, regardless of their background, has equal access to opportunities and resources. Our commitment to these principles is not just an institutional obligation but a reflection of our belief that diverse perspectives enrich learning and drive innovation.
Waltham International College Limited
Strategic Report
Business Model & Strategy
WIC operates as a small, independent higher education provider. Our unique model emphasises reaching individuals, especially from local areas with traditionally low participation in higher education. Our facilities, ranging from traditional classrooms to advanced IT setups, offer a conducive environment for academic growth.
Our access and participation plan underline our strategic goals. We aim to:
Continuously develop learning, combining traditional and digital methods.
Enhance our quality assurance processes, ensuring high academic standards.
Foster an environment of fairness, equality, and diversity through robust governance and management practices.
Financial Performance and Business Review
WIC's financial performance in 2024 signifies a year of strategic investment, and robust financial management. The figures and trends we observe from the balance sheet and profit & loss account underline a year where the college has fortified its financial position.

The college's income for the year swelled to £12.13 million in 2024 an encouraging trend indicative of the trust and commitment of our stakeholders from £11.93 million in 2023. This suggests a strategic shift, yet the overall increase in income is commendable. The tangible assets of the college have increased to £493K in 2024 from £313K in 2023. This commitment to infrastructure ensures students have access to state-of-the-art resources, vital for a comprehensive learning experience.

From a liquidity perspective, the current ratio stood at 2.84 for 2024, compared to 1.96 in 2023 an increase of 45%. The net profit margin is 10.14% in 2024, which is slightly less (0.59%) than 2023, which was 10.78%. WIC’s Net Assets have also increased from £3.83 million to £5.06 million in 2024.

WIC has spent £3.68 million on Salary and Wages which is 28% higher than last year of £2.87 million. This increase is to accommodate increased number of students and to retain industry talents while maintaining best possible academic quality and reflects new student support and student voice officers. WIC's 2024 financial landscape is one of calculated growth, strategic reinvestment, and a promise of long-term sustainability. The numbers not only convey stability but also the college's commitment to its mission, vision, and its student community.
Infrastructure Expansion
Waltham International College has made significant investments in expanding its physical infrastructure, reflecting our commitment to providing a high-quality learning environment that meets the needs of our growing student body. The substantial increase in fixed assets, particularly in IT and office equipment, underscores our focus on creating new facilities that support both academic and operational excellence. These investments are not only aimed at accommodating a larger student population but also at enhancing the overall educational experience by integrating advanced technology and modern resources into our teaching and administrative processes.

Our infrastructure expansion aligns with our strategic vision of fostering a conducive environment for learning, collaboration, and innovation. Upgraded IT facilities ensure that students and staff have access to cutting-edge tools necessary for effective teaching, learning, and research. Meanwhile, enhanced office spaces provide a professional and efficient working environment for faculty and administrative teams, facilitating seamless operations and improved service delivery. By prioritizing infrastructure development, WIC is laying a strong foundation for sustained growth and continued excellence in education.
Waltham International College Limited
Strategic Report
Staff Development
At Waltham International College (WIC), staff development is a cornerstone of our strategic vision, ensuring that employees are empowered to maximize their potential while aligning their growth with the institution’s objectives. We are committed to providing all staff with access to development opportunities that enable them to excel in their current roles, advance their careers, and contribute meaningfully to the College’s mission. Our approach emphasizes linking employee learning and development activities to WIC’s strategic objectives at both institutional and local levels, ensuring that personal growth aligns with organizational priorities. To achieve this, we allocate resources responsibly, focusing investment on initiatives that yield maximum impact on the College’s success and foster motivation among staff. We provided fundings for twelve fellowships to our academic team.

Staff development at WIC is embedded in our culture and integrated into daily work practices. This commitment includes supporting employees in achieving relevant work-related qualifications, encouraging continuous learning, and promoting equality and diversity through regular assessment and tailored responses to individual development needs. Our processes are closely aligned with key planning and review cycles, such as staff induction, lesson observations, and the annual monitoring of programs, ensuring that development opportunities are proportionate, timely, and aligned with both individual and institutional goals. Each staff also gets dedicated CPD funds for their career development. By fostering a culture of continuous improvement and accountability, we aim to empower our staff to stay current in their fields, ensuring that WIC remains resilient and future-ready while providing exceptional education to our students.
Student Experience and Support
At Waltham International College, we prioritize creating an enriching and supportive environment to enhance the overall student experience. Our campuses are equipped with modern facilities, including libraries that offer access to a wide range of academic resources and comfortable study spaces. Our newly upgraded IT labs provide students with the latest technology to support their learning and research needs.

We are equally committed to supporting our students through various initiatives designed to promote academic success and personal well-being. Financial support is available through the Disabled Students' Allowance (DSA) and Hardship Funds, ensuring that all students can focus on their studies without undue financial stress. High achievers are recognized and rewarded with laptops and other gifts, while our student referral program fosters community engagement and encourages students to grow their network. The culmination of their journey is celebrated with a prestigious graduation ceremony, a hallmark of their accomplishments at WIC. These comprehensive support systems reflect our dedication to fostering a thriving, inclusive, and empowering student community.
Corporate Governance and Internal Control
The Board of Governors (BOG) serves as the ultimate authority of the College, dedicated to ensuring the provision of the highest quality education and opportunities for all students. The Board is responsible for ratifying and approving policies, setting the strategic direction, and overseeing the College’s overall performance and regulatory compliance. Operating collectively, the Board takes corporate decisions and provides strategic oversight, with individual members not holding decision-making authority or personal accountability for actions taken in the Board's name. As a strategic body, the Board establishes the College’s aims and objectives, approves policies and targets, monitors progress, and evaluates institutional performance. Acting as a “critical friend,” it supports staff and committees, holds them accountable, and ensures transparency and accountability across all activities.
Waltham International College Limited
Strategic Report
To facilitate effective governance, the Board delegates authority to the principal, management team, and various subsidiary panels and committees, including the Academic Boards, the Operations Management Committee, and specific panels, for the day-to-day running of the College. It regularly reviews and approves the constitution, membership, and terms of reference of these entities to ensure alignment with the College’s mission. The Board enforces the principles of transparency, accountability, continuous improvement, and value for money in all aspects of its governance, providing assurance to key stakeholders, including students and funding agencies, regarding the College’s performance and its commitment to delivering exceptional educational outcomes.

The Board of Governors enforces the College’s principles of transparency, accountability, continuous improvement, and providing value for money to its students, as well as all other stakeholders. The BoG composites of three internal members, six external members and one student representative.

At Waltham International College (WIC), we are committed to maintaining the highest standards of integrity, transparency, and accountability in all our financial and operational endeavours. The Board of Directors recognises its responsibility to ensure that an effective system of internal controls is in place, both in terms of financial reporting and broader operational aspects.

Our system of internal controls is designed to provide reasonable assurance in the following key areas:
Financial Reporting
The financial stability reflected in our revenue of £12.13 million and net assets amounting to £5.06 million for 2024 underline our commitment to accurate and timely financial reporting. Our financial statements are prepared in accordance with the relevant accounting standards, ensuring reliability and transparency. WIC’s Financials are quarterly reviewed and governed by Audit & Finance Pannel, which is a subcommittee of the Board of Governors.
Asset Safeguarding
The significant investments made in tangible assets, especially in IT and office equipment, showcase our dedication to not just acquiring but also safeguarding our assets. Proper checks and measures are in place to prevent unauthorised access or disposition.
Operational Efficiency
With a net profit of £1.2 million for 2024 and a strategic allocation of resources, for robust operation. WIC ensures that its operations are carried out efficiently, maximising value for both students and stakeholders.
Compliance with Laws and Regulations
WIC strictly adheres to all relevant laws, regulations, and standards governing higher education institutions. Our inclusion in the Register by the Office for Students further emphasises our commitment to regulatory compliance.

The effectiveness of these internal controls is reviewed periodically by the Board of Governors, incorporating feedback from operational heads, external auditors, and other relevant stakeholders. While the system of internal controls provides reasonable assurance against material misstatement or loss, it should be noted that any system can only manage rather than eliminate risks.
Risk Management Statement

The Board of Governors, supported by the Risk and Compliance Panel, is committed to maintaining a robust risk management framework to identify, assess, and mitigate risks that could impact the College’s strategic objectives, operations, and reputation. The Risk and Compliance Panel plays a central role in ensuring effective oversight and management of compliance, operational, regulatory, financial, and reputational risks in alignment with the Board-approved framework for risk and compliance management.
Waltham International College Limited
Strategic Report
Key Risk Areas
Strategic Risks
The College recognizes the strategic risks associated with its mission to expand educational opportunities and its commitment to providing high-quality education. Effective implementation of risk management policies ensures that these risks are monitored and addressed proactively to safeguard long-term institutional objectives.
Financial Risks
The College acknowledges the potential financial risks arising from increasing operational costs, particularly as it expands its facilities and offerings. Effective cost management, budgetary oversight, and financial risk monitoring are critical to sustaining operational efficiency and financial stability. This is regularly reviewed and monitored in collaboration with Audit & Finance Panel.
Regulatory Risks
As a registered provider with the Office for Students, the College is subject to stringent regulatory requirements. The Risk and Compliance Panel ensures continuous compliance with evolving regulations and standards by investigating regulatory concerns and proposing remedial actions to address gaps.
Reputational Risks
The College’s reputation is built on consistent delivery of high-quality education and student satisfaction. The Risk and Compliance Panel actively monitors reputational risk exposures, ensuring that any issues are addressed promptly to maintain stakeholder trust and the College’s competitive position in the sector.
Engagement and Outreach Risks
The College is committed to increasing access to higher education for individuals from traditionally low-participation areas. However, there are inherent risks associated with engaging these communities effectively. Tailored outreach programs are prioritized to enhance awareness and ensure that educational opportunities are accessible to the target audience.
Quality Assurance Risks in Expansion
With the College’s planned growth and expansion, maintaining high academic standards and the quality of education becomes a critical challenge. The Risk and Compliance Panel ensures that risk management policies are aligned with these expansion objectives to uphold academic excellence.
Risk Profile Monitoring and Training
The College maintains a consolidated register of material risks across all areas. Regular reviews, enhanced training programs, and a rigorous methodology for risk rating ensure continuous improvement of risk awareness and mitigation strategies.

The Risk and Compliance Panel collaborates with other panels, including the Audit and Finance Panel, to ensure an integrated approach to risk management. By addressing operational, financial, regulatory, and reputational risks holistically, the College reaffirms its commitment to transparency, accountability, and continuous improvement in pursuit of its strategic goals.
Prospects and Future Vision
Waltham International College (WIC) is dedicated to shaping a transformative future through strategic growth, excellence in education, and meaningful community engagement. Our prospects are guided by a commitment to continuous improvement, accessibility, and inclusion, ensuring that we remain at the forefront of educational innovation while fulfilling our mission to positively impact the local community.
Waltham International College Limited
Strategic Report
Community Engagement and Accessibility
WIC envisions becoming a transformative force within the local community, as articulated in our Access and Participation Plan (APP). By bridging the educational gap, we aim to make high-quality degrees accessible and affordable for individuals who have historically faced barriers to higher education. Our long-term strategy emphasizes outreach, tailored programs, and partnerships to enhance community impact.
Quality Enhancement
At the heart of WIC’s vision is the pursuit of academic excellence. We are committed to refining our academic processes and systems to remain a leader in educational standards. Continuous quality enhancement ensures that our students receive the best possible learning experience and are well-equipped for their future careers.
Diversity, Equity, and Inclusion
WIC is dedicated to fostering a diverse, equitable, and inclusive academic environment. Our governance and management practices are continually refined to champion fairness and equality. By embedding these values into our institutional culture, we aim to create an environment where all students and staff feel valued and supported.
Facility and Infrastructure Development
To support our growing student body, WIC prioritizes the development of new facilities and infrastructure. As highlighted in our APP, investments in classrooms, IT infrastructure, and other resources will ensure that students and staff have access to the tools they need for success. These advancements will enrich the academic experience and support our long-term growth objectives.
Commitment to Community Impact
WIC’s ambition is to be a catalyst for positive change in the local community. By providing accessible, high-quality education and fostering engagement, we aim to empower individuals and transform lives. This aligns with our vision of making higher education a reachable goal for all, irrespective of their background while working with local council, employers and students.
Strategic Growth and Challenges
The year 2024 has been pivotal for WIC, marked by significant achievements and the implementation of strategic initiatives. While challenges remain, our resilience and forward-thinking approach position us to navigate these effectively. Our commitment to excellence, innovation, and community engagement will continue to guide our progress.

WIC is well-positioned to lead in the education sector through its unwavering focus on quality, inclusion, and community impact. By adhering to our strategic vision and fostering an environment of continuous improvement, we aim to build on our successes and address future challenges with confidence and determination.
This report was approved by the board on 15 November 2024 and signed on its behalf.
Hassan Ashraf
Director
Waltham International College Limited
Registered number: 07177562
Director's Report
The director presents his report and financial statements for the year ended 31 July 2024.
Principal activities
The company's principal activity during the year continued to be that of providing higher education services.
Future developments
Waltham International College is actively exploring and developing electronic and interactive teaching, learning and assessment related strategies and resources that promote digital litracy to enhace the student learning experiance.
Financial instrument risk
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the company from the directors.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing liquidity risks is by the use of overdraft facilities and funding from the directors.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient finds are available to meet amounts due.
Directors
The following persons served as directors during the year:
Hassan Ashraf
Disclosure of information to auditors
The director confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 15 November 2024 and signed on its behalf.
Hassan Ashraf
Director
Waltham International College Limited
Statement of Director's Responsibilities
The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Waltham International College Limited
Independent auditor's report
to the members of Waltham International College Limited
Opinion
We have audited the financial statements of Waltham International College Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Opinion on other matters required by the Office for Students (OFS)
In our opinion in all material respects:
Funds from whatever source administered by the higher education institution for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation.
Funds provided by the OFS have been applied in accordance with the terms and conditions of funding and any other terms and conditions attached to them.
The requirements of the OFS's accounts direction have been met.
We have nothing to report in respect to the following matters in relation to which the OFS requires us to report you if, in our opinion:
The grant and fee income, as disclosed in the notes to the accounts has been materially misstated.
The expenditure on access and participation activities for the financial year has been materially misstated.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of
our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company
operates in; focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas
identified from our discussions with management.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
After consideration of the above risks we then carried out audit procedures including the following:
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of management meetings;
reviewing correspondence with H M Revenue & Customs;
enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims;
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Rajesh Gulabivala
(Senior Statutory Auditor) Rosedean House
for and on behalf of 4 Argyle Road
Taylors Barnet
Statutory Auditor Herts
15 November 2024 EN5 4DX
Waltham International College Limited
Income Statement
for the year ended 31 July 2024
Notes 2024 2023
£ £
Turnover 2 12,127,614 11,925,471
Cost of sales (4,009,514) (5,475,044)
Gross profit 8,118,100 6,450,427
Administrative expenses (6,439,205) (4,817,779)
Operating profit 3 1,678,895 1,632,648
Profit on ordinary activities before taxation 1,678,895 1,632,648
Tax on profit on ordinary activities 6 (449,593) (346,748)
Profit for the financial year 1,229,302 1,285,900
Waltham International College Limited
Statement of Comprehensive Income
for the year ended 31 July 2024
Notes 2024 2023
£ £
Profit for the financial year 1,229,302 1,285,900
Other comprehensive income - -
Total comprehensive income for the year 1,229,302 1,285,900
Waltham International College Limited
Statement of Financial Position
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 493,023 313,026
Current assets
Debtors 8 1,749,837 3,565,195
Cash at bank and in hand 5,494,573 3,733,376
7,244,410 7,298,571
Creditors: amounts falling due within one year 9 (2,550,656) (3,722,089)
Net current assets 4,693,754 3,576,482
Total assets less current liabilities 5,186,777 3,889,508
Provisions for liabilities
Deferred taxation 10 (123,256) (55,289)
Net assets 5,063,521 3,834,219
Capital and reserves
Called up share capital 11 425,649 425,649
Profit and loss account 12 4,637,872 3,408,570
Total equity 5,063,521 3,834,219
Hassan Ashraf
Director
Approved by the board on 15 November 2024
Waltham International College Limited
Statement of Changes in Equity
for the year ended 31 July 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 August 2022 425,649 2,122,670 2,548,319
Profit for the financial year - 1,285,900 1,285,900
At 31 July 2023 425,649 3,408,570 3,834,219
At 1 August 2023 425,649 3,408,570 3,834,219
Profit for the financial year - 1,229,302 1,229,302
At 31 July 2024 425,649 4,637,872 5,063,521
Waltham International College Limited
Statement of Cash Flows
for the year ended 31 July 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 1,229,302 1,285,900
Adjustments for:
Tax on profit on ordinary activities 449,593 346,748
Depreciation 123,255 78,256
Decrease/(increase) in debtors 1,815,358 (2,813,060)
(Decrease)/increase in creditors (1,231,808) 1,688,314
2,385,700 586,158
Corporation tax paid (321,251) (266,749)
Cash generated by operating activities 2,064,449 319,409
Investing activities
Payments to acquire tangible fixed assets (303,252) (204,724)
Cash used in investing activities (303,252) (204,724)
Net cash generated
Cash generated by operating activities 2,064,449 319,409
Cash used in investing activities (303,252) (204,724)
Net cash generated 1,761,197 114,685
Cash and cash equivalents at 1 August 3,733,376 3,618,691
Cash and cash equivalents at 31 July 5,494,573 3,733,376
Cash and cash equivalents comprise:
Cash at bank 5,494,573 3,733,376
Waltham International College Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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 Analysis of turnover 2024 2023
£ £
Services rendered 12,127,614 11,925,471
By geographical market:
UK 12,127,614 11,925,471
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 123,255 78,256
Operating lease rentals - land and buildings 842,096 781,436
Auditors' remuneration for audit services 10,000 5,700
4 Director's emoluments 2024 2023
£ £
Emoluments 30,000 30,000
Highest paid director:
Emoluments 30,000 30,000
5 Staff costs 2024 2023
£ £
Wages and salaries 3,196,127 2,590,236
Social security costs 342,000 175,000
Other pension costs 144,803 108,886
3,682,930 2,874,122
Wages and salaries
Senior Management 510,147 367,600
Other staff salaries 2,685,980 2,222,636
3,196,127 2,590,236
Average number of employees during the year Number Number
Administration 39 39
Marketing 7 7
Academic staff 73 55
119 101
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 381,626 321,800
Deferred tax:
Origination and reversal of timing differences 67,967 24,948
Tax on profit on ordinary activities 449,593 346,748
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
Taxation (continued)
2024 2023
£ £
Profit on ordinary activities before tax 1,678,895 1,632,648
Standard rate of corporation tax in the UK 25% 21%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 419,724 342,856
Effects of:
Expenses not deductible for tax purposes 6,901 3,891
Capital allowances for period in excess of depreciation (44,999) (24,947)
Current tax charge for period 381,626 321,800
7 Tangible fixed assets
Fixtures, fittings, tools and equipment
At cost
£
Cost or valuation
At 1 August 2023 524,089
Additions 303,252
At 31 July 2024 827,341
Depreciation
At 1 August 2023 211,063
Charge for the year 123,255
At 31 July 2024 334,318
Carrying amount
At 31 July 2024 493,023
At 31 July 2023 313,026
8 Debtors 2024 2023
£ £
Trade debtors 86,352 31,808
Other debtors 1,663,485 3,533,387
1,749,837 3,565,195
9 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,827,430 2,227,357
Corporation tax 393,763 333,388
Other taxes and social security costs 84,496 72,960
Other creditors 21,790 712,915
Accruals and deferred income 223,177 375,469
2,550,656 3,722,089
10 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 123,256 55,289
2024 2023
£ £
At 1 August 55,289 30,341
Charged to the profit and loss account 67,967 24,948
At 31 July 123,256 55,289
11 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 425,649 425,649 425,649
12 Profit and loss account 2024 2023
£ £
At 1 August 3,408,570 2,122,670
Profit for the financial year 1,229,302 1,285,900
At 31 July 4,637,872 3,408,570
13 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
within one year 700,000 700,000 - -
within two to five years 700,000 1,400,000 - -
1,400,000 2,100,000 - -
14 Related party transactions
The company made a loan of £3,936,752 to WIC Property Ltd to purchase a freehold property which is rented to the company at an annual rent of £440,000. The balance outstanding on the loan at the balance sheet date was £1,576,295 (2023 £3,448,627).

The company director, Hassan Ashraf is a director of WIC Property Ltd and the shareholders in the Company hold shares in WIC Property Ltd in the same proportion as the company.
15 Controlling party
The ultimate controlling party is Hassan Ashraf, Abir Mehmood and Waheed Ur Rehmann Mian.
16 Presentation currency
The financial statements are presented in Sterling and rounded to the nearest pound.
17 Legal form of entity and country of incorporation
Waltham International College Limited is a private company limited by shares and incorporated in England.
18 Principal place of business
The address of the company's principal place of business and registered office is:
Glebe House
Vicarage Drive
Barking
IG11 7NR
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