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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
CONTENTS
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KUMON EUROPE & AFRICA LIMITED
COMPANY INFORMATION
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KUMON EUROPE & AFRICA LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Kumon Europe and Africa Limited is the largest supplemental educational provider in Europe and Africa.
The company functions as the parent entity and regional headquarters of subsidiaries in the UK, Spain, Germany and South Africa, and branches in Ireland and Greece. It is itself part of the wider Kumon group, which is a worldwide organisation based in Japan and the largest supplemental education provider in the world. The Kumon Method was developed in Japan over 65 years ago. It complements rather than replaces traditional methods of teaching by encouraging children to acquire self-learning skills. The method is made up of various worksheet-based educational programmes, which are tailored to suit individual students allowing them to move through different levels within each programme by themselves. The services are delivered by Instructors, who are owner managed Kumon franchises responsible for instructing students in accordance with the Kumon Method which has been substantiated over 65 years. The group operates in 26 countries across Europe and Africa. The company and group provide supplementary education services to children in the UK, Europe, and Africa. They offer Maths, native language programmes in English and Spanish and English as a foreign language programme to children of all ages and abilities and have over 115,000 students and 1,200 study centres.
The group is demonstrating robust financial performance, marked by consistent operating income and rising revenue. Operating expenses are trending back toward pre-pandemic levels, with anticipated increases in travel and meeting costs. As the group re-establishes itself post-pandemic, there is improved alignment in both strategy and operations.
Kumon Connect offer the flexibility, individualised study and high-level feedback that is synonymous with the brand. Kumon Connect has been adopted by approximately 25% of students and is gaining momentum. Strategy The group’s mission is to help every child become an independent and advanced learner, fostering a positive attitude towards study and enabling them to reach their full potential. Through the Maths and English programmes, students build independent learning skills and grow in self-confidence as they learn to tackle challenges on their own. The directors and senior management have outlined the following strategic initiatives:
1)Establish a strong foundation for sustainable growth by actively developing core classrooms.
2)Drive the expansion of the franchise network by creating profitable and appealing business models.
3)Proactively promote Kumon Connect across European and African markets.
4)Enhance operating profit margins by pursuing growth strategies and reducing costs through structural reforms.
5)Invest in innovative solutions and ICT to continually improve the student learning experience.
The Kumon Institute of Education in Japan, as the group’s ultimate holding company, sets the overall strategic direction for Kumon. It develops educational materials and communicates strategies, new ideas, and concepts to regional headquarters worldwide.
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KUMON EUROPE & AFRICA LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In addition to general operational matters, the group is exposed to the following risks:
1)The education sector is highly competitive, with local and online alternatives with evolving online learning platforms can threaten market share.
2)Changes in education policies, regulations, or local requirements that could increase operational complexity and costs.
The group’s key performance indicators (KPI’s) are numbers of students and study centres as well as gross profit margin, operating profit margin and net assets, which communicate overall financial performance and strength.
The above figures demonstrate a steady growth in turnover accompanied by healthy increase in operating income. The group has delivered strong performance and continues to hold a solid position, supported by significant cash reserves and no debts.
The group plans to enhance brand awareness of Kumon Connect while also accelerating its expansion across Europe by employing a variety of strategic approaches to grow operations in both Europe and Africa. The focus in the next few years are as follows:
1)Growing the franchise network throughout Europe and Africa.
2)Investment in ICT solutions to increase accessibility of the program and enhance the learning experience for students.
3)Expansion of the English as a foreign language programme in UK, Europe and Africa.
This report was approved by the board and signed on its behalf.
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KUMON EUROPE & AFRICA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £3,251,471 (2023 -£2,768,915).
A dividend of £2,700,000 was approved by the board of directors and paid after the year end.
The directors who served during the year were:
On 1 July 2025 M Tanabe and P Mehta were appointed as directors.
The group's activities expose it to a number of financial risks including cashflow risk, credit risk and liquidity risk. These risks and their management are as follows:
Cash flow risk
The group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The group manages foreign currency exchange risk by mainly issuing invoices in its functional currency and by receiving supplier invoices in various foreign currencies, including US Dollars, Japanese Yen and Euros. Overall, this mitigates against the exchange risk.
Credit risk
The group's principal financial assets are bank balances, cash, trade and other receivables.
The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Trade receivables presented in the balance sheet are net of allowances for doubtful receivables which are historically very low. The directors consider that the group has successfully reduced its credit risk as much as economically viable, and it continues to monitor its credit risk position very closely.
Liquidity risk
The group ensures it has sufficient funds and bank credit lines to meet its working capital requirements and future developments.
Details of future developments can be found in the Strategic Report on page 3.
Details of engagement with suppliers, customers and others can be found in the Strategic Report on page 3.
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KUMON EUROPE & AFRICA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company and group have a branch, as defined in s1046(3) of the Companies Act 2006, outside the UK in Ireland.
The company's auditor, Greenback Alan LLP, ceased to operate as a registered auditor on 31 March 2025 and its business was transferred to Blick Rothenberg Audit LLP. Accordingly the company appointed Blick Rothenberg LLP as its auditor in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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KUMON EUROPE & AFRICA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group'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 group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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KUMON EUROPE & AFRICA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KUMON EUROPE & AFRICA LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
We have audited the financial statements of Kumon Europe & Africa Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the group statement of comprehensive income, the group and company Balance sheets, the group and company statement of changes in equity, the group statement of cash flows and the related notes, including a summary of significant accounting policies. The 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).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
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 group's or the parent 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.
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KUMON EUROPE & AFRICA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KUMON EUROPE & AFRICA LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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KUMON EUROPE & AFRICA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KUMON EUROPE & AFRICA LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 auditor's 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 Group 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:
∙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 supplemental educational sector;
∙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, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;
∙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; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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 a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
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 HM Revenue and Customs, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
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KUMON EUROPE & AFRICA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KUMON EUROPE & AFRICA LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 auditor's 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 2006. Our 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 auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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KUMON EUROPE & AFRICA LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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KUMON EUROPE & AFRICA LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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KUMON EUROPE & AFRICA LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Kumon Europe & Africa Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 4th Floor West, Ealing Cross, 85 Uxbridge Road, London, W5 5TH.
2.Accounting policies
The consolidated 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 group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial
statements.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Franchise Income Revenue from the franchise income is recognised when all of the following conditions are satisfied: - The franchisee has procured and declared a student to the group; - The amount of revenue can be measured reliably; - It is probable that the group will receive the consideration due under the transaction.
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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:
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.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument.
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 group after deducting all of its liabilities.
The group’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, and intercompany balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Ordinary shares are classified as equity.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The key judgements and estimates made by management in preparing these financial statements relate to depreciation of fixed assets, valuation of investments, valuation of stock and deferred taxation, and are explained more fully in the respective accounting policy notes.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
On 1 March 2024 the directors proposed a dividend of £2,500,000. Dividend income is £398,798 for the year ended 31 December 2024.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15.Tangible fixed assets (continued)
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company may, subject to the provisions of the Companies Act 2006, at any time redeem the whole or any part of the preference shares upon giving to the shareholders whose shares are to be redeemed not less than three months' notice in writing at any time. The company shall not be entitled to redeem any preference share unless it is a fully paid share. Upon redemption the company shall pay to the shareholder the par value of the shares.
Foreign exchange reserve
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £240,138 (2023: £238,179). Contributions totalling £29,449 (2023: £26,052) were payable to the fund at the balance sheet date and are included in creditors.
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KUMON EUROPE & AFRICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
27.Other financial commitments
The parent company and the group have other financial commitments relating to the provision of rent subsidies to its franchisees. As at the reporting date, there were financial commitments of £17,708 (2023: £40,656) due within one year, £7,292 (2023: £6,457) due later than one year and no later than five years.
The company's immediate and ultimate parent undertaking is
The largest and smallest groups of which the company is a member and which prepares consolidated accounts is the
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