Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-12-3102024-01-01falseNo description of principal activitytruetrue 11486882 2024-01-01 2024-12-31 11486882 2023-01-01 2023-12-31 11486882 2024-12-31 11486882 2023-12-31 11486882 c:Director1 2024-01-01 2024-12-31 11486882 c:Director2 2024-01-01 2024-12-31 11486882 c:Director4 2024-01-01 2024-12-31 11486882 c:Director5 2024-01-01 2024-12-31 11486882 c:RegisteredOffice 2024-01-01 2024-12-31 11486882 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 11486882 d:PlantMachinery 2024-01-01 2024-12-31 11486882 d:PlantMachinery 2024-12-31 11486882 d:PlantMachinery 2023-12-31 11486882 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11486882 d:FurnitureFittings 2024-01-01 2024-12-31 11486882 d:FurnitureFittings 2024-12-31 11486882 d:FurnitureFittings 2023-12-31 11486882 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11486882 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11486882 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 11486882 d:CurrentFinancialInstruments 2024-12-31 11486882 d:CurrentFinancialInstruments 2023-12-31 11486882 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11486882 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11486882 d:ShareCapital 2024-12-31 11486882 d:ShareCapital 2023-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2024-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2023-12-31 11486882 d:RetainedEarningsAccumulatedLosses 2023-01-01 11486882 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11486882 c:OrdinaryShareClass1 2024-12-31 11486882 c:OrdinaryShareClass1 2023-12-31 11486882 c:OrdinaryShareClass2 2024-01-01 2024-12-31 11486882 c:OrdinaryShareClass2 2024-12-31 11486882 c:OrdinaryShareClass2 2023-12-31 11486882 c:FRS102 2024-01-01 2024-12-31 11486882 c:Audited 2024-01-01 2024-12-31 11486882 c:FullAccounts 2024-01-01 2024-12-31 11486882 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11486882 d:Subsidiary1 2024-01-01 2024-12-31 11486882 d:Subsidiary1 1 2024-01-01 2024-12-31 11486882 d:Subsidiary2 2024-01-01 2024-12-31 11486882 d:Subsidiary2 1 2024-01-01 2024-12-31 11486882 d:Subsidiary3 2024-01-01 2024-12-31 11486882 d:Subsidiary3 1 2024-01-01 2024-12-31 11486882 d:Subsidiary4 2024-01-01 2024-12-31 11486882 d:Subsidiary4 1 2024-01-01 2024-12-31 11486882 d:Subsidiary5 2024-01-01 2024-12-31 11486882 d:Subsidiary5 1 2024-01-01 2024-12-31 11486882 d:Subsidiary6 2024-01-01 2024-12-31 11486882 d:Subsidiary6 1 2024-01-01 2024-12-31 11486882 d:Subsidiary7 2024-01-01 2024-12-31 11486882 d:Subsidiary7 1 2024-01-01 2024-12-31 11486882 d:Subsidiary8 2024-01-01 2024-12-31 11486882 d:Subsidiary8 1 2024-01-01 2024-12-31 11486882 d:Subsidiary9 2024-01-01 2024-12-31 11486882 d:Subsidiary9 1 2024-01-01 2024-12-31 11486882 d:Subsidiary10 2024-01-01 2024-12-31 11486882 d:Subsidiary10 1 2024-01-01 2024-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:MoreThanFiveYears 2024-12-31 11486882 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:MoreThanFiveYears 2023-12-31 11486882 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11486882 c:Consolidated 2024-12-31 11486882 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 11486882 2 2024-01-01 2024-12-31 11486882 6 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11486882







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


THE LEARNING EXPERIENCE SYSTEMS UK LTD






































img1990.png                        

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


 
COMPANY INFORMATION


Directors
R Weissman 
S Levine 
S Paine 
B Alexander 




Registered number
11486882



Registered office
4th Floor
95 Gresham Street

London

EC2V 7AB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 



CONTENTS



Page
Consolidated statement of financial position
1
Company statement of financial position
2
Notes to the financial statements
3 - 12


 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
REGISTERED NUMBER:11486882



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
22,504
23,723

Tangible assets
 5 
4,185,976
2,702,257

  
4,208,480
2,725,980

Current assets
  

Stocks
 7 
10,887
578,432

Debtors: amounts falling due within one year
 8 
211,987
1,551,240

Cash at bank and in hand
  
615,377
72,264

  
838,251
2,201,936

Creditors: amounts falling due within one year
 9 
(748,075)
(421,799)

Net current assets
  
 
 
90,176
 
 
1,780,137

Total assets less current liabilities
  
4,298,656
4,506,117

Provisions for liabilities
  

Net assets
  
4,298,656
4,506,117


Capital and reserves
  

Called up share capital 
 10 
13,479,594
11,213,994

Profit and loss account
  
(9,180,938)
(6,707,877)

Equity attributable to owners of the parent Company
  
4,298,656
4,506,117


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 consolidated statement of comprehensive income 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 3 to 12 form part of these financial statements.

Page 1

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
REGISTERED NUMBER:11486882



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
22,504
23,723

Tangible assets
 5 
5,867
6,892

Investments
 6 
5,657,379
3,934,477

  
5,685,750
3,965,092

Current assets
  

Stocks
 7 
10,887
578,432

Debtors: amounts falling due within one year
 8 
1,068,099
1,754,647

Cash at bank and in hand
  
518,079
928

  
1,597,065
2,334,007

Creditors: amounts falling due within one year
 9 
(196,764)
(261,164)

Net current assets
  
 
 
1,400,301
 
 
2,072,843

Total assets less current liabilities
  
7,086,051
6,037,935

  

  

Net assets
  
7,086,051
6,037,935


Capital and reserves
  

Called up share capital 
 10 
13,479,594
11,213,994

Profit and loss account brought forward
  
(5,176,059)
(3,757,538)

Loss for the year
  
(1,217,484)
(1,418,521)

Profit and loss account carried forward
  
(6,393,543)
(5,176,059)

  
7,086,051
6,037,935


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated statement of comprehensive income 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

Page 2

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

1.


General information

The Learning Experience Systems UK Ltd 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 251 Pentonville Road, London, N1 9NG.

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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group has full support from its Parent Company, The Learning Experience Corporation, is funding the development of these centres and enabling the Group to meet its liabilities as they fall 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 Group 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.

Page 3

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

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.
The assets held by the company are currently under construction and no depreciation will be charged until the assets are brought into use.

Page 4

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Trademarks
-
Straight line to renewal date

 
2.10

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Page 5

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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 first in, first out basis. Cost includes the purchase price, including taxes and transport and handling directly attributable to bringing the stocks to its present location and condition.

At each reporting 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.


3.


Employees

The average monthly number of employees, including the Directors on the payroll, during the year was 82 (2023 - 43).


4.


Intangible assets

Group and Company





Trademarks

£



Cost


At 1 January 2024
26,883


Additions
9,833



At 31 December 2024

36,716



Amortisation


At 1 January 2024
3,160


Charge for the year on owned assets
11,052



At 31 December 2024

14,212



Net book value



At 31 December 2024
22,504



At 31 December 2023
23,723



Page 6

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

5.


Tangible fixed assets

Group






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

£
£
£
£



Cost or valuation


At 1 January 2024
3,353,046
35,332
130,238
3,518,616


Additions
1,796,572
8,806
3,036
1,808,414



At 31 December 2024

5,149,618
44,138
133,274
5,327,030



Depreciation


At 1 January 2024
762,210
2,233
51,916
816,359


Charge for the year on owned assets
285,801
12,021
26,873
324,695



At 31 December 2024

1,048,011
14,254
78,789
1,141,054



Net book value



At 31 December 2024
4,101,607
29,884
54,485
4,185,976



At 31 December 2023
2,590,836
33,099
78,322
2,702,257

Page 7

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

           5.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 January 2024
4,785
4,650
9,435


Additions
969
-
969



At 31 December 2024

5,754
4,650
10,404



Depreciation


At 1 January 2024
2,233
310
2,543


Charge for the year on owned assets
1,064
930
1,994



At 31 December 2024

3,297
1,240
4,537



Net book value



At 31 December 2024
2,457
3,410
5,867



At 31 December 2023
2,552
4,340
6,892






Page 8

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
3,934,477


Additions
1,722,902



At 31 December 2024
5,657,379






Net book value



At 31 December 2024
5,657,379



At 31 December 2023
3,934,477

Page 9

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

TLE at East Finchley UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Leatherhead UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
Leatherhead Red UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Dorking UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Epsom UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Hampton Wick UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Balham UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Weybridge UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Dulwich UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%
TLE at Harrow UK Limited
4th Floor, 95 Gresham Street, London, EC2V 7AB
Ordinary
100%


7.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Work in progress
10,887
578,432
10,887
578,432

10,887
578,432
10,887
578,432


Page 10

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

8.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
55,413
10,503
-
-

Amounts owed by group undertakings
-
-
1,041,911
328,473

Other debtors
4,765
1,418,574
-
1,417,983

Called up share capital not paid
100
100
100
100

Prepayments and accrued income
151,709
122,063
26,088
8,091

211,987
1,551,240
1,068,099
1,754,647



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
59,347
202,055
36,130
138,816

Other taxation and social security
73,038
-
73,038
-

Other creditors
300
-
1,100
800

Accruals and deferred income
615,390
219,744
86,496
121,548

748,075
421,799
196,764
261,164



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Shares shares of £1.00 each
100
100
13,479,494 (2023 - 11,213,894) Preference Shares shares of £1.00 each
13,479,494
11,213,894

13,479,594

11,213,994


During the year the Company issued 2,265,600 preference shares with a nominal value of £1 each. The total consideration received was £2,265,600.


11.


Capital commitments

At 31 December 2024 the Company had capital commitments amounting to £NIL (2023: £1,240,490) for the development contributions for a new site.

Page 11

 


THE LEARNING EXPERIENCE SYSTEMS UK LTD
 


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

12.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
1,242,160
383,292
73,125
45,792

Later than 1 year and not later than 5 years
4,795,171
1,350,000
119,031
-

Later than 5 years
13,571,901
1,966,875
-
-

19,609,232
3,700,167
192,156
45,792


13.


Parent company

The parent of the smallest group for which consolidated financial statements are drawn up is The Learning Experience Corp. The registered office is 210 Hillsboro Technology Drive, Deerfield Beach, FL 33441.


14.


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 12