Company registration number 10503337 (England and Wales)
WILD PEAK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
WILD PEAK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S E Seaton
J W Seaton
Company number
10503337
Registered office
Wards Exchange
Ecclesall Road
Sheffield
S11 8HW
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
WILD PEAK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
WILD PEAK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Introduction

The Group’s mission is to help those who teach. It achieves this through the provision of teaching and learning resources supported by global marketing and digital distribution. The Group's strong financial performance for the year ended 30 April 2024 is a continuation of the business characteristics that have supported its long-term success and growth, including:

 

 

 

 

Review of the business

The financial KPIs used by the directors to assess the performance of the business are:

 

 

FY24 (£)

FY23 (£)

Revenue

79,660,646

66,634,494

Operating profit (excluding exceptional items)

29,372,124

28,462,927

Operating profit

21,196,580

29,314,677

 

The Group generated revenue of £79,660,646 during the year ended 30 April 2024, an increase of 20% against the prior year. Growth was primarily driven by new customers subscribing for the Group’s services following ongoing investment into global content and marketing initiatives.

 

Revenue from the United Kingdom increased by £5,464,572 to £46,318,896, a 13% increase year-on-year. Oceania delivered revenue growth from £11,465,427 to £13,659,564 (19%), with strong performance in Australia. Revenue from the Rest of the World increased from £8,884,446 to £12,585,517 (42%).

 

Operating profit (excluding exceptionals) increased to £29,372,124, up from £28,462,927 in the prior year. This was achieved despite the high inflationary environment, reflecting the Group’s disciplined cost management and focus on operational efficiency.

 

Operating Profit decreased by £8,118,097 to £21,196,580 primarily driven by exceptional costs of £8,175,544 in the year, following the impairment of investments.

Business Development

On 27 July 2023, the Group acquired Educake Ltd, an award-winning EdTech organisation. Educake, founded in 2011 and based in Oxford, provides online homework, revision resources and assessment tools for various subjects at KS2, KS3 and GCSE levels. The acquisition will provide existing customers with an enhanced range of resources and services and opportunities for the Group to drive new customer growth.

WILD PEAK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties facing the Group are:

 

 

 

 

Outlook

The positive performance in the financial year, ongoing investment into people, technology and content, acquisition of complementary businesses and clear global demand from educators for third party resources provides a solid foundation for future growth.

 

The group remains focused on delivering sustainable revenue and profit growth while maintaining operational efficiency.

S172 statement

Wild Peak Holdings Limited: Stakeholder Engagement

Wild Peak Holdings Limited has a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we carry out this responsibility.

 

Promoting the company’s success for its members

Wild Peak Holdings Limited was formed in 2016. We are proud of the ways in which the group has provided employment, training and growth for the global teaching community and our team.

 

We make strategic decisions based on long-term objectives whilst remaining flexible to immediate priorities. This has meant significant investment into our team, resources and buildings to ensure that we can provide high quality and highly relevant content and services, and can quickly react to external events, from changes in the curriculum, to the COVID-19 pandemic and global conflicts.

WILD PEAK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

 

Our team - we believe our long-term success is predicated on the commitment and contribution of our team. We promote a culture of collaboration and engage with our team through newsletters, ‘all-hands’ meetings, leadership updates and team surveys.

 

We provide training and support to our team, to ensure they have the necessary skills to perform their roles effectively. We promote flexible working practices, including remote and hybrid working, and we also aim to be a responsible employer in our approach to the pay and benefits our team receive.

 

Our customers and suppliers - we invest heavily in resources and processes to offer customers the best quality service with the minimum turnaround time.

 

We work with a range of suppliers and recognise the importance of these to our operational performance and ability to achieve our long-term goals. We are committed to working with suppliers who share our values and we seek to maintain strong and mutually beneficial relationships with them.

 

Our community - everything we do supports the global teaching community and we are committed to transforming people's lives through education. All the Group’s resources are teacher-made and can be used by anyone, anywhere, making learning accessible to all.

 

Our planet - The Group recycles all its office paper and toners, uses only Forest Stewardship Council® certified paper for printing, and office power is wholly supplied from renewable sources.

 

 

On behalf of the board

J W Seaton
Director
30 January 2025
WILD PEAK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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

Principal activities

The company's principal activity continued to be that of a holding company. The principal activity of the group is providing educators across the world with high quality, trusted teaching and learning resources.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £15,760. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S E Seaton
J W Seaton
Research and development

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and research & development.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption and energy efficiency activities.

WILD PEAK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
27,334
28,139
- Electricity purchased
133,609
197,101
160,943
225,240
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
5.00
5.15
- Fuel consumed for owned transport
-
-
5.00
5.15
Scope 2 - indirect emissions
- Electricity purchased
27.66
40.81
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
1.67
4.93
Total gross emissions
34.33
50.89
Intensity ratio
Total gross emissions in metric tonnes C02e per full-time employee
0.03
0.04
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2022 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector, to accurately measure how the emissions grow in line with the employee numbers.

Measures taken to improve energy efficiency

In 2020 we have installed a total of 148 solar panels on the roof of its headquarters. It is estimated that the solar panels are expected to save over 350 tonnes of CO2 in 20 years. Due to the COVID-19 pandemic, homeworking has become far more prevalent than in previous years. This has had a direct impact on the Total gross CO2e per employee as less office space was in use.

WILD PEAK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J W Seaton
Director
30 January 2025
WILD PEAK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILD PEAK HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Wild Peak Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 group's and parent 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 our audit:

WILD PEAK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILD PEAK HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

WILD PEAK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILD PEAK HOLDINGS LIMITED
- 9 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP
30 January 2025
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
WILD PEAK HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
79,660,646
66,634,494
Cost of sales
(25,123,116)
(23,468,329)
Gross profit
54,537,530
43,166,165
Administrative expenses
(25,209,832)
(14,726,954)
Other operating income
44,426
23,716
Exceptional items
4
(8,175,544)
851,750
Operating profit
5
21,196,580
29,314,677
Interest receivable and similar income
9
14,709,973
753,258
Interest payable and similar expenses
10
(16,098,021)
(2,835,698)
Profit before taxation
19,808,532
27,232,237
Tax on profit
11
(11,813,561)
(5,489,902)
Profit for the financial year
7,994,971
21,742,335
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
-
0
(10,746)
Total comprehensive income for the year
7,994,971
21,731,589
Profit for the financial year is attributable to:
- Owners of the parent company
19,440,715
21,140,593
- Non-controlling interests
(11,445,744)
601,742
7,994,971
21,742,335
Total comprehensive income for the year is attributable to:
- Owners of the parent company
19,440,715
21,129,847
- Non-controlling interests
(11,445,744)
601,742
7,994,971
21,731,589
WILD PEAK HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
30 April 2024
28 April 2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
6,991,656
795,836
Other intangible assets
14
1,654,168
38,879
Total intangible assets
8,645,824
834,715
Tangible assets
15
105,452
161,663
Investments
16
34,702,958
11,261,054
43,454,234
12,257,432
Current assets
Stocks
18
120,830
121,462
Debtors
19
24,681,075
22,444,476
Investments
20
89,358,443
65,008,327
Cash and cash equivalents
177,538,087
200,747,827
291,698,435
288,322,092
Creditors: amounts falling due within one year
22
(30,363,105)
(26,859,202)
Net current assets
261,335,330
261,462,890
Total assets less current liabilities
304,789,564
273,720,322
Creditors: amounts falling due after more than one year
23
(215,954,936)
(197,078,694)
Provisions for liabilities
Deferred tax liability
25
589,000
-
0
(589,000)
-
Net assets
88,245,628
76,641,628
Capital and reserves
Called up share capital
28
700
700
Other reserves
2,679,789
-
0
Profit and loss reserves
93,643,681
74,218,726
Equity attributable to owners of the parent company
96,324,170
74,219,426
Non-controlling interests
(8,078,542)
2,422,202
88,245,628
76,641,628
WILD PEAK HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
J W Seaton
Director
Company registration number 10503337 (England and Wales)
WILD PEAK HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 13 -
30 April 2024
28 April 2023
Notes
£
£
£
£
Fixed assets
Investments
16
339,185,740
308,114,014
Current assets
Debtors
19
48,505,187
21,271,476
Investments
20
89,358,443
65,008,327
Cash and cash equivalents
136,160,094
183,742,666
274,023,724
270,022,469
Creditors: amounts falling due within one year
22
(592,966)
(152,565)
Net current assets
273,430,758
269,869,904
Total assets less current liabilities
612,616,498
577,983,918
Provisions for liabilities
Deferred tax liability
25
405,000
(24,000)
(405,000)
24,000
Net assets
612,211,498
578,007,918
Capital and reserves
Called up share capital
28
700
700
Other reserves
302,063,314
302,063,314
Profit and loss reserves
310,147,484
275,943,904
Total equity
612,211,498
578,007,918

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £34,219,340 (2023 - £215,981,664 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
J W Seaton
Director
Company registration number 10503337 (England and Wales)
WILD PEAK HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Share based payment reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2022
700
-
61,098,982
61,099,682
-
61,099,682
Year ended 28 April 2023:
Profit for the year
-
-
21,140,593
21,140,593
601,742
21,742,335
Other comprehensive income:
Currency translation differences
-
-
(10,746)
(10,746)
-
(10,746)
Total comprehensive income
-
-
21,129,847
21,129,847
601,742
21,731,589
Dividends
12
-
-
(178,000)
(178,000)
-
(178,000)
Disposal of shares in subsidiary to non-controlling interest
-
-
(7,832,103)
(7,832,103)
1,820,460
(6,011,643)
Balance at 28 April 2023
700
-
74,218,726
74,219,426
2,422,202
76,641,628
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
19,440,715
19,440,715
(11,445,744)
7,994,971
Dividends
12
-
-
(15,760)
(15,760)
-
(15,760)
Share based payment expense
-
2,679,789
-
2,679,789
-
2,679,789
Issue of management incentive shares
-
-
-
-
945,000
945,000
Balance at 30 April 2024
700
2,679,789
93,643,681
96,324,170
(8,078,542)
88,245,628
WILD PEAK HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
Share capital
Unrealised profit reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
700
-
60,140,240
60,140,940
Year ended 28 April 2023:
Profit and total comprehensive income for the year
-
-
215,981,664
215,981,664
Dividends
12
-
-
(178,000)
(178,000)
Transfers
-
302,063,314
-
302,063,314
Balance at 28 April 2023
700
302,063,314
275,943,904
578,007,918
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
34,219,340
34,219,340
Dividends
12
-
-
(15,760)
(15,760)
Balance at 30 April 2024
700
302,063,314
310,147,484
612,211,498
WILD PEAK HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
32,364,858
44,571,179
Interest paid
(3,289)
-
Income taxes paid
(14,046,789)
(6,266,766)
Net cash inflow from operating activities
18,314,780
38,304,413
Investing activities
Purchase of business
(7,424,000)
-
Purchase of intangible assets
(591,485)
-
Purchase of tangible fixed assets
(35,313)
(12,114)
Movement in investments
(47,792,020)
(64,234,742)
Advance of loans
(401,925)
-
Interest received
10,382,216
1,008,603
Dividends received
332,849
-
0
Other income received from investments
3,075,918
(255,345)
Net cash used in investing activities
(42,453,760)
(63,493,598)
Financing activities
Issue of management incentive shares
945,000
-
Issue of preference shares
-
196,028,338
Preference share dividends
-
(2,835,698)
Disposal of shares in subsidiary to non-controlling interest
-
(6,011,643)
Dividends paid to equity shareholders
(15,760)
(178,000)
Net cash generated from financing activities
929,240
187,002,997
Net (decrease)/increase in cash and cash equivalents
(23,209,740)
161,813,812
Cash and cash equivalents at beginning of year
200,747,827
38,944,757
Effect of foreign exchange rates
-
0
(10,742)
Cash and cash equivalents at end of year
177,538,087
200,747,827
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
1
Accounting policies
Company information

Wild Peak Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wards Exchange, Ecclesall Road, Sheffield, S11 8HW.

 

The group consists of Wild Peak Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wild Peak Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

The directors applied the merger accounting method on the basis that the relative rights of the shareholders were preserved during the restructure in which Wild Peak Holdings Limited acquired the majority of the share capital of Star Pupil Topco Limited.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue received is in the form of subscriptions and is recognised evenly over the life of the subscription.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangible assets
10 years
Development costs
10% - 20% straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
25% straight line
Plant and equipment
33% straight line
Fixtures and fittings
15% reducing balance / 25% straight line
Computers
25% straight line
Motor vehicles
20% straight line
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock comprises of goods for resale.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, current asset investments and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, preference shares that are treated as debt and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.19
Share-based payments

Where the Group has entered into arrangements that are equity-settled share-based payments with certain employees, these are measured at fair value at the date of grant, which is then recognised in the profit and loss account over the expected time to vest, based on the Group's best estimate. Fair value is measured by use of an appropriate model. The charge is adjusted at each balance sheet date to reflect the actual number of shares expected to vest based on non-market performance conditions such as service and employment service conditions where appropriate. The movement in cumulative charges since the previous balance sheet is recognised in the profit and loss account, with a corresponding entry in equity.

1.20
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.21
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.22
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Company reorganisation and partial sale

In the prior year the Company reorganised its structure and subscribed for additional preference share capital in a subsidiary as part of a sale of 40% of its ownership rights to a third party.

Group partial sale

The group reorganisation was executed as the disposal of shares in the trading company followed by acquisition of 60% of the new company Star Pupil Topco Limited. Management judged that this was in substance a deemed partial disposal. Therefore in the group accounts this has been accounted for as a transfer between group equity and non-controlling interest. In the company's accounts this has been shown as a reserve movement.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Loan and investment recoverability

The recoverability of loans made to certain group companies is determined by the performance of the underlying assets those loans have been used for. In the case of loans made for the purpose of supporting investment activities, management closely monitors the investment portfolio and receives up to date financial information which together with other information, informs the portfolio valuation process. As far as possible this process is driven from external information but inherently due to the nature of the portfolio, management are required to monitor impairment and the ultimate recoverability of the group company loans which requires judgement.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
46,318,896
40,854,324
Rest of Europe
7,096,669
5,430,297
Oceania
13,659,564
11,465,427
Rest of the world
12,585,517
8,884,446
79,660,646
66,634,494
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
4
Exceptional item
2024
2023
£
£
Refund of output VAT
-
851,750
Impairment of investments
(8,175,544)
-
(8,175,544)
851,750

The exceptional expense in 2024 is due to the impairment of investments held within the group.

 

The exceptional income in 2023 relates to a VAT repayment in respect of prior years due to the company following a decision made by HMRC in relation to the treatment of output VAT on certain goods and services.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(175,767)
(100,566)
Research and development income
(161,908)
-
Government grants
(44,426)
-
Depreciation of owned tangible fixed assets
127,533
110,161
Amortisation of intangible assets
1,593,971
234,462
Share-based payments
2,679,789
-
Operating lease charges
382,072
414,526
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the group and company
8,045
9,500
Audit of the financial statements of the company's subsidiaries
61,513
23,000
For other services
Other taxation services
11,975
2,500
All other non-audit services
7,000
4,500
18,975
7,000
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Cost of Sales
687
768
-
-
Administration
469
414
-
-
Total
1,156
1,182
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
29,451,636
25,100,096
-
0
-
0
Social security costs
2,351,256
2,086,507
-
-
Pension costs
957,827
639,590
-
0
-
0
32,760,719
27,826,193
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
97,142
5,223
Company pension contributions to defined contribution schemes
122,422
-
219,564
5,223
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,243,586
988,557
Other interest income
57,620
20,046
Total interest revenue
11,301,206
1,008,603
Other income from investments
Dividends received
332,849
-
0
Gains on financial instruments measured at fair value through profit or loss
3,075,918
(255,345)
Total income
14,709,973
753,258
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Interest receivable and similar income
(Continued)
- 26 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
3,075,918
(255,345)
10
Interest payable and similar expenses
2024
2023
£
£
Dividends on irredeemable preference shares not classified as equity
16,094,732
2,835,698
Other interest on financial liabilities
206
-
Other interest
3,083
-
Total finance costs
16,098,021
2,835,698
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
11,307,660
5,954,743
Adjustments in respect of prior periods
11,901
(678,268)
Total current tax
11,319,561
5,276,475
Deferred tax
Origination and reversal of timing differences
494,000
(41,149)
Changes in tax rates
-
0
(3,351)
Adjustment in respect of prior periods
-
0
257,927
Total deferred tax
494,000
213,427
Total tax charge
11,813,561
5,489,902
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
19,808,532
27,232,237
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
4,952,133
5,307,563
Tax effect of expenses that are not deductible in determining taxable profit
6,946,138
624,606
Tax effect of income not taxable in determining taxable profit
(572,528)
8,585
Group relief
684
-
0
Research and development tax credit
(40,677)
-
0
Other permanent differences
-
0
(13,816)
Under/(over) provided in prior years
11,901
(420,341)
Exempt ABGH distributions
-
0
(11,769)
Gains/(losses)
497,918
-
0
Remeasurement of deferred tax for change in tax rates
161
(3,748)
Movement on deferred tax not recognised
17,831
(1,178)
Taxation charge
11,813,561
5,489,902
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
15,760
178,000
13
Reclassification of expenses

During the year, the group reviewed the classification of certain expenses to better reflect their nature and relationship to the group’s operations. As a result, payment processing fees and certain subcontractor costs, have been reclassified between cost of sales and administrative expenses. This change has increased cost of sales by £393,535 in the current year.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
14
Intangible fixed assets
Group
Goodwill
Other intangible assets
Development costs
Total
£
£
£
£
Cost
At 29 April 2023
2,220,933
123,687
-
0
2,344,620
Additions - internally developed
-
0
336,500
254,985
591,485
Additions - business combinations
6,949,090
-
0
1,864,505
8,813,595
At 30 April 2024
9,170,023
460,187
2,119,490
11,749,700
Amortisation and impairment
At 29 April 2023
1,425,097
84,808
-
0
1,509,905
Amortisation charged for the year
753,270
12,369
828,332
1,593,971
At 30 April 2024
2,178,367
97,177
828,332
3,103,876
Carrying amount
At 30 April 2024
6,991,656
363,010
1,291,158
8,645,824
At 28 April 2023
795,836
38,879
-
0
834,715
The company had no intangible fixed assets at 30 April 2024 or 28 April 2023.

Goodwill represents the difference between the fair value of consideration paid to acquire Twinkl Limited in a prior year transaction, Educake Limited in 2024, and the fair value of the identifiable assets held at that date.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
15
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 29 April 2023
295,833
-
0
243,892
348,348
88,289
976,362
Additions
-
0
-
-
0
35,312
-
0
35,312
Business combinations
-
0
5,919
1,456
28,635
-
0
36,010
At 30 April 2024
295,833
5,919
245,348
412,295
88,289
1,047,684
Depreciation and impairment
At 29 April 2023
250,027
-
0
236,153
281,662
46,857
814,699
Depreciation charged in the year
43,589
5,919
8,507
51,860
17,658
127,533
At 30 April 2024
293,616
5,919
244,660
333,522
64,515
942,232
Carrying amount
At 30 April 2024
2,217
-
0
688
78,773
23,774
105,452
At 28 April 2023
45,806
-
0
7,739
66,686
41,432
161,663
The company had no tangible fixed assets at 30 April 2024 or 28 April 2023.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investment in subsidiaries
17
-
0
-
0
308,114,014
308,114,014
Unlisted investments
34,702,958
11,261,054
31,071,726
-
0
34,702,958
11,261,054
339,185,740
308,114,014

Unlisted investments are a managed portfolio.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Group
Unlisted investments
£
Cost or valuation
At 29 April 2023
11,261,054
Additions
31,617,448
(8,175,544)
At 30 April 2024
34,702,958
Carrying amount
At 30 April 2024
34,702,958
At 28 April 2023
11,261,054

 

Movements in fixed asset investments
Company
Investment in subsidiaries
Unlisted investments
Total
£
£
£
Cost or valuation
At 29 April 2023
308,114,014
-
308,114,014
Additions
-
31,071,726
31,071,726
At 30 April 2024
308,114,014
31,071,726
339,185,740
Carrying amount
At 30 April 2024
308,114,014
31,071,726
339,185,740
At 28 April 2023
308,114,014
-
308,114,014
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
17
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Star Pupil Topco Limited
Building B Hallamshire Business Park, Napier Street, Sheffield, United Kingdom, S11 8HA
Non-trading
Ordinary and preference
55.98
-
Star Pupil Bidco Limited
Building B Hallamshire Business Park, Napier Street, Sheffield, United Kingdom, S11 8HA
Non-trading
Ordinary
-
55.98
Twinkle Limited
Wards Exchange, 197 Ecclesall Road, Sheffield, England, S11 8HW
Dormant
Ordinary
-
55.98
Twinkl Inc
16192 Coastal Hwy, Lewes, Delaware
Dormant
Ordinary
-
55.98
Twinkl Global Holdings Limited
Wards Exchange, 197 Ecclesall Road, Sheffield, England, S11 8HW
Non-trading
Ordinary
-
55.98
Twinkl Limited
Wards Exchange, 197 Ecclesall Road, Sheffield, England, S11 8HW
Online education support
Ordinary
-
55.98
Elevate Supply Limited
Building B Hallamshire Business Park, Napier Street, Sheffield, South Yorkshire, S11 8HA
Online education support
Ordinary
-
55.98
Educake Limited
30 St. Giles, Oxford, England, OX1 3LE
Online education support
Ordinary
-
55.98
Twinkl Australia Pty Limited
Suite 2, Level 1, 9-11 Grosvenor Street, Neutral Bay, NSW 2089, Australia
Online education support
Ordinary
-
55.98
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Goods for resale
120,830
121,462
-
0
-
0
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,206,816
872,215
-
0
-
0
Corporation tax recoverable
3,472,286
891,168
1,383,019
-
0
Amounts owed by group undertakings
-
-
391,135
477,025
Other debtors
19,488,857
20,228,735
46,731,033
20,794,451
Prepayments and accrued income
513,116
452,358
-
0
-
0
24,681,075
22,444,476
48,505,187
21,271,476
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
20
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
89,358,443
65,008,327
89,358,443
65,008,327
Listed investments carrying amount in the above
77,915,454
65,008,327
-
65,008,327

Listed investments are managed funds.

21
Reclassification of investments

During the year, the company reassessed the classification of certain investments to better reflect their intended holding periods and align with the company’s investment strategy. As a result, investments previously classified under fixed asset investments have been reclassified to current investments, due to the current nature of them. The value of these investments were £13,242,409 (2023: £11,729,294).

22
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,414,173
694,758
21,664
-
0
Amounts owed to group undertakings
-
0
-
0
549,048
-
0
Corporation tax payable
-
0
146,110
-
0
143,065
Other taxation and social security
1,177,296
813,223
-
-
Dividends payable
-
0
2,835,698
-
0
-
0
Other creditors and deferred income
25,861,749
21,573,564
-
0
-
0
Accruals
1,909,887
795,849
22,254
9,500
30,363,105
26,859,202
592,966
152,565
23
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
24
196,028,338
196,028,338
-
0
-
0
Preference dividends payable
18,930,430
-
0
-
0
-
0
Other creditors
996,168
1,050,356
-
0
-
0
215,954,936
197,078,694
-
-
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
24
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Redeemable preference shares
196,028,338
196,028,338
-
0
-
0
Payable after one year
196,028,338
196,028,338
-
0
-
0

Other borrowings falling due after more than one year represent preference shares in Star Pupil Topco Limited that are owned by a non-controlling interest. These shares accrue an 8% annual dividend and are therefore classed as debt over equity.

25
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
234,000
-
Tax losses
(145,000)
-
Capital gains
405,000
-
Business combination
95,000
-
589,000
-
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
405,000
(24,000)
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 29 April 2023
-
(24,000)
Charge to profit or loss
589,000
429,000
Liability at 30 April 2024
589,000
405,000
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 34 -
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
957,827
639,590

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Amounts owed to the fund at the year-end were £136,854 (2023: £110,628).

27
Share-based payment transactions

On 21 February 2023, Star Pupil Topco Limited, issued 969,000 C ordinary shares to certain employees. These shares are treated as equity-settled share based payments. The Monte Carlo option pricing model has been used to determine the fair value at grant date, in conjunction with a third party valuation specialist.

An expense has been recognised within the Wild Peak Holdings Limited financial statements. During the year this expense was £2,679,789 (2023: nil).

There was a second issue of 206,310 C ordinary shares post year end. No share based payment has been recognised in respect to this.

Inputs for the 21 February 2023 issue were as follows:

Expected volatility
45.53%
Expected life
5 years
Risk free rate
3.556%
28
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
425
425
425
425
Ordinary B shares of £1 each
275
275
275
275
700
700
700
700
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 35 -
29
Acquisition of a business

On 27 July 2023 the group acquired 100% of the issued capital of Educake Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
829,000
382,000
1,211,000
Property, plant and equipment
9,000
-
9,000
Trade and other receivables
(490,000)
-
(490,000)
Cash and cash equivalents
239,000
-
239,000
Other items
-
(155,000)
(155,000)
Deferred tax
-
(95,000)
(95,000)
Total identifiable net assets
587,000
132,000
719,000
Goodwill
6,949,000
Total consideration
7,668,000
The consideration was satisfied by:
£
Cash and loan notes
7,663,000
Profit Ticker Amount
200,000
Net Working Capital Adjustment
(195,000)
7,668,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,056,577
Loss after tax
(267,164)
WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 36 -
30
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
231,477
251,296
-
-
Between two and five years
623,438
841,243
-
-
854,915
1,092,539
-
-
31
Events after the reporting date

In November 2024, Twinkl Limited purchased 100% of the share capital of Natterhub Limited.

32
Related party transactions
Transactions with related parties
Other information

Twinkl Hive Services Limited is a company under common control. Recharges of £29,527 (2023: £15,450) were made from the company to Twinkl Hive Services Limited during the year. Purchases of £2,600 (2023: £nil) were made from Twinkl Hive Services Limited by the company during the year. At the year end, £1,197,979 was due from Twinkl Hive Services Limited (2023: £1,161,916). The balance is shown in other debtors due within one year.

 

Wild Peak Property Management Limited is a company under common control. Purchases of £104,567 (2023: £174,596) were made from Wild Peak Property Management Limited by the company during the year. At the year end, £4,484 was due to Wild Peak Property Management Limited (2023: £3,371). The balance is shown in other creditors due within one year.

 

Wild Peak Property Limited is a company under common control. Purchases of £345,093 (2023: £367,487) were made from Wild Peak Property Limited by the company during the year. Sales of £1,052 (2023: £66) were made from the company to Wild Peak Property Limited during the year. At the year end, £10,421,152 was owed to Wild Peak Property Limited (2023: £11,228,833). This balance has reduced due to loan repayments. The balance is shown in other creditors due within one year.

 

Athena Venture Capital Limited is a company under common control. At the year end, £845,407 was owed from Athena Venture Capital Limited (2023: £315,000). The balance has increased due to additional loans being advanced. The balance is shown in other debtors due within one year.

 

Phoenix Investments (1) Ltd is a company under common control. At the year end, £1,474,599 was owed from Phoenix Investments (1) Ltd (2023: £759,619). The balance has increased due to additional loans being advanced. The balance is shown in other debtors due within one year.

WILD PEAK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 37 -
33
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
J W Seaton - DLA
-
3,075,538
411,105
3,486,643
3,075,538
411,105
3,486,643
34
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
7,994,971
21,742,335
Adjustments for:
Taxation charged
11,813,561
5,489,902
Interest payable and similar expenses
16,098,021
2,835,698
Investment income
(14,709,973)
(753,258)
Share based payment expense
2,679,789
-
0
Amortisation and impairment of intangible assets
943,906
234,462
Depreciation and impairment of tangible fixed assets
101,733
110,161
Business combinations other costs
(155,000)
-
Movements in working capital:
Decrease/(increase) in stocks
632
(121,462)
Decrease in debtors
1,165,695
10,203,040
Increase in creditors
6,431,523
4,830,301
Cash generated from operations
32,364,858
44,571,179
35
Analysis of changes in net funds/(debt) - group
29 April 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
200,747,827
(23,209,740)
177,538,087
Borrowings excluding overdrafts
(196,028,338)
-
(196,028,338)
4,719,489
(23,209,740)
(18,490,251)
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