Registered number: 04372425
RESULTS CONSORTIUM LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The primary activity of the company is delivering higher educational services to adults. We also have a provision of further education programs. The company is an OFS-approved English Higher Education provider, and further education is delivered through the Education Skills Funding Agency (ESFA) contract (19+ Advanced learner loan). The company's main objective is to provide high-quality educational opportunities to students who are ambitious and impatient to make a mark in their careers. The academic programmes have contributed towards enhancing student skills and employability. Furthermore, learners have progressed to higher education to improve their career opportunities: the innovation and hands-on approach adopted by the company assists in developing student knowledge and skills. The directors are committed to continuous improvement by collecting and reflecting on feedback from our learners, partners, and stakeholders. The company aims to achieve degree awarding power in the UK and conduct education with a clear commitment to quality assurance standards using effective quality systems. As part of this strategy, the company started undergraduate programmes in partnership with reputed universities.
The directors are satisfied with the company's level of performance and are confident that the company's turnover and profit will continue to improve over the foreseeable future. To sustain steady growth, the company committed to continuously develop digital contents that strengthen the organisation's resources. These digital contents are essential for a proactive learning approach that offers better teaching and learning engagement opportunities for students and ultimately contributes towards better outcomes for student retention rate and success rates. In addition, the company has invested in the business simulation software for effective engagement and to enhance the quality of teaching and learning. Furthermore, we have implemented the student management system, to ensure a smooth transition for a better data capture and reporting and we will be continuously investing in that area in order to achieve better data driven decision making which will be more aligned with the goals and objectives of the organisation.
As suggested by the trends of the market, flexibility in education is one of the main deciding factors for students when enrolling for higher education. The technological advancements have made it possible to deliver engaging and immersive learning experiences. The emerging blended learning approaches stipulate institutions to bring in blended experiences that include simulations, role plays, webinars from industry experts, lectures, games, coaching and mentoring. A combination of such experiences will build both the hard and soft skills of the students and prepare them for future jobs. Hence, there is a need to apply a high level of technology with digital resources to ensure such experiences are offered, complementing the whole learning and teaching experience.
As part of the corporate strategy, the following actions are planned:
∙Achieve academic excellence through regular review of management structures and processes
∙Achieve the teaching excellence framework, the target of which is the gold standards when the application window opens
∙Continue to control costs and secure value for money from all activities
∙Expand the membership to credible academics to improve the governance
∙Encourage the adoption of flexible, inclusive, and innovative approaches to learning and teaching
∙Develop digital platforms and scalable solutions to offer micro-credential programs and short courses to allow more opportunities to reskill the workforce and to support the local businesses
∙Expansion of the current portfolio into more programmes in higher education
∙Maintain a continued commitment to widening participation to reach wider communities
∙Attain a high level of student satisfaction and continuously improve the student experience and student retention
∙Provide the skills needed to local businesses supporting regional economic growth
∙Drive integration with local partners to deliver beneficial employment outcomes
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RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
∙Approval for level 7 master programmes
∙Validation of degree level programmes with the university partners
The college is a profit-making entity, despite that value of social responsibility has not been lost to it. The benefits the institution provides are listed below:
∙Access to individuals from disadvantaged backgrounds by supporting them and helping them achieve qualifications and skills that are valuable for their career progression and advancement.
∙Making learning accessible to a wider community through digitisation and use of high-end technology.
∙Supporting the local economic growth through employer engagement.
∙Provision of high-quality education delivery and promote learner engagement through effective learning practices.
Principal risks and uncertainties
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The government ultimately funds most of the income generated by the company. The company access these funds via own direct contracts and sub-contracting opportunities.
The primary risk facing the company is changes to the UK Government policy initiative or the policy initiatives they pursue. Ultimately, funding in this sector is dependent on Government priorities and allocated annually. With post-Brexit changes, social mobility issues, and skills shortages, it is imperative that the government continue to invest in further and higher education.
Financial key performance indicators
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Company's turnover has increased from £2.67 million in 2023 to £4.93 million in the current year. Also, operating profits increased from £432k in 2023 to £891k in the current year.
Other key performance indicators
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∙Continued approval as an OFS- Higher Education Provider
∙Maintained OFSTED Grade 2 status
∙Maintained Matrix Accreditation
∙Direct Claim Status with awarding organisations
∙Achieved positive outcome of awarding body annual program review monitoring report
∙Implemented student information system to enhance student experience and strengthen the management control
∙Achieved the Advance HE Membership
New projects
∙Expansion of more degree-level programmes
∙Validation of degree-level programmes with the university partners
∙To seek approval to deliver level 7 Masters programmes
∙Expansion into other HND programmes
∙Expansion into Higher Technical Qualifications (HTQ) programmes
∙Development, revision, and digitisation of more teaching and learning content and utilisation of higher-level technology
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RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
This report was approved by the board on 14 December 2024 and signed on its behalf.
Sreejith Somanathan
Director
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RESULTS CONSORTIUM LIMITED
REGISTERED NUMBER: 04372425
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 14 December 2024.
The notes on pages 7 to 16 form part of these financial statements.
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RESULTS CONSORTIUM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 7 to 16 form part of these financial statements.
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RESULTS CONSORTIUM LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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Corporation tax (paid)/received
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 7 to 16 form part of these financial statements.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Results Consortium Limited is a company limited by shares and incorporated in England. The company's registered number and registered office address can be found on the Company Information page. The principle activity of the company during the year was the delivery of government funded (19+ Advanced learner loan provision) training programs for adult learners.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has maintained a reasonable liquidity ratio to deal with the amount that will fall due within one year. After making necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Going concern is therefore considered appropriate.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
All incoming resources are recognised when the company has entitlement to the funds, the receipt is probable and the amount can be measured reliably.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Development cost of Computer software is amortised over 5 years on straight line basis.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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During the year ended 31 July 2024, there were no staff members that had a full-time equivalent basic salary of over £100,000 per annum (2023: £nil).
Total remuneration paid to the Principal, head of the provider, were as follows:
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The principal, head of the provider, was paid the above emoluments between August 2023 and July 2024.
The head of the provider’s basic salary is 2.26 times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.
The head of the provider’s total remuneration is 2.59 times the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff.
The principal has a permanent full-time contract with the provider. The remuneration package was appropriately designed based on his experience and expertise. This is to inspire and motivate the principle to devote to his duties the time needed to fulfil his contractual obligations for the upliftment of the organisation.
Severance payments:
No payments were made during the year (2023: £nil) in respect of compensation for loss of office.
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Fee income for taught awards
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Fee income from non-qualifying courses
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Current tax on profits for the year
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Factors affecting tax charge for the year
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 - 19% up to 31 March 2023 and @25% thereafter).
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
8.Intangible assets (continued)
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Computer Software addition represents the total costs incurred for the development of the software and an App. There were capital commitments amounting to £144,500 at year end towards this project. Computer software has not been amortised because the project has not yet been completed at the year end.
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Charge for the year on owned assets
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Prepayments and accrued income
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Bank Loan represents Bounce Back Loan as per UK Government Scheme. Interest @2.5% is charged on this loan.This is unsecured loan which is repayable by monthly installment over 5 years.
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RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,042 (2023: £18,805). Contributions totaling £11,381 (2023: £5,180) were payable to the fund at the reporting date.
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Related party transactions
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During the year, the Company declared dividends of £100,000 (2023: £nil) to the directors. Of this, £75,000 was paid during the year and £25,000 was payable at year end.
During the year, the Company repaid £32,000 to one of its directors. At balance sheet date total amount owed to the directors was £5,000 (2023:£37,000). Amounts owed to the directors are unsecured interest free advances which are repayable on demand.
During the year, a company under common control provided various services totaling £228,319 (2023: £60,393) to the company. Amount owed by the Company at year end was £84,011 (2023: £2,942).
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The Company is controlled by the directors.
The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.
The audit report was signed on 14 December 2024 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.
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