Shorelight Education UK PVT. LTD. 11208803 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is referral of international students to higher education providers, as well as educational support services. Digita Accounts Production Advanced 6.30.9574.0 true true true 11208803 2023-10-01 2024-09-30 11208803 2024-09-30 11208803 core:CurrentFinancialInstruments 2024-09-30 11208803 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 11208803 bus:SmallEntities 2023-10-01 2024-09-30 11208803 bus:Audited 2023-10-01 2024-09-30 11208803 bus:FilletedAccounts 2023-10-01 2024-09-30 11208803 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 11208803 bus:RegisteredOffice 2023-10-01 2024-09-30 11208803 bus:Director4 2023-10-01 2024-09-30 11208803 bus:Director5 2023-10-01 2024-09-30 11208803 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11208803 bus:Agent1 2023-10-01 2024-09-30 11208803 1 2023-10-01 2024-09-30 11208803 1 2023-10-01 2024-09-30 11208803 countries:AllCountries 2023-10-01 2024-09-30 11208803 2023-03-01 2023-09-30 11208803 2023-09-30 11208803 core:CurrentFinancialInstruments 2023-09-30 11208803 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 11208803

Shorelight Education UK PVT. LTD.

Annual Report and Financial Statements

for the Year Ended 30 September 2024
























 

image-name
 

Shorelight Education UK PVT. LTD.

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Shorelight Education UK PVT. LTD.

Company Information

Directors

J M Davis

A Packer

Registered office

22 Mulberry Avenue
Portishead
North Somerset
BS20 7LG

Accountants

JWB Corporate Ltd
Chartered Accountants22 Mulberry Avenue
Portishead
North Somerset
BS20 7LG

Auditors

Saffery LLP
Chartered Accountants and Statutory AuditorsSt Catherine's Court
Berkeley Place
Bristol
BS8 1BQ

 

Shorelight Education UK PVT. LTD.

(Registration number: 11208803)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Current assets

 

Debtors

4

5,617,401

4,199,463

Cash at bank and in hand

 

163,504

447,287

 

5,780,905

4,646,750

Creditors: Amounts falling due within one year

5

(4,928,856)

(4,114,148)

Net assets

 

852,049

532,602

Capital and reserves

 

Called up share capital

1

1

Retained earnings

852,048

532,601

Shareholders' funds

 

852,049

532,602

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................
A Packer
Director

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
22 Mulberry Avenue
Portishead
North Somerset
BS20 7LG

These financial statements were authorised for issue by the Board on 27 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Pounds Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Disclosure of long or short period

The comparatives within these financial statements represent a 7 month period ended 30 September 2023, following a shortening of the accounting period.

Going concern

The financial statements have been prepared on a going concern basis. The company operates on a cost plus model of recharging its services to the parent entity, therefore the director is comfortable that the company will continue as a going concern in the foreseeable future. This is further supported by the growing referral services in the UK, following the company entering into partnership with its first UK based university in 2023. The company is now generating its own direct income from customers.

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 June 2025 was Michael Strong, who signed for and on behalf of Saffery LLP.

.........................................

Changes in accounting policy

The following have been applied for the first time from 1 October 2023 and have had an effect on the financial statements:

Change in accounting policy

The company has reassessed its revenue recognition practices and the direct costs associated with that revenue, adjusting comparative data to align with the updated policy.

Progression revenue refers to commissions receivable from universities when a student matriculates and progresses beyond their first year. A commission is payable for each subsequent year the student remains enrolled. Since the company fulfils its contractual obligations once the student enters their first year, the updated policy now recognises progression revenue upfront, factoring in expected attrition rates.

To ensure revenue and expenditure are correctly matched, commissions payable to third-party agents are now recognised upfront upon the student's enrolment, as the agent has fulfilled their obligations. While commission payments are made in stages as the student begins each additional semester, accrued amounts are adjusted based on anticipated attrition rates.

Relating to the current period disclosed in these financial statements

£

Relating to the prior period disclosed in these financial statements

£

Relating to periods before the prior period disclosed in these financial statements

£

Revenue

294,276

588,860

-

Cost of sales

258,768

465,823

-

   

These adjustments stem from a review of revenue recognition policies. Prior year figures have been restated to reflect the retrospective application of the revised policy. However, there is no impact on the opening reserves for the period ended 30 September 2023, as the revenue stream did not exist prior to that.

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

Judgements

Judgements are made in respect of the recognition of progression revenue and associated commission costs. The accounting policies were reviewed during the year and a judgement was made that progression revenue should be accounted for at the time the student joins the university as the company's obligations to its clients are then complete. Conversely, the associated commission shall be recognised at the same time. Both progression revenue and associated commission costs are adjusted for expected attrition rates as noted within the estimation policies.

Key sources of estimation uncertainty

Key sources of estimation uncertainty arise from the use of an estimated rate of student attrition when calculating progression revenue and associated agent commissions. The company utilise past experience across multiple university partners to estimate the attrition rates where a new school partnership is established and historical data for that institution is not available. The attrition rates utilised have been reviewed and tested for sensitivity to ensure they are reasonable and accurate..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Student collections

Student collections, which are included within current liabilities, relate to university fees collected from students on behalf of the partner universities. These amounts are paid over to the partner universities, net of commissions and related charges.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Debtors

Note

2024
£

(As restated)

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

6

4,446,253

3,387,018

Prepayments and accrued income

 

1,169,403

810,287

Other debtors

 

1,745

2,158

 

5,617,401

4,199,463

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Trade creditors

 

2,400

7,638

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6

2,916,265

3,121,550

Taxation and social security

 

47,533

70,418

Accruals and deferred income

 

807,286

484,492

Other creditors

 

1,174

1,174

Student collections

 

1,154,198

428,876

 

4,928,856

4,114,148

6

Related party transactions

All inter-company transactions are deemed to be conducted under normal market conditions. The company has therefore taken advantage of the exemption available under FRS 102 1AC.35 not to disclosue transactions with the parent entity.

 

Shorelight Education UK PVT. LTD.

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Parent and ultimate parent undertaking

The company's immediate parent is Shorelight LLC, incorporated in United States of America.

 The ultimate parent is Shorelight Holdings LLC, incorporated in United States of America.

 The ultimate controlling party is not considered to exist as there is no single controlling entity of the ultimate parent company.

The parent of the smallest group in which these financial statements are consolidated is Shorelight LLC, incorporated in United States of America.

The address of Shorelight LLC is:
2 Seaport Ln #500
Boston
MA 02210
United States of America