Registration number:
Shorelight Education UK PVT. LTD.
for the Year Ended 30 September 2024
Shorelight Education UK PVT. LTD.
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Shorelight Education UK PVT. LTD.
Company Information
Directors |
J M Davis A Packer |
Registered office |
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Accountants |
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Auditors |
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Shorelight Education UK PVT. LTD.
(Registration number: 11208803)
Balance Sheet as at 30 September 2024
Note |
2024 |
(As restated) |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
852,048 |
532,601 |
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Shareholders' funds |
852,049 |
532,602 |
Approved and authorised by the
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Shorelight Education UK PVT. LTD.
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Shorelight Education UK PVT. LTD.
Notes to the Financial Statements for the Year Ended 30 September 2024
Debtors |
Note |
2024 |
(As restated) |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Student collections |
1,154,198 |
428,876 |
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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
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is
The parent of the smallest group in which these financial statements are consolidated is
The address of Shorelight LLC is:
Boston
MA 02210
United States of America