Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30truefalse0false2023-03-10Management consultancy activities1true 14722406 2023-03-09 14722406 2023-03-10 2024-06-30 14722406 2022-03-10 2023-03-09 14722406 2024-06-30 14722406 1 2023-03-10 2024-06-30 14722406 d:Director1 2023-03-10 2024-06-30 14722406 d:Director3 2023-03-10 2024-06-30 14722406 d:Director4 2023-03-10 2024-06-30 14722406 d:RegisteredOffice 2023-03-10 2024-06-30 14722406 c:CurrentFinancialInstruments 2024-06-30 14722406 c:Non-currentFinancialInstruments 2024-06-30 14722406 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 14722406 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 14722406 c:ShareCapital 2023-03-10 2024-06-30 14722406 c:ShareCapital 2024-06-30 14722406 c:RetainedEarningsAccumulatedLosses 2023-03-10 2024-06-30 14722406 c:RetainedEarningsAccumulatedLosses 2024-06-30 14722406 d:OrdinaryShareClass1 2023-03-10 2024-06-30 14722406 d:OrdinaryShareClass1 2024-06-30 14722406 d:FRS102 2023-03-10 2024-06-30 14722406 d:Audited 2023-03-10 2024-06-30 14722406 d:FullAccounts 2023-03-10 2024-06-30 14722406 d:PrivateLimitedCompanyLtd 2023-03-10 2024-06-30 14722406 d:SmallCompaniesRegimeForAccounts 2023-03-10 2024-06-30 14722406 2 2023-03-10 2024-06-30 14722406 6 2023-03-10 2024-06-30 14722406 e:PoundSterling 2023-03-10 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 14722406












GALILEO GLOBAL EDUCATION UK HOLDING LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 9


 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED
 
COMPANY INFORMATION


Directors
A Dupin-Naton 
K El Ghali Senhaji 
Professor J G Smith 




Registered number
14722406



Registered office
Inner Circle
Regent's Park

London

NW1 4NS




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14722406
GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

BALANCE SHEET
AS AT 30 JUNE 2024

2024
Note
£

Fixed assets
  

Investments
 5 
2,402,427

Current assets
  

Debtors: amounts falling due within one year
 6 
100

Creditors: amounts falling due within one year
 7 
(204,772)

Net current liabilities
  
 
 
(204,672)

Total assets less current liabilities
  
2,197,755

Creditors: amounts falling due after more than one year
 8 
(2,450,000)

  

Net liabilities
  
(252,245)


Capital and reserves
  

Called up share capital 
 9 
1

Profit and loss account
  
(252,246)

Total equity
  
(252,245)


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 profit and loss account 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 by: 




A Dupin-Naton
Director

Date: 5 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(252,246)
(252,246)

Shares issued during the period
1
-
1


At 30 June 2024
1
(252,246)
(252,245)

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Galileo Global Education UK Holding Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Inner Circle, Regent's Park, London, United Kingdom, NW1 4NS.
These financial statements have been prepared for a 15-month period from 10 March 2023 to 30 June 2024 as the company was incorporated on 10 March 2023.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

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.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the period. The directors consider this basis to be appropriate as the company has received a letter of financial support from its parent company and the company received additional finance, in the form of intercompany loan financing, since the year end. The directors have also reviewed the financial position of its parent company and are comfortable there are sufficient resources available to help fund the company’s short and long-term creditors should the company require it for a period of at least twelve months from the date these financial statements were approved.
Therefore the directors consider the use of the going concern basis of preparation of the financial statements appropriate.

 
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

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.8

Share capital

Ordinary shares are classified as equity.

  
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 5

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 6

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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 have had the most significant effect on amounts recognised in the financial statements.
Carrying value of investments
Investments are initially recognised at cost, and subsequently measured at cost less accumulated impairment. There is judgement involved in assessing the level of impairment provision required in respect of the investment. 


4.


Employees

The average monthly number of employees, including directors, during the period was 1. 


5.


Fixed asset investments





Investments

£



Cost 


At 10 March 2023
-


Additions
2,402,427



At 30 June 2024
2,402,427





6.


Debtors

2024
£


Other debtors
100


Page 7

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
177,569

Other creditors
971

Accruals and deferred income
26,232

204,772



8.


Creditors: Amounts falling due after more than one year

2024
£

Amounts owed to group undertakings
2,450,000


Galileo Global Education UK Holding Limited has a loan from the parent company Galileo Global Educations Operations Limited totalling £2,450,000. The loan incurs interest at a rate per annum equal to SONIA index plus 2.6%. The loan is to be repaid in full on 6 July 2028.


9.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


The company issued 1 £1 Ordinary share upon incorporation to form the share capital base of the company. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. 


10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


11.


Post balance sheet events

On 26 September 2024, the company incorporated a new wholly owned subsidiary, Coedu Group Ltd with a registered office at Third Floor, 20 Old Bailey, London, EC4M 7AN.
 
On 22 October 2024 the company subscribed to £135,607,797 new shares in the subsidiary.
 
The investment in the new subsidiary was funded through three intercompany loans from the company's immediate parent entity, Galileo Global Education Operations SAS. The loans are repayable in five to seven years and bear interest at a rate of SONIA index plus 4.77%.

Page 8

 

GALILEO GLOBAL EDUCATION UK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

12.


Parent undertaking

The immediate parent undertaking is Galileo Global Education Operations SAS, a company incorporated in France.
The smallest group for which consolidated financial statements are drawn up is headed by Galileo Global Education Operations SAS whose registered office is 41 Rue Saint Sebastien, Paris, France, 75011. Copies of these group financial statements are available to the public from its registered office.


13.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2024 was unqualified.

The audit report was signed on 6 March 2025 by Adam Wildbore (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 9