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Registered number: 08045459










Education Cubed Ltd










Annual report and financial statements

For the year ended 30 April 2024

 
Education Cubed Ltd
 

Company Information


Directors
R A Webb 
M E Snell 
C Rogers 
J L Redfern Evans 
G Griffiths 
M E Curnock Cook 




Registered number
08045459



Registered office
New England House
New England Street

Level 4, North Unit B-E

Brighton

England

BN1 4GH





 
Education Cubed Ltd
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 22


 
Education Cubed Ltd
 

Strategic report
For the year ended 30 April 2024

Introduction
 
Education Cubed is a UK-based, full-service digital media agency that supports higher education institutions.
Our vision: To transform the future of education marketing by daring to be different
Our mission: Education matters! We challenge the status quo using deep sector knowledge, data, and our passion to drive change. 
We offer a comprehensive suite of services, including media planning and buying, creative development, and research insights, to deliver data-driven strategies tailored to the UK higher education sector's unique challenges.
This report provides shareholders and stakeholders with a summary of Education Cubed's performance over the past financial year and a strategic perspective on the company's future direction and objectives.

Business review
 
During the reporting period, Education Cubed continued to deliver a full range of core services:
Media Planning and Buying: Developing and executing targeted media campaigns across digital, print, OOH and social media channels to maximise brand visibility for higher education institutions.-
Creative Services: Producing engaging, impactful content that aligns with the values of our clients and resonates with prospective students.
Research and Insight: Conducting in-depth research and analysis to deliver actionable insights into market trends, audience behaviours, and campaign performance, enabling data-led decision-making for our clients.
 
The company's continued growth and performance is measured by the following key metrics:

2024
2023
Change
        £
        £
        %

Turnover

16,230,655

15,368,855

5.6%
 
Gross profit

3,087,219

2,741,868

12.6%
 
Gross profit %

19.0%

17.8%

6.7%
 
Operating profit

705,164

1,037,620

(32.0%)
 
Dividends declared

857,500

612,500

40.0%
 

Page 1

 
Education Cubed Ltd
 

Strategic report (continued)
For the year ended 30 April 2024

Business Review and Strategic Report
 
Market Analysis and Business Environment:
Market Overview: The UK higher education sector has undergone considerable change, driven by evolving student expectations and the need for a robust digital presence. Institutions invest in digital engagement to improve recruitment efforts, creating demand for specialist digital marketing services tailored to the sector.
Technological Advancements and Client Needs: With rapid advancements in AI, machine learning, and data analytics, higher education clients seek personalised, data-driven campaigns that enhance engagement and deliver measurable outcomes. Education Cubed has responded by integrating advanced analytics and data-driven insights to optimise campaign effectiveness.
Challenges and Risks: The sector faces continued funding pressures, regulatory changes, and scrutiny around value-for-money, encouraging institutions to focus on transparent, results-oriented advertising.
Outlook:
Strategic Focus: In response to emerging trends, we are expanding our data-driven offerings and focusing on delivering adaptable, personalised campaigns. Our research and insights capabilities will continue to provide clients with the intelligence needed for proactive, data-driven decisions.
Growth Opportunities: Education Cubed anticipates continued demand for high-quality digital marketing services as UK higher education institutions seek to boost visibility and differentiate their offerings. We are well-positioned to deliver impactful, integrated campaigns aligned with sector needs.
Risk Management: Our contingency plans include service diversification and potential expansion into international markets, which will support Education Cubed's resilience and long-term growth.
Sustainability: We are committed to supporting our clients' focus on sustainability and inclusivity, offering digital solutions that are eco-friendly and designed for accessibility.

Statement of Going Concern
 
The directors have reviewed Education Cubed’s financial position and are confident that, based on a solid client pipeline and adaptable service offerings, it can continue as a going concern.

The directors have also factored in potential economic pressures and sector challenges, confident that the agency is well-prepared to maintain stability and deliver value to clients within the UK higher education sector.

Directors’ Remuneration and Shareholding
 
The board has approved the directors’ remuneration, aligned with industry standards and individual contributions. Additionally, directors hold a minority shareholding in the company, demonstrating a commitment to Education Cubed’s long-term success.


This report was approved by the board on 10 December 2024 and signed on its behalf.



J L Redfern Evans
Director

Page 2

 
Education Cubed Ltd
 

 
Directors' report
For the year ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £533,049 (2023 - £832,785).

Education Cubed achieved strong financial results over the reporting period, with revenue and profit growth driven by expanding client relationships and new client acquisitions in the higher education sector. Our focus on delivering measurable outcomes has strengthened our reputation, enhancing client retention.
No significant post-period events have impacted the financial standing of the company. 

Directors

The directors who served during the year were:

R A Webb 
M E Snell 
C Rogers 
J L Redfern Evans 
G Griffiths 
M E Curnock Cook 

Engagement with employees

Employee Relations: Education Cubed fosters a collaborative environment that aligns with our core values, including determination, teamwork, and a commitment to quality. 
Diversity and Inclusion: We prioritise diversity and inclusivity, aligning with the values of the higher education sector. Regular workshops on cultural awareness and inclusivity support a positive working environment.
Environmental and Social Impact: Education Cubed recognises its responsibility to the community. 

Page 3

 
Education Cubed Ltd
 

 
Directors' report (continued)
For the year ended 30 April 2024

Corporate Governance

Governance Structure: Education Cubed has implemented a governance framework that ensures accountability and effective decision-making. The board comprises experienced professionals across digital media, higher education, and corporate governance.
Board Responsibilities and Meetings: The board convenes at least quarterly to review performance, set strategy, and address emerging risks.
Policies and Compliance: Our governance policies adhere to UK regulatory standards, including GDPR.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 10 December 2024 and signed on its behalf.
 





J L Redfern Evans
Director

Page 4

 
Education Cubed Ltd
 

 
Independent auditors' report to the members of Education Cubed Ltd
 

Opinion


We have audited the financial statements of Education Cubed Ltd (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 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 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
Education Cubed Ltd
 

 
Independent auditors' report to the members of Education Cubed Ltd (continued)


Opinion 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.


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 set out on page 3, 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.


Page 6

 
Education Cubed Ltd
 

 
Independent auditors' report to the members of Education Cubed Ltd (continued)


Auditors' 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 Auditors' 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition. Audit procedures performed by the engagement team included:
 
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management and internal audit; and
Assessment of identified fraud risk factors; and
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with relevant tax and regulatory authorities; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
 


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
Page 7

 
Education Cubed Ltd
 

 
Independent auditors' report to the members of Education Cubed Ltd (continued)


collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Other matters 
 

The financial statements of the company for the year ending 30 April 2023 were not audited. 


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 2006Our 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 Auditors' 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.





Simon Webber BA FCA DChA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
  
Chichester

11 December 2024
Page 8

 
Education Cubed Ltd
 

Statement of income and retained earnings
For the year ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 3 
16,230,655
15,368,855

Cost of sales
  
(13,143,436)
(12,626,987)

Gross profit
  
3,087,219
2,741,868

Administrative expenses
  
(2,382,055)
(1,704,248)

Operating profit
  
705,164
1,037,620

Interest receivable and similar income
  
22,168
4,908

Interest payable and similar expenses
  
(13,221)
(1,337)

Profit before tax
  
714,111
1,041,191

Tax on profit
 7 
(181,062)
(208,406)

Profit after tax
  
533,049
832,785

  

  

Retained earnings at the beginning of the year
  
1,575,080
1,354,795

  
1,575,080
1,354,795

Profit for the year
  
533,049
832,785

Dividends declared and paid
  
(857,500)
(612,500)

Retained earnings at the end of the year
  
1,250,629
1,575,080
The notes on pages 14 to 22 form part of these financial statements.

Page 9

 
Education Cubed Ltd
Registered number: 08045459

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
123,492
29,839

  
123,492
29,839

Current assets
  

Debtors: amounts falling due within one year
 9 
2,886,931
2,827,801

Cash at bank and in hand
 10 
2,418,099
3,977,136

  
5,305,030
6,804,937

Creditors: amounts falling due within one year
 11 
(4,062,305)
(5,144,108)

Net current assets
  
 
 
1,242,725
 
 
1,660,829

Total assets less current liabilities
  
1,366,217
1,690,668

  

Net assets
  
1,366,217
1,690,668


Capital and reserves
  

Called up share capital 
 12 
123
123

Share premium account
 13 
115,465
115,465

Profit and loss account
 13 
1,250,629
1,575,080

  
1,366,217
1,690,668


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2024.




J L Redfern Evans
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 10

 
Education Cubed Ltd
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
123
115,465
1,354,795
1,470,383


Comprehensive income for the year

Profit for the year

-
-
832,785
832,785


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
832,785
832,785


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(612,500)
(612,500)


Total transactions with owners
-
-
(612,500)
(612,500)



At 1 May 2023
123
115,465
1,575,080
1,690,668


Comprehensive income for the year

Profit for the year

-
-
533,049
533,049


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
533,049
533,049


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(857,500)
(857,500)


Total transactions with owners
-
-
(857,500)
(857,500)


At 30 April 2024
123
115,465
1,250,629
1,366,217


The notes on pages 14 to 22 form part of these financial statements.

Page 11

 
Education Cubed Ltd
 

Statement of cash flows
For the year ended 30 April 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
533,049
832,785

Adjustments for:

Depreciation of tangible assets
24,730
14,325

Interest paid
13,221
1,337

Interest received
(22,168)
(4,908)

Taxation charge
181,062
208,406

(Increase) in debtors
(59,130)
(1,031,982)

(Decrease)/increase in creditors
(870,913)
2,449,314

Corporation tax (paid)
(391,952)
(119,515)

Net cash generated from operating activities

(592,101)
2,349,762


Cash flows from investing activities

Purchase of tangible fixed assets
(118,383)
(21,537)

Interest received
22,168
4,908

Net cash from investing activities

(96,215)
(16,629)

Cash flows from financing activities

Issue of ordinary shares
-
115,501

Repayment of other loans
-
(95,002)

Dividends paid
(857,500)
(612,500)

Interest paid
(13,221)
(1,337)

Net cash used in financing activities
(870,721)
(593,338)

Net (decrease)/increase in cash and cash equivalents
(1,559,037)
1,739,795

Cash and cash equivalents at beginning of year
3,977,136
2,237,341

Cash and cash equivalents at the end of year
2,418,099
3,977,136


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,418,099
3,977,136

2,418,099
3,977,136


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
Education Cubed Ltd
 

Analysis of Net Debt
For the year ended 30 April 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,977,136

(1,559,037)

2,418,099

Debt due within 1 year

(12,899)

(2,610)

(15,509)


3,964,237
(1,561,647)
2,402,590

The notes on pages 14 to 22 form part of these financial statements.

Page 13

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Education Cubed Ltd is a private limited company registered in England and Wales (Company number: 08045459). The registered office is 30-31 Devonshire Place, Brighton, East Sussex, BN2 1QB. The principal office is 30-31 Devonshire Place, Brighton, East Sussex, BN2 1Q.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Pensions

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 balance sheet date in the countries where the Company operates and generates income.

Page 15

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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:

Freehold property
-
2%
Long-term leasehold property
-
Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.9

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.

 
2.10

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.

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.

 
2.11

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.

Page 16

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.12

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.

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.

 
2.13

Dividends

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
16,230,655
15,368,855

16,230,655
15,368,855


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,958,936
14,880,506

Rest of Europe
58,684
-

Rest of the world
213,035
488,349

16,230,655
15,368,855


Page 17

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,500
-


The company was audited in 2023.




5.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,596,741
2,025,912

Social security costs
257,144
224,152

Cost of defined contribution scheme
122,070
78,644

2,975,955
2,328,708


The average monthly number of employees, including directors, during the year was 55 (2023 - 46).


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
426,992
342,250

Company contributions to defined contribution pension schemes
53,858
23,270

480,850
365,520


The highest paid director received remuneration of £200,000 (2023 - £167,500).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £24,165 (2023 - £11,950).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £24,165 (2023 - £11,950).

Page 18

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
181,062
208,406


181,062
208,406


Total current tax
181,062
208,406

Deferred tax

Total deferred tax
-
-


Tax on profit
181,062
208,406

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
714,111
1,041,191


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
178,528
197,826

Effects of:


Other differences leading to an increase in the tax charge
2,534
10,580

Total tax charge for the year
181,062
208,406


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 19

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

8.


Tangible fixed assets





Freehold property
Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
-
-
3,935
61,929
65,864


Additions
82,500
1,400
-
34,483
118,383



At 30 April 2024

82,500
1,400
3,935
96,412
184,247



Depreciation


At 1 May 2023
-
-
3,275
32,750
36,025


Charge for the year on owned assets
1,375
-
417
22,938
24,730



At 30 April 2024

1,375
-
3,692
55,688
60,755



Net book value



At 30 April 2024
81,125
1,400
243
40,724
123,492



At 30 April 2023
-
-
660
29,179
29,839


9.


Debtors

2024
2023
£
£


Trade debtors
2,117,575
2,485,911

Other debtors
142,971
299,156

Prepayments and accrued income
626,385
42,734

2,886,931
2,827,801



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,418,099
3,977,136

2,418,099
3,977,136


Page 20

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
890,041
918,258

Corporation tax
181,062
391,952

Other taxation and social security
158,737
57,560

Other creditors
15,509
27,669

Accruals and deferred income
2,816,956
3,748,669

4,062,305
5,144,108



12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,225,000 (2023 - 875,000) Ordinary shares shares of £0.0001 each
123
123



13.


Reserves

Share premium account

This account contains the premium on the issue of shares, less expenses of issue.

Profit and loss account

Includes all current and prior period profits and losses. 


14.


Pension commitments

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 £122,070 (2023 - £78,644). Contributions totalling £15,509 (2023 - £12,899) were payable to the fund at the balance sheet date.


15.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
102,830
85,692

Later than 1 year and not later than 5 years
14,235
57,128

117,065
142,820

Page 21

 
Education Cubed Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

16.


Related party transactions

During the year the Company provided Educ@te Limited with a loan, Educ@te Limited is owned and under control of a number of directors of Education Cubed . At the balance sheet date the amount due to the Company was £124,453 (2023 - £130,320).
During the year the company provided a loan to a director, at an interest rate 2.25%. At the balance sheet date the amount due to the company was £nil (2023 - £127,027).


Page 22