Company Registration No. 13718892 (England and Wales)
WALL STREET PREP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WALL STREET PREP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WALL STREET PREP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
3
184,920
116,548
Cash at bank and in hand
15,240
27,186
200,160
143,734
Creditors: amounts falling due within one year
4
(90,164)
(93,137)
Net current assets
109,996
50,597
Capital and reserves
Called up share capital
5
115
115
Profit and loss reserves
109,881
50,482
Total equity
109,996
50,597

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
M Feldman
Director
Company Registration No. 13718892
WALL STREET PREP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Wall Street Prep Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence. The company is reliant on the parent company as a result of all revenue being generated from services provided internally. The parent company has confirmed its intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due so that financial support will continue to be available for a period of at least 12 months from the approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements based on the continued support.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided to the parent company in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account the transfer pricing agreement between the parent entity and its subsidiary.

When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors, amounts due from fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

WALL STREET PREP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the employee's services are received.

WALL STREET PREP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
3
3
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
184,920
116,548

Amounts owed by group undertakings attract interest at a rate of 3% above Bank of England base rate per annum. The amounts are unsecured and are repayable on demand.

4
Creditors: amounts falling due within one year
2024
2023
$
$
Corporation tax
24,727
16,746
Other taxation and social security
187
13,831
Other creditors
8,838
8,332
Accruals and deferred income
56,412
54,228
90,164
93,137
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
100
100
115
115
WALL STREET PREP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Events after the reporting date

On 4 February 2025, the immediate parent company, Wall Street Prep Inc. was acquired by a global private equity firm focused on education technology portfolio companies. Following this, the ultimate controlling party has changed to be Bela Szigethy and Stewart Kohl, whilst the ultimate parent undertaking is Wall Street Prep Group Holding Company, LLC, a company incorporated in the USA.

7
Parent company

The company's immediate parent undertaking is Wall Street Prep, Inc., which owns 100% of the issued share capital. The company is incorporated in the USA, with a registered address of 180 Wells Avenue, Suite 103, Newton, MA 02459, USA.

 

As at 31 December 2024, the ultimate parent undertaking was EC Atlantic Holdco LLC, a company incorporated in the USA, with a registered address of The Corporation Trust Company, Corporation Trust Centre, 1209 Orange St, Wilmington, DE 19801. This is the parent undertaking of the largest and smallest group of which the company is a member and for which consolidated financial statements are prepared as at 31 December 2024.

 

As at the time of approving these financial statements, the ultimate parent undertaking is Wall Street Prep Group Holding Company LLC, a company incorporated in the USA, with a registered address of 180 Wells Avenue, Suite 103, Newton, MA 02459, USA with the ultimate controlling parties being Bela Szigethy and Stewart Kohl.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Rebecca Galbraith-Lowe.
The auditor was HW Fisher Audit.
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