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Registered number: 08011543














OXFORD SUMMER COURSES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
OXFORD SUMMER COURSES LIMITED
 
 
COMPANY INFORMATION


Directors
H A B Hortyn 
R J Phipps 
J Musiker (appointed 29 October 2024)
R Musiker (appointed 29 October 2024)
A Thorpe (appointed 29 October 2024)




Registered number
08011543



Registered office
18 Beaumont Street

Oxford

Oxfordshire

OX1 2NA




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
OXFORD SUMMER COURSES LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11
Notes to the Financial Statements
 
 
12 - 25


 
OXFORD SUMMER COURSES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024.
The report provides an overview of the Company's financial performance, key operational highlights, risks and future strategic direction.

Business review
 
The Company continued to operate in a dynamic environment throughout the financial year, adapting to evolving market conditions and external challenges.
Oxford Summer Courses (OxSC) delivered solid financial results, demonstrating resilience in the face of economic headwinds. Compared to the previous year, OxSC experienced 14% revenue growth, driven by increased demand, an enhanced pricing strategy, cost efficiencies, and new partnerships.
Operational Highlights
• Expanded market presence through new partnerships with educational agents and the launch of new           course sites.
• Improved operational efficiencies by implementing robust inventory and cost of sales models and 
 processes and by negotiating more favourable contractual terms with existing suppliers.
• Navigated challenges such as inflationary pressures.
Industry Trends and External Factors
The Company was impacted by broader industry and macroeconomic trends, including:
• Inflationary pressures affecting cost structures and pricing strategies.
• Post-pandemic recovery, influencing consumer demand and business operations.
• Technological advancements, leading to investments in further digital improvement, especially the 
 customer relationship management system

Principal risks and uncertainties
 
OxSC faces several risks that could impact its financial and operational performance. These include:
Operational Risks
•  Supply chain disruptions impacting product/service availability.
•  Talent acquisition and retention challenges in a competitive market.
Regulatory Risks
•  Compliance with evolving industry regulations and the tax regime for private schools.
•  Data protection and cybersecurity risks.
External Risks
• Market volatility, including currency fluctuations and commodity price shifts.
 
Page 1

 
OXFORD SUMMER COURSES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The Company has implemented risk management strategies to mitigate these threats, including diversified supplier networks, renegotiation of contractual terms where additional tax burden is put on suppliers, and enhanced cybersecurity measures.
Financial risk management, objectives, and policies
OxSC employs a structured approach to managing financial risks, ensuring stability and resilience. Key areas include:
•  Liquidity Risk: Maintaining strong cash flow management.
•  Credit Risk: Bad debt exposure is minimised as products are delivered only after full payment is received.
• People Risk: Investing in talent development and employee retention initiatives.

Financial key performance indicators
 
The directors consider the key performance indicators of the business to be turnover and operating profit as set out in the Statement of Comprehensive Income on page 9.

Future developments
 
The Company was acquired by Musiker Discovery Programs, Inc. in October 2024. Looking ahead, the Company is committed to driving sustainable growth and operational excellence. Key strategic priorities for the next financial year include:
• Expansion into new markets to enhance revenue streams. This is implemented as part of the post-
 acquisition strategy to align systems and processes and adopt best practices across the group.  
• Pricing strategy based on the most advanced developments in the market and consumer demand. 
• Continued investment in technology to improve efficiency and customer experience.
• Strengthening ESG initiatives, including sustainability and corporate responsibility efforts, such as B Corp
 and carbon offset.
• Exploring strategic partnerships and acquisitions to enhance market positioning.
The Company remains well-positioned to navigate future challenges and capitalise on opportunities in the evolving business landscape.


This report was approved by the board and signed on its behalf.



H A B Hortyn
Director

Date: 27 June 2025

Page 2

 
OXFORD SUMMER COURSES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors

The directors who served during the year were:

H A B Hortyn 
R J Phipps 

Results and dividends

The profit for the year, after taxation, amounted to £1,410,570 (2023 - £2,948,447).

The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £nil (2023 - £2,700,000). The directors do not recommend payment of further dividend. 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Page 3

 
OXFORD SUMMER COURSES LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Sopher + Co LLP were appointed auditors after the year end on 23 October 2024.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar. whichever is earlier.

This report was approved by the board and signed on its behalf.
 



H A B Hortyn
Director

Date: 27 June 2025

Page 4

 
OXFORD SUMMER COURSES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXFORD SUMMER COURSES LIMITED
 

Opinion


We have audited the financial statements of Oxford Summer Courses Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
OXFORD SUMMER COURSES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXFORD SUMMER COURSES LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OXFORD SUMMER COURSES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXFORD SUMMER COURSES LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we have identified the principal risks of non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the education industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 


 
Page 7

 
OXFORD SUMMER COURSES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXFORD SUMMER COURSES LIMITED (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The financial statements for the year ended 30 September 2023 were unaudited. 


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 2006Our 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 Auditors' 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.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

27 June 2025
Page 8

 
OXFORD SUMMER COURSES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,070,194
11,483,377

Cost of sales
  
(6,498,698)
(5,686,140)

Gross profit
  
6,571,496
5,797,237

Administrative expenses
  
(3,959,600)
(2,203,403)

Exceptional other operating charges
 5 
(56,832)
137

Operating profit
 6 
2,555,064
3,593,971

Amounts written off investments
 5 
(600,000)
-

Interest receivable and similar income
  
71,463
99,405

Interest payable and similar expenses
  
(27,614)
(2,454)

Profit before tax
  
1,998,913
3,690,922

Tax on profit
 7 
(588,343)
(742,475)

Profit for the financial year
  
1,410,570
2,948,447

There was no other comprehensive income for 2024 or 2023.

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
OXFORD SUMMER COURSES LIMITED
REGISTERED NUMBER:08011543

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
172,752
106,653

Tangible assets
 13 
51,165
28,513

Investments
 14 
-
600,000

  
223,917
735,166

Current assets
  

Debtors: amounts falling due within one year
 15 
1,753,568
1,341,825

Cash at bank and in hand
  
2,374,901
1,271,983

  
4,128,469
2,613,808

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(2,678,922)
(3,092,146)

Net current assets/(liabilities)
  
 
 
1,449,547
 
 
(478,338)

Total assets less current liabilities
  
1,673,464
256,828

Provisions for liabilities
  

Deferred tax
 17 
(11,225)
(5,159)

Net assets
  
1,662,239
251,669


Capital and reserves
  

Called up share capital 
 18 
501
501

Profit and loss account
 19 
1,661,738
251,168

  
1,662,239
251,669


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


H A B Hortyn
Director

Date: 27 June 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
OXFORD SUMMER COURSES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
501
2,721
3,222



Profit for the year
-
2,948,447
2,948,447

Dividends: Equity capital
-
(2,700,000)
(2,700,000)



At 1 October 2023
501
251,168
251,669



Profit for the year
-
1,410,570
1,410,570


At 30 September 2024
501
1,661,738
1,662,239


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Oxford Summer Courses Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 18 Beaumont Street, Oxford, England, OX1 2NA.
The principal activity of the company continued to be that of education courses for international students.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e),
11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Oxford Summer Courses Limited is a wholly owned subsidiary of Bridgemark Education Limited and the results of Oxford Summer Courses Limited are included in the consolidated financial statements of Bridgemark Education Limited which are available from its registered office, 18 Beaumont Street, Oxford, England, OX1 2NA.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

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


 
Page 12

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.4
Foreign currency translation (continued)

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.

 
2.5

Turnover

Turnover is measured at the fair value of the consideration or receivable, excluding discounts, rebates, value added and other sales taxes.
Revenue in relation to non-refundable deposits is recognised at the point of receipt.
Revenue in relation to course attendance is recognised at the point at which the service is provided.

 
2.6

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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company contributes to 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.

Page 13

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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 reporting 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 reporting 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 reporting date.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software development costs
-
10
years

Page 14

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

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 Company 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.

Depreciation is provided on the following basis:

Leasehold improvement
-
Over the lease period
Fixtures and fittings
-
20% Straight Line
Computer equipment
-
20% Reducing balance

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 15

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.17

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


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. However, 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. 
The directors consider the business to be straightforward, but certain judgements and estimates have been made in applying the company's accounting policies that could have a material impact on the financial statements, particularly regarding the impairment of intercompany balances and the carrying value of subsidiary investment.
Recoverability of investment in subsidiary
The investment in subsidiary has been fully impaired as the directors assessed that the carrying value was not recoverable. This assessment involved subjective judgments regarding the future performance, financial position, and cash flows of the subsidiary. The recoverable amount has been concluded to be Nil, and therefore, no further impairment is required. However, should actual results differ from the assumptions made during the impairment review, a reversal of the impairment could have a material impact on the financial statements in future periods.


4.


Turnover

Turnover is attributable to the principal activity. All turnover arose within the United Kingdom.

Page 16

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Exceptional items

2024
2023
£
£



Impairment of investment in subsidiary
600,000
-

Impairment of group company receivables
56,832
(137)

656,832
(137)

The impairment of the investment in the subsidiary reflects the assessment that the carrying value of the investment is no longer recoverable.
The impairment of intercompany receivables relates to amounts due from related entities, which have been deemed unrecoverable and written down accordingly.


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
-
1,001

Other operating lease rentals
75,189
60,500

Depreciation of owned tangible fixed assets
8,965
22,468

Amortisation of intangible assets
14,405
4,962


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
582,276
721,904

Adjustments in respect of previous periods
-
25,763

Total current tax
582,276
747,667

Deferred tax


Origination and reversal of timing differences
6,067
(5,192)


Tax on profit
588,343
742,475
Page 17

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the composite/standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,998,913
3,690,922


Profit on ordinary activities multiplied by composite/standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
499,728
812,372

Effects of:


Expenses not deductible for tax purposes
2,364
1,079

Capital allowances for year in excess of depreciation
(5,810)
4,926

Deferred tax on accelerated capital allowances
6,067
(5,192)

Non-deductible impairment of investment in subsidiary and group company receivables
164,208
-

Group relief
(78,214)
(96,473)

Adjustments in respect of previous periods
-
25,763

Total tax charge for the year
588,343
742,475


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,000
-

Page 18

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,918,319
1,508,258

Social security costs
182,142
132,879

Cost of defined contribution scheme
25,907
18,139

2,126,368
1,659,276


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
104
67



Directors
2
2

106
69


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
12,570
14,665



11.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
-
2,700,000

Page 19

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets




Development expenditure

£



Cost


At 1 October 2023
111,615


Additions
80,504



At 30 September 2024

192,119



Amortisation


At 1 October 2023
4,962


Charge for the year on owned assets
14,405



At 30 September 2024

19,367



Net book value



At 30 September 2024
172,752



At 30 September 2023
106,653



Page 20

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 October 2023
19,360
92,460
59,235
171,055


Additions
-
-
32,203
32,203


Disposals
-
-
(916)
(916)



At 30 September 2024

19,360
92,460
90,522
202,342



Depreciation


At 1 October 2023
11,480
92,195
38,867
142,542


Charge for the year on owned assets
1,613
132
7,220
8,965


Disposals
-
-
(330)
(330)



At 30 September 2024

13,093
92,327
45,757
151,177



Net book value



At 30 September 2024
6,267
133
44,765
51,165



At 30 September 2023
7,880
265
20,368
28,513

Page 21

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Valuation


At 1 October 2023
600,000



At 30 September 2024

600,000



Impairment


Charge for the period
600,000



At 30 September 2024

600,000



Net book value



At 30 September 2024
-



At 30 September 2023
600,000


15.


Debtors

2024
2023
£
£


Trade debtors
841,845
858,227

Amounts owed by group undertakings
445,142
48,351

Other debtors
108,989
75,322

Prepayments and accrued income
357,592
359,925

1,753,568
1,341,825


Page 22

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
618,484
98,025

Amounts owed to group undertakings
-
34,236

Corporation tax
194,507
747,667

Other taxation and social security
56,281
239,598

Other creditors
613,486
613,188

Accruals and deferred income
1,196,164
1,359,432

2,678,922
3,092,146



17.


Deferred taxation




2024


£






At beginning of year
5,158


Charged to profit or loss
6,067



At end of year
11,225

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
11,225
5,158


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,002  Ordinary shares of £0.50 each
501
501


Page 23

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading, all of which are distributable.


20.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £25,907 (2023 - £18,138). Contributions totalling £2,631 (2023 - £2,035) were payable to the fund at the reporting date and are included in creditors.


21.


Commitments under operating leases

At 30 September 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
60,500
60,500

Later than 1 year and not later than 5 years
242,000
242,000

Later than 5 years
363,000
423,500

665,500
726,000


22.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK', not to disclose related party transactions with wholly owned subsidiaries within the group.
Included within other creditors are amounts totalling £4,024 (2023 - £4,024) owed to the directors. These amounts are interest free and repayable on demand.

Page 24

 
OXFORD SUMMER COURSES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Subsequent events

On 29 October 2024, subsequent to the reporting date, the Company entered into an agreement to sell its entire share capital to Musiker Discovery Programs, Inc. a third-party entity. 
The sale includes the transfer of all assets and liabilities of the Company, along with the assumption of related debts and obligations. 
As the sale occurred after the reporting date, it is a non-adjusting event under Section 32 of FRS 102, and the Financial Statements do not reflect this transaction.
The Directors do not anticipate any material impact on the Company’s ability to continue as a going concern. However, the completion of the sale will significantly change the Company’s structure and operations.


24.


Controlling party

The immediate parent company and controlling party is Bridgemark Education Limited, a company registered in England and Wales. 
There is no ultimate controlling party. 

 
Page 25