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Company registration number: 11822301







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


LEATHERHEAD RED UK LIMITED






































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LEATHERHEAD RED UK LIMITED
 


 
COMPANY INFORMATION


Directors
R Weissman 
S Levine 
B Alexander 
S Paine 




Registered number
11822301



Registered office
4th Floor
95 Gresham Street

London

EC2V 7AB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


LEATHERHEAD RED UK LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 5


 


LEATHERHEAD RED UK LIMITED
REGISTERED NUMBER:11822301



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
649,563
41,624

  
649,563
41,624

Current assets
  

Debtors: amounts falling due within one year
 5 
40,750
4,365

Cash at bank and in hand
 6 
15,749
1,752

  
56,499
6,117

Creditors: amounts falling due within one year
 7 
(911,120)
(106,098)

Net current liabilities
  
 
 
(854,621)
 
 
(99,981)

Total assets less current liabilities
  
(205,058)
(58,357)

  

Net liabilities
  
(205,058)
(58,357)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(205,158)
(58,457)

  
(205,058)
(58,357)


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 by: 




S Levine
Director

Date: 28 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


LEATHERHEAD RED UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Leatherhead Red UK Limited  is a private company, limited by shares, incorporated in England in Wales under the Companies Act 2006. The address of the registered office is disclosed on the company information page and the principal place of business is Randalls Way, Leatherhead, Surrey, KT22 7TW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has full support from its parent company, The Learning Experience Corporation, to enable the company to meet its liabilities as they full due.
The Learning Experience Corporation has indicated its intention to provide funding support without restriction for a period of at least 12 months from the approval of these financial statements. The Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
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.
Tuition revenue is recognised in the period in which the services are provided. Payments received in advance are deferred into the period in which they relate.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 2

 


LEATHERHEAD RED UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.6
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:

Short-term leasehold property
-
Over the life of the lease
Plant and machinery
-
33%
straight line
Fixtures and fittings
-
20%
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.
Management have elected to change the depreciation policy for Plant and machinery to 3 years straight line so that Plant and machinery depreciation is consistent with the policy applied by the ultimate parent.


3.


Employees

The average monthly number of employees, including the Directors on the payroll, during the year was 16 (2023 - 4).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
-
30,547
11,077
41,624


Additions
649,406
1,224
3,036
653,666



At 31 December 2024

649,406
31,771
14,113
695,290



Depreciation


Charge for the year on owned assets
32,365
10,590
2,772
45,727



At 31 December 2024

32,365
10,590
2,772
45,727



Net book value



At 31 December 2024
617,041
21,181
11,341
649,563



At 31 December 2023
-
30,547
11,077
41,624

Page 3

 


LEATHERHEAD RED UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
32,497
-

Other debtors
1,315
300

Prepayments and accrued income
6,938
4,065

40,750
4,365



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
15,749
1,752

15,749
1,752



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,848
671

Amounts owed to group undertakings
689,694
81,857

Accruals and deferred income
214,578
23,570

911,120
106,098



8.


Commitments under operating leases

At 31 December 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
382,830
-

Later than 1 year and not later than 5 years
1,531,320
-

Later than 5 years
5,334,098
-

7,248,248
-

Page 4

 


LEATHERHEAD RED UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Parent company

The parent of the smallest group for which consolidated financial statements are drawn up is The Learning Experience Systems UK Limited. The address of their registered office is: 4th Floor, 95 Gresham Street, London, EC2V 7AB.


10.


Auditors' information

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

The audit report was signed on 28 March 2025 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 5