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Registered number: 05419264










ANZUK EDUCATION LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
ANZUK EDUCATION LTD
 
 
COMPANY INFORMATION


Directors
D J Mundy 
J W Sanders 




Registered number
05419264



Registered office
70 Axe and Bottle Court
Ground Floor

70 Newcomen Street

London

SE1 1YT




Independent auditors
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
ANZUK EDUCATION LTD
 

CONTENTS



Page(s)
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
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 27

 
ANZUK EDUCATION LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their strategic report on the Company for the year ended 31 July 2024.
The Company has continued to work closely with schools, academies, local authorities and stakeholders to place exceptional educators across the UK.

Business review
 
During the financial year the Company achieved significant milestones, including expanding our client base and increasing our market share in the educational staffing sector. The company reported a turnover of £15.2 million, reflecting a 6% increase from the previous year. This growth was driven by strategic partnerships and an enhanced service offering.

Principal risks and uncertainties
 
The principal risks facing ANZUK Education Ltd include:
Market Competition
The educational staffing market is highly competitive, with numerous agencies vying for contracts with schools and educational institutions.
Regulatory Changes
Changes in employment and education regulations could impact the company's operations and profitability.
Economic Conditions 
Economic downturns could reduce the demand for temporary teaching staff as schools may cut back on spending

Financial key performance indicators
 
The company uses several KPIs to measure its performance, including:
Bookings Days
Number of days that educators are placed in bookings. The result are a mixture by department on performance year-on-year.
Gross Profit
Gross profit has increased by 7% from year-on-year.
Staff Payout Ratio 
The percentage of staff costs over GP, this percentage improved by 7% year-on-year.
Financial Performance
The company’s financial performance for the year ended 31 July 2024 was strong, with a profit before tax of £206,668. 

Page 1

 
ANZUK EDUCATION LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


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



J W Sanders
Director

Date: 24 June 2025
Page 2

 
ANZUK EDUCATION LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

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;

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.

Principal activity

The principal activity of the Company during the year continued to be the provision of temporary and permanent teachers and support staff into schools.
No significant changes in the nature of the Company’s activities occurred during the financial year. 

Results and dividends

The profit for the year, after taxation, amounted to £234,952 (2023 - loss £1,191,327).

Dividend of £Nil (2023: £51,500) was paid during the year. 

Directors

The directors who served during the year were:

D J Mundy 
J W Sanders (appointed 8 July 2024)

Future developments

Likely developments in the operation of the Company and the expected results of those operations in future financial year have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company. 

Page 3

 
ANZUK EDUCATION LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 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.

Post balance sheet events

Likely developments in the operation of the Company and the expected results of those operations in future financial year have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company. 

Auditors

The auditorsMHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

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





J W Sanders
Director

Date: 24 June 2025
Page 4

 
ANZUK EDUCATION LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANZUK EDUCATION LTD
 

Opinion


We have audited the financial statements of ANZUK Education Ltd (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 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 qualified opinion


The prior year figures have not been audited and therefore we were unable to obtain sufficient appropriate audit evidence about the opening balances as at 01 August 2023. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.
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

 
ANZUK EDUCATION LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANZUK EDUCATION LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

 
ANZUK EDUCATION LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANZUK EDUCATION LTD (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:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Reviewing the control systems in place and gaining an understanding of these.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 of ANZUK Education Ltd for the year ended 31 July 2023 were unaudited.


Page 7

 
ANZUK EDUCATION LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANZUK EDUCATION LTD (CONTINUED)


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 Poleykett BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
London, United Kingdom

22 July 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). 
Page 8

 
ANZUK EDUCATION LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
Unaudited 2023
Note
£
£

  

Turnover
 4 
15,206,960
14,280,942

Cost of sales
  
(11,279,242)
(10,609,754)

Gross profit
  
3,927,718
3,671,188

Administrative expenses
  
(3,977,046)
(4,879,376)

Other operating income
 5 
254,333
16,704

Operating profit/(loss)
 6 
205,005
(1,191,484)

Interest receivable and similar income
 10 
1,663
-

Profit/(loss) before tax
  
206,668
(1,191,484)

Tax on profit/(loss)
 11 
28,284
157

Profit/(loss) for the financial year
  
234,952
(1,191,327)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 27 form part of these financial statements.

Page 9

 
ANZUK EDUCATION LTD
REGISTERED NUMBER: 05419264

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
53,659
47,814

  
53,659
47,814

Current assets
  

Debtors: amounts falling due after more than one year
 14 
156,462
52,800

Debtors: amounts falling due within one year
 14 
1,289,996
1,170,941

Cash at bank and in hand
 15 
1,399,753
1,073,755

  
2,846,211
2,297,496

Creditors: amounts falling due within one year
 16 
(2,260,296)
(2,041,750)

Net current assets
  
 
 
585,915
 
 
255,746

Total assets less current liabilities
  
639,574
303,560

  

Net assets
  
639,574
303,560


Capital and reserves
  

Called up share capital 
 17 
209
133

Share premium account
 18 
100,986
-

Profit and loss account
 18 
538,379
303,427

  
639,574
303,560


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




J W Sanders
Director

Date: 24 June 2025

The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
ANZUK EDUCATION LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
133
-
1,546,254
1,546,387


Comprehensive income for the year

Loss for the year
-
-
(1,191,327)
(1,191,327)
Total comprehensive income for the year
-
-
(1,191,327)
(1,191,327)


Contributions by and distributions to owners

Dividends
-
-
(51,500)
(51,500)


Total transactions with owners
-
-
(51,500)
(51,500)



At 1 August 2023
133
-
303,427
303,560


Comprehensive income for the year

Profit for the year
-
-
234,952
234,952
Total comprehensive income for the year
-
-
234,952
234,952


Contributions by and distributions to owners

Shares issued during the year
76
100,986
-
101,062


Total transactions with owners
76
100,986
-
101,062


At 31 July 2024
209
100,986
538,379
639,574


The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
ANZUK EDUCATION LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
Unaudited 2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
234,952
(1,191,327)

Adjustments for:

Depreciation of tangible assets
20,473
36,260

Interest received
(1,663)
-

Taxation charge
(27,618)
(157)

(Increase)/decrease in debtors
(49,799)
397,222

(Increase)/decrease in amounts owed by groups
(71,932)
10,423

(Decrease)/increase in creditors
(381,988)
204,048

Increase in amounts owed to groups
598,355
471,488

Corporation tax received/(paid)
29,797
(33,015)

Net cash generated from operating activities

350,577
(105,058)


Cash flows from investing activities

Purchase of tangible fixed assets
(26,318)
(27,029)

Interest received
1,663
-

Net cash from investing activities

(24,655)
(27,029)

Cash flows from financing activities

Issue of ordinary shares
76
-

Dividends paid
-
(51,500)

Net cash used in financing activities
76
(51,500)

Net increase/(decrease) in cash and cash equivalents
325,998
(183,587)

Cash and cash equivalents at beginning of year
1,073,755
1,257,342

Cash and cash equivalents at the end of year
1,399,753
1,073,755


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,399,753
1,073,755

1,399,753
1,073,755


The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
ANZUK EDUCATION LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

1,073,755

325,998

1,399,753

Debt due within 1 year

(27,740)

13,922

(13,818)


1,046,015
339,920
1,385,935

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

ANZUK Education Ltd is a private company, limited by shares, registered in England and Wales, registration number 05419264. The registered office is 70 Axe and Bottle Court, Ground Floor, 70 Newcomen Street, London SE1 1YT.

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 financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

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

Going concern

The Directors have made an assessment of the Company's ability to continue as a going concern. After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.  Accordingly, the financial statements have been prepared on a going concern basis.
The Company has access to a £500,000 invoice finance facility with Barclays Bank. In addition a related entity, ANZUK Education Services Pty Ltd, has provided financial support in previous periods and will continue to do so for the foreseeable future.

 
2.3

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.

Page 14

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised for permanent placements at the point in time the candidate commences employment. Revenue is recognised for temporary placements at the point in time that temporary workers are provided and continues through the duration of the placement. The factors considered by management on a contract by contract basis when concluding the Company is acting as principal (gross basis) rather than agent (net basis) are as follows:

Revenue from contracts with customers

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The client has a direct relationship with the Company;
The Company has the primary responsibility for providing the services to the client, and engages and contracts directly with the temporary worker; and
The Company is the ultimate decision maker in establishing the rates directly or indirectly with all parties. 

 
2.5

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.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Taxation

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.


 
2.9

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.

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 improvements
-
33 - 36%
Fixtures and fittings
-
25%
Office equipment
-
25%

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.

Page 16

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Page 17

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

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.

Page 18

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company’s accounting policies.  Management continually evaluate its judgement and estimates in relation to assets, liabilities, contingent liabilities, revenues and expenses.  The estimates and associated assertions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
Key estimates – Useful lives of plant & equipment
The Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting period. The Company estimates the useful lives of newly acquired property, plant and equipment during the reporting period in accordance with the accounting policies of the Company.
Key estimates - Allowance for incurred credit losses
The provision for impairment of receivables assessment requires a degree of estimation and judgement.  The level of provision is assessed by taking into account the recent sales experience, the ageing of receivables, historical collection rates and specific knowledge of the individual debtor’s financial position.
Key estimates – Deferred taxes
Determining income tax provisions involves judgment on the tax treatment of certain transactions. Deferred tax is recognised on tax losses not yet used and on temporary differences where it is probable that there will be taxable revenue against which these can be offset. Management has made judgments as to the probability of future taxable revenues being generated against which tax losses will be available for offset based on budgets, current and future expected economic conditions. Income tax benefits are based on the assumption that no adverse change will occur in the income tax legislation.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
Unaudited 2023
£
£

Temporary candidates
14,830,492
14,032,513

Permanent candidates
376,468
224,443

Skodel sales
-
23,986

15,206,960
14,280,942


Analysis of turnover by country of destination:

2024
Unaudited 2023
£
£

United Kingdom
15,206,960
14,280,942

15,206,960
14,280,942


Page 19

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Other operating income

2024
Unaudited 2023
£
£

Settlement reimbursement
238,556
-

Disclosure and Barring Service income
15,777
16,704

254,333
16,704



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
Unaudited 2023
£
£

Bad debt provision
27,935
(8,109)

Exchange differences
6,631
490

Depreciation charge
20,473
36,260

Other operating lease rentals
314,370
286,637

Settlement fees
77,018
875,086


7.


Auditors' remuneration

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


2024
Unaudited 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,950
-

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,750
4,485

All non-audit services not included above
6,950
6,860
Page 20

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Employees

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


2024
Unaudited 2023
£
£

Wages and salaries
2,172,677
2,273,587

Social security costs
759,832
777,315

Cost of defined contribution scheme
85,944
93,736

3,018,453
3,144,638


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


        2024
   Unaudited 2023
            No.
            No.







Sales
33
33



Admin & Central Functions
22
22

55
55


9.


Directors' remuneration

2024
Unaudited 2023
£
£

Directors' emoluments
-
103,905

Company contributions to defined contribution pension schemes
-
6,711

-
110,616


During the year retirement benefits were accruing to no directors (2023: 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
Unaudited 2023
£
£


Bank interest receivable
1,663
-

1,663
-

Page 21

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Taxation


2024
Unaudited 2023
£
£

Corporation tax


Current tax on profits for the year
27,618
-

Prior year's corporation tax refunds
(87,472)
-

Adjustments in respect of previous periods
31,570
(157)


(28,284)
(157)


Total current tax
(28,284)
(157)

Deferred tax

Total deferred tax
-
-


(28,284)
(157)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.01%). The differences are explained below:

2024
Unaudited 2023
£
£


Profit/(loss) on ordinary activities before tax
206,668
(1,191,484)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
50,979
(250,277)

Effects of:


Fixed asset differences
-
(122)

Expenses not deductible for tax purposes
9,060
186,350

Capital allowances for year in excess of depreciation
-
210

Utilisation of tax losses
-
35,381

Marginal relief
(1,974)
-

Adjustments to tax charge in respect of previous periods - deferred tax
-
2,436

Adjustments to tax charge in respect of prior periods
(86,349)
31,276

Remeasurement of deferred tax for changes in tax rates
-
(5,411)

Total tax charge for the year
(28,284)
(157)

Page 22

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
Unaudited 2023
£
£

Ordinary


Dividends
-
51,500

-
51,500


13.


Tangible fixed assets





Short-term leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
241,240
51,936
123,337
416,513


Additions
1,092
448
24,778
26,318



At 31 July 2024

242,332
52,384
148,115
442,831



Depreciation


At 1 August 2023
231,647
36,773
100,279
368,699


Charge for the year
2,418
6,744
11,311
20,473



At 31 July 2024

234,065
43,517
111,590
389,172



Net book value



At 31 July 2024
8,267
8,867
36,525
53,659



At 31 July 2023
9,593
15,163
23,058
47,814

Page 23

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Debtors

2024
Unaudited 2023
£
£

Due after more than one year

Other debtors
156,462
52,800


2024
Unaudited 2023
£
£

Due within one year

Trade debtors
1,105,097
1,066,022

Amounts owed by group undertakings
83,817
11,885

Other debtors
3,298
5,516

Prepayments and accrued income
97,784
87,518

1,289,996
1,170,941


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
The impairment loss recognised in the Statement of Comprehensive Income for the year in respect of bad and doubtful trade debtors was £27,935 (2023: £Nil).


15.


Cash and cash equivalents

2024
Unaudited 2023
£
£

Cash at bank and in hand
1,399,753
1,073,755

1,399,753
1,073,755


Page 24

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Creditors: Amounts falling due within one year

2024
Unaudited 2023
£
£

Trade creditors
102,018
13,105

Amounts owed to group undertakings
1,069,843
471,488

Corporation tax
27,618
25,439

Other taxation and social security
775,390
1,033,487

Other creditors
75,899
75,978

Accruals and deferred income
209,528
422,253

2,260,296
2,041,750


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 
A fixed and floating charge over all the assets of the company by Barclays Bank PLC. 


17.


Share capital

2024
Unaudited 2023
£
£
Allotted, called up and fully paid



20,860 (2023 - 13,333) Ordinary shares of £0.01 each
209
133


On 31 July 2024, 7,527 ordinary shares of £0.01 each were issued with a share premium of £100,986. 


18.


Reserves

Share premium account

The share premium account includes funds received by the company in excess of the par value of the
shares.

Profit and loss account

The profit and loss account represents the accumulation of profits and losses incurred since incorporation.

Page 25

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Pension commitments

The Company operates 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 £121,667 (2023:  £123,806). Contributions totalling £13,818 (2023: £26,396) were payable to the fund at the reporting date and are included in creditors.


20.


Commitments under operating leases

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

2024
Unaudited 2023
£
£


Not later than 1 year
255,340
226,910

Later than 1 year and not later than 5 years
69,754
260,944

325,094
487,854


21.


Transactions with directors

During the year, the Company made advances totaling £2,792 and received credits totalling £1,448 to and from B Goldsmith, a former director. At 31 July 2024, the Company owed £Nil (2023: £1,344) to B Goldsmith, included in other creditors. This loan is unsecured, interest free and repayable on demand.
During the year, the Company issued J W Sanders, a director, 7,527 ordinary shares of £0.01 each for a total of £101,062. J W Sanders has entered into an undertaking with the company to settle the amount due by 1 July 2026.  At 31 July 2024, J W Sanders owed £101,062 (2023: £Nil) to the company, which is included in other debtors. 

Page 26

 
ANZUK EDUCATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Related party transactions

Included in debtors at the year end, are amounts owed by group undertakings of £83,817 (2023: £11,885). The following are balances in relation to amounts owed from the below entities:
During the year, the Company made advances totalling £250,853 and received credits totalling £237,091 from ANZUK Education Services Pty Ltd, a company in which, D J Mundy is also a director. As at 31 July 2024, the balance of £25,647 (2023: £11,885) is due to the Company. 
During the year, the Company made advances totalling £73,875 and received credits totalling £15,705 from Scoot Education Inc, a company which, J W Sanders is also a director. As at 31 July 2024, the balance of £58,170 (2023: £Nil) is due to the Company.  
Included in creditors at the year end, is amounts owed to group undertakings of £1,069,843 (2023: £471,488). The following are balances in relation to amounts owed to the below entity:
During the year, the Company made advances totalling £195,768 and received credits totalling £794,123 from ANZUK Education Services Pty Ltd, a company in which, which, D J Mundy is also a director. As at 31 July 2024, the balance of £1,069,843 (2023: £471,488) is due from the Company.  
These amounts are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


23.


Controlling party

ANZUK Teachers UK Holdings Pty Ltd is the controlling company, registered in 35 Market Street, South Melbourne, Victoria 3205, Australia. 

 
Page 27