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Registered number: 09001078









QV EDUCATION LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
QV EDUCATION LIMITED
REGISTERED NUMBER: 09001078

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,548,543
2,972,496

Investments
 5 
-
1

  
3,548,543
2,972,497

Current assets
  

Stocks
  
51,427
67,952

Debtors: amounts falling due within one year
 6 
583,561
188,840

Cash at bank and in hand
 7 
3,161,525
1,507,792

  
3,796,513
1,764,584

Creditors: amounts falling due within one year
 8 
(3,920,548)
(2,707,065)

Net current liabilities
  
 
 
(124,035)
 
 
(942,481)

Total assets less current liabilities
  
3,424,508
2,030,016

Creditors: amounts falling due after more than one year
 9 
(243,690)
(220,761)

Provisions for liabilities
  

Deferred tax
 11 
(169,314)
(179,670)

  
 
 
(169,314)
 
 
(179,670)

Net assets
  
3,011,504
1,629,585


Capital and reserves
  

Called up share capital 
  
1,711,135
1,711,135

Share premium account
  
86,137
86,137

Profit and loss account
  
1,214,232
(167,687)

  
3,011,504
1,629,585


Page 1

 
QV EDUCATION LIMITED
REGISTERED NUMBER: 09001078
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.




J Polansky
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

QV Education Limited is a company incorporated in the United Kingdom under the Companies Act.  The company is a private company limited by shares and is registered in England and Wales.  The address of the Registered Office is 1 The Green, Richmond Surrey TW9 1PL.
The financial statements are presented in pound sterling (£) which is the functional currency of the company and rounded to the nearest pound.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
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

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
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.

Page 5

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
80 years straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
33% straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

Page 6

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 133 (2023 - 121).

Page 7

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 September 2023
2,645,918
1,371,819
4,017,737


Additions
665,229
181,634
846,863


Disposals
-
(34,550)
(34,550)



At 31 August 2024

3,311,147
1,518,903
4,830,050



Depreciation


At 1 September 2023
194,156
851,086
1,045,242


Charge for the year on owned assets
68,544
182,661
251,205


Disposals
-
(14,940)
(14,940)



At 31 August 2024

262,700
1,018,807
1,281,507



Net book value



At 31 August 2024
3,048,447
500,096
3,548,543



At 31 August 2023
2,451,762
520,734
2,972,496

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Land and buildings
372,744
381,058

Page 8

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments





Investments in subsidiary companies

£





At 1 September 2023
1


Disposals
(1)



At 31 August 2024
-





6.


Debtors

2024
2023
£
£


Trade debtors
188,679
124,003

Amounts owed by group undertakings
314,337
-

Prepayments and accrued income
80,545
64,837

583,561
188,840



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,161,525
1,507,792


Page 9

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
82,807
40,744

Amounts owed to group undertakings
1,059,385
1,060,585

Other taxation and social security
58,288
58,160

Obligations under finance lease and hire purchase contracts
-
51,966

Other creditors
411,807
417,080

Accruals and deferred income
2,308,261
1,078,530

3,920,548
2,707,065



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
219,358
218,992

Accruals and deferred income
24,332
1,769

243,690
220,761


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
243,690
220,761

The repayment date of the amount repayable other than by installments is 1 July 2029. Interest was accruing at a rate of EURIBOR 6 month plus 6%.


10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,161,525
3,161,525



Page 10

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Deferred taxation




2024


£






At beginning of year
(179,670)


Charged to profit or loss
10,356



At end of year
(169,314)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(179,617)
(202,126)

Tax losses carried forward
-
12,740

Pension provision
10,303
9,716

(169,314)
(179,670)


12.


Pension commitments

    
The Company operates a defined contributions pension scheme. The charge for the year ended 31 August 2024 is £302,492 (2023 - £268,444) and at the year end £41,210 (2023 - £38,863) was accrued in respect of contributions to this scheme.


13.


Commitments under operating leases

At 31 August 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
37,869
39,626

Later than 1 year and not later than 5 years
48,547
56,695

86,416
96,321

Page 11

 
QV EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Related party transactions

In the year ended 31 August 2024 the Company paid management charges to its parent Company , QV Education (Group) Limited, of £Nil (2023 - £323,950).
As at 31 August 2024 the Company owed £1,059,385 to QV Education (Group) Limited (2023 -  £1,060,585).
As at 31 August 2024, the Company owed £219,358 (2023 - £Nil) to QV Bidco Limited, the parent company of QV Education (Group) Limited.  Accruals includes £22,929 (2023 - £1,769) in interest accrued on the loan from QV Bidco Limited.
As at 31 August 2024, the Company was owed £300,000 (2023 - £Nil) by NACE Educational Services Ltd, a group company. Amounts owed by group undertakings includes £14,337 (2023 - £Nil) in accrued interest receivable.
During the prior year the Company sold its shares in a associated company at a loss of £498,593. The purchaser was a company whose shareholders included directors of the Company, as well as some of the immediate parent company's former shareholders.
During the year, the Company charged a total of £145,888 (2023 - £85,635) for tuition fees for children of members of staff. 


15.


Controlling party

The Company is a wholly owned subsidiary of QV Education (Group) Limited whose Registered Office is 1 The Green, Richmond, Surrey, TW9 1PL.
The smallest and largest company for which the Group accounts are drawn up and which the Company is included is: PN VII Holdco S.à r.l. (Société à Responsabilité Limitée). The registered office is located at 1A, Heienhaff, L - 1736 Senningerberg , Luxembourg.
Copies of the Group financial statements, which include the Company are available from the above address.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 5 March 2025 by Richard Rhodes (Senior Statutory Auditor) on behalf of Feltons.

 
Page 12