Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-31The Directors are responsible for preparing 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 judgements 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 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 2006. They 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.The Principal activity continues to be to provide educational support services. Tute Education Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08176584 and its registered office address is Atria, Spa Road, Bolton, United Kingdom, BL1 4AG. The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.2024-08-3100The 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 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.falsetrue2023-09-01false8048 08176584 2023-09-01 2024-08-31 08176584 2022-09-01 2023-08-31 08176584 2024-08-31 08176584 2023-08-31 08176584 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-08-31 08176584 c:Non-currentFinancialInstruments c:AfterOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-08-31 08176584 1 2023-09-01 2024-08-31 08176584 d:CompanySecretary1 2023-09-01 2024-08-31 08176584 d:Director1 2023-09-01 2024-08-31 08176584 d:Director1 2024-08-31 08176584 d:Director2 2023-09-01 2024-08-31 08176584 d:Director3 2023-09-01 2024-08-31 08176584 d:Director3 2024-08-31 08176584 d:Director4 2023-09-01 2024-08-31 08176584 d:Director4 2024-08-31 08176584 d:Director5 2023-09-01 2024-08-31 08176584 d:Director5 2024-08-31 08176584 d:Director6 2023-09-01 2024-08-31 08176584 d:Director6 2024-08-31 08176584 d:Director7 2023-09-01 2024-08-31 08176584 d:Director7 2024-08-31 08176584 d:RegisteredOffice 2023-09-01 2024-08-31 08176584 c:FurnitureFittings 2023-09-01 2024-08-31 08176584 c:FurnitureFittings 2024-08-31 08176584 c:FurnitureFittings 2023-08-31 08176584 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08176584 c:OfficeEquipment 2023-09-01 2024-08-31 08176584 c:OfficeEquipment 2024-08-31 08176584 c:OfficeEquipment 2023-08-31 08176584 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08176584 c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08176584 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 08176584 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 08176584 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 08176584 c:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 08176584 c:OtherResidualIntangibleAssets 2024-08-31 08176584 c:OtherResidualIntangibleAssets 2023-08-31 08176584 c:CurrentFinancialInstruments 2024-08-31 08176584 c:CurrentFinancialInstruments 2023-08-31 08176584 c:Non-currentFinancialInstruments 2024-08-31 08176584 c:CurrentFinancialInstruments c:WithinOneYear 2024-08-31 08176584 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 08176584 c:Non-currentFinancialInstruments c:AfterOneYear 2024-08-31 08176584 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-08-31 08176584 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-08-31 08176584 c:ShareCapital 2024-08-31 08176584 c:ShareCapital 2023-08-31 08176584 c:SharePremium 2023-09-01 2024-08-31 08176584 c:SharePremium 2024-08-31 08176584 c:SharePremium 2023-08-31 08176584 c:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 08176584 c:RetainedEarningsAccumulatedLosses 2024-08-31 08176584 c:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 08176584 c:RetainedEarningsAccumulatedLosses 2023-08-31 08176584 c:RetainedEarningsAccumulatedLosses 2022-09-01 08176584 c:TaxLossesCarry-forwardsDeferredTax 2024-08-31 08176584 c:TaxLossesCarry-forwardsDeferredTax 2023-08-31 08176584 d:OrdinaryShareClass1 2023-09-01 2024-08-31 08176584 d:OrdinaryShareClass1 2024-08-31 08176584 d:OrdinaryShareClass1 2023-08-31 08176584 d:OrdinaryShareClass2 2023-09-01 2024-08-31 08176584 d:OrdinaryShareClass2 2024-08-31 08176584 d:OrdinaryShareClass2 2023-08-31 08176584 d:OrdinaryShareClass3 2023-09-01 2024-08-31 08176584 d:OrdinaryShareClass3 2024-08-31 08176584 d:OrdinaryShareClass3 2023-08-31 08176584 d:OrdinaryShareClass4 2023-09-01 2024-08-31 08176584 d:OrdinaryShareClass4 2024-08-31 08176584 d:FRS102 2023-09-01 2024-08-31 08176584 d:Audited 2023-09-01 2024-08-31 08176584 d:FullAccounts 2023-09-01 2024-08-31 08176584 d:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08176584 c:WithinOneYear 2024-08-31 08176584 c:WithinOneYear 2023-08-31 08176584 c:BetweenOneFiveYears 2024-08-31 08176584 c:BetweenOneFiveYears 2023-08-31 08176584 c:MoreThanFiveYears 2024-08-31 08176584 c:MoreThanFiveYears 2023-08-31 08176584 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-09-01 2024-08-31 08176584 6 2023-09-01 2024-08-31 08176584 c:ExternallyAcquiredIntangibleAssets 2023-09-01 2024-08-31 08176584 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-09-01 2024-08-31 08176584 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08176584









TUTE EDUCATION LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
TUTE EDUCATION LIMITED
 
 
COMPANY INFORMATION


Directors
C J Baldock (resigned 18 April 2025)
Mrs V Leach 
A P Menon (resigned 23 April 2024, appointed 15 August 2024, resigned 18 April 2025)
H O'Driscoll (resigned 18 April 2025)
R J Cooke (appointed 18 April 2025)
D J Leatherbarrow (appointed 18 April 2025)
M R Cooke (appointed 23 April 2024, resigned 15 August 2024)




Company secretary
M J Logue (appointed 18 April 2025)



Registered number
08176584



Registered office
Atria
Spa Road

Bolton

United Kingdom

BL1 4AG




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

Two Chamberlain Square

Birmingham

B3 3AX





 
TUTE EDUCATION LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Income and Retained Earnings
7
Balance Sheet
8
Notes to the Financial Statements
9 - 20


 
TUTE EDUCATION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The Directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The Directors are responsible for preparing 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 judgements 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 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 continues to be to provide educational support services.

Directors

The Directors who served during the year were:

C J Baldock (resigned 18 April 2025)
Mrs V Leach 
A P Menon (resigned 23 April 2024, appointed 15 August 2024, resigned 18 April 2025)
H O'Driscoll (resigned 18 April 2025)
M R Cooke (appointed 23 April 2024, resigned 15 August 2024)

Results and dividends

The profit for the year, after taxation, amounted to £2,959,245 (2023 - £794,126).

The Directors did not recommend the payment of a dividend in the year (2023: £Nil).

Page 1

 
TUTE EDUCATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Qualifying third party indemnity provisions

The Company maintains qualifying third-party indemnity insurance for all Directors. These insurances were in force throughout 2023/2024 and continue into 2024/2025.

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

The Company was sold on 18 April 2025 to Outcomes First 4 Limited, a private company limited by shares, incorporated in England and Wales. The ultimate parent undertaking following the sale is Oasis Topco 1 Limited, a private company limited by shares, incorporated in England and Wales.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





Mrs V Leach
Director

Date: 29 August 2025

Page 2

 
TUTE EDUCATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUTE EDUCATION LIMITED
 

Opinion

We have audited the financial statements of Tute Education Limited (the ‘Company’) for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 August 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 opinion

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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Other information

The other information comprises the information included in the Directors' Report. The directors are responsible for the other information contained within the Directors' 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.
Page 3

 
TUTE EDUCATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUTE EDUCATION LIMITED
 

Other information (continued)
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.

Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 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.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Other matters
Without qualifying our opinion, we draw attention to the accounting policies on page 9 to 13 to the financial statements and the fact that the comparative information in the accounts was unaudited as the company was entitled to exemption from audit.
 
Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 4

 
TUTE EDUCATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUTE EDUCATION LIMITED
 

Auditor's 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 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 financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
Page 5

 
TUTE EDUCATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TUTE EDUCATION LIMITED
 

Auditor's responsibilities for the audit of the financial statements (continued)
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.

Use of the audit 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.




Edith Yagoh (Senior statutory auditor)
  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
Two Chamberlain Square
Birmingham
B3 3AX

29 August 2025
Page 6

 
TUTE EDUCATION LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
Unaudited 2023
£
£

  

Turnover
  
7,338,840
4,275,440

Cost of sales
  
(2,793,880)
(1,599,632)

Gross profit
  
4,544,960
2,675,808

Administrative expenses
  
(2,506,704)
(1,705,772)

Operating profit
  
2,038,256
970,036

Amounts written off investments
  
-
(125,000)

Interest payable and similar expenses
  
(20,951)
(50,910)

Profit before tax
  
2,017,305
794,126

Tax on profit
  
941,940
-

Profit after tax
  
2,959,245
794,126

  

  

Retained earnings at the beginning of the year
  
(6,101,731)
(6,895,857)

  
(6,101,731)
(6,895,857)

Profit for the year
  
2,959,245
794,126

Retained earnings at the end of the year
  
(3,142,486)
(6,101,731)
The notes on pages 9 to 20 form part of these financial statements.

Page 7

 
TUTE EDUCATION LIMITED
REGISTERED NUMBER: 08176584

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
Restated Unaudited 2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
480,061
212,057

Tangible assets
 6 
295,126
-

  
775,187
212,057

Current assets
  

Debtors: amounts falling due within one year
 8 
3,219,031
1,032,773

Cash at bank and in hand
 9 
1,612,893
696,803

  
4,831,924
1,729,576

Creditors: amounts falling due within one year
 10 
(1,285,515)
(558,991)

Net current assets
  
 
 
3,546,409
 
 
1,170,585

Total assets less current liabilities
  
4,321,596
1,382,642

Creditors: amounts falling due after more than one year
 11 
(140,237)
(188,428)

  

Net assets
  
4,181,359
1,194,214


Capital and reserves
  

Called up share capital 
 14 
408,356
408,256

Share premium account
 15 
6,915,489
6,887,689

Profit and loss account
 15 
(3,142,486)
(6,101,731)

  
4,181,359
1,194,214


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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



Mrs V Leach
Director

Date: 29 August 2025

The notes on pages 9 to 20 form part of these financial statements.

Page 8

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Tute Education Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08176584 and its registered office address is Atria, Spa Road, Bolton, United Kingdom, BL1 4AG. 
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The comparative figures presented for the year ended 31 August 2023 are unaudited as the Company did not meet audit requirements during this period. 
As a result, the comparative columns throughout these financial statements are clearly marked as unaudited to reflect their status.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have prepared budgets and forecasts and confirm that they have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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 amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 9

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 10

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Domains & site development
-
5 years
Website (assets under construction)
-
Not amortised until complete

 
2.8

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:

IT & Office equipment
-
3 - 5 years

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

Page 11

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
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 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

 
Page 12

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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

Prior year restatement

The prior year restatement relates to the reclassification of a £10,894 debit balance of trade creditors now being correctly presented within trade debtors in the Debtors note. 
Prior to this restatement the balances were as follows:
Debtors: amounts falling due within one year - £1,021,879
Creditors: amounts falling due within one year - £736,525

Page 13

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors confirm there are no estimates and assumptions that have a significant risk of causing a material adjustment. 
Development costs
Development costs are capitalised when the conditions as noted in accounting policy 2.4 are met, and the directors amortise these over the expected useful life. Useful lives are based on management's estimates of the period that the assets will generate revenue. 


4.


Employees

The average monthly number of employees, including directors, during the year was 80 (2023 unaudited: 48).


5.


Intangible assets




Domains & site development
Website (assets under construction)
Total

£
£
£



Cost


At 1 September 2023 (unaudited)
1,063,695
-
1,063,695


Additions
285,940
62,765
348,705


Disposals
(814,162)
-
(814,162)



At 31 August 2024

535,473
62,765
598,238



Amortisation


At 1 September 2023 (unaudited)
851,638
-
851,638


Charge for the year on owned assets
80,701
-
80,701


On disposals
(814,162)
-
(814,162)



At 31 August 2024

118,177
-
118,177



Net book value



At 31 August 2024
417,296
62,765
480,061



At 31 August 2023 (unaudited)
212,057
-
212,057



Page 14

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Tangible fixed assets





Fixtures and fittings
IT & Office equipment
Total

£
£
£



Cost 


At 1 September 2023 (unaudited)
-
-
-


Additions
273,880
42,849
316,729



At 31 August 2024

273,880
42,849
316,729



Depreciation


At 1 September 2023
(unaudited)
-
-
-


Charge for the year on owned assets
13,248
8,355
21,603



At 31 August 2024

13,248
8,355
21,603



Net book value



At 31 August 2024
260,632
34,494
295,126



At 31 August 2023 (unaudited)
-
-
-

Page 15

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
(unaudited)
125,000



At 31 August 2024

125,000



Impairment


At 1 September 2023
(unaudited)
125,000



At 31 August 2024

125,000



Net book value



At 31 August 2024
-



At 31 August 2023
(unaudited)
-

The investment relates to Tute India, a 100% owned subsidiary incorporated in India. 


8.


Debtors

2024
Restated Unaudited 2023
£
£


Trade debtors
2,103,192
677,731

Amounts owed by shareholders
27,900
-

Other debtors
34,526
-

Prepayments and accrued income
111,473
355,042

Deferred taxation
941,940
-

3,219,031
1,032,773


Page 16

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Cash and cash equivalents

2024
Unaudited 2023
£
£

Cash at bank and in hand
1,612,893
696,803

1,612,893
696,803



10.


Creditors: Amounts falling due within one year

2024
Restated
Unaudited 2023
£
£

Other loans
43,429
42,975

Trade creditors
99,714
-

Other taxation and social security
600,968
331,772

Other creditors
14,569
43,634

Accruals
526,835
140,610

1,285,515
558,991



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
140,237
188,428

140,237
188,428


Page 17

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
43,429
42,975


Amounts falling due 2-5 years

Other loans
140,237
188,428


183,666
231,403



13.


Deferred taxation




2024


£






Credited to profit or loss
941,940



At end of year
941,940

The deferred tax asset is made up as follows:

2024
Unaudited 2023
£
£


Tax losses carried forward
941,940
-

941,940
-

Page 18

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Share capital

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



19,978 (2023 - 19,978) Ordinary shares of £0.10 each
1,998
1,998
242,417 (2023 - 242,417) A Preferred shares of £1.00 each
242,417
242,417
163,841 (2023 - 163,841) B Preferred shares of £1.00 each
163,841
163,841
100 (2023 - Nil) M Ordinary shares of £1.00 each
100
-

408,356

408,256

100 M Ordinary shares were allotted in the year. These shares had rights attached in regard to on a share sale occurring, a percentage of the sale proceeds shall be first distributed to the holders of the M shares, with the percentage dependent on the  value of the share proceeds. Whilst a value could not be established as at the end of the reporting period, these have subsequently vested post the year end as part of the sales process at £54,897 per share.
After distributing the sales proceeds to the holders of the M Shares in line with the articles of association, the balance of the sales proceeds are distributed to the holders of the Ordinary Shares in proportion to the number of Ordinary Shares held.
All dividends declared in respect of the A Preferred Shares, B Preferred Shares and Ordinary Shares shall be distributed amongst the holders of the A Preferred Shares, B Preferred Shares and Ordinary Shares {pari passu as if the same constituted one class of Shares) in proportion to the number of A Preferred Shares, B Preferred Shares and Ordinary Shares held. No dividend or other distribution shall be paid to the holders of the M Shares.

The A Preferred Shares, B Preferred Shares and Ordinary Shares shall entitle the holders thereof to receive notice of all general meetings and will entitle the holders to attend and vote at any general meeting or on a written resolution.
The M Shares shall not entitle the holders thereof to receive notice of any general meetings nor will they entitle their holders to attend or vote at any general meeting or on a written resolution.




15.


Reserves

Share premium account

This reserve represents the amounts paid for shares in excess of the par value.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 19

 
TUTE EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Capital commitments

At 31 December 2024 the Company had capital commitments outstanding of £114,769 (2023 unaudited: £Nil). 


17.


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. Contributions totaling £14,566 (2023 unaudited: £22,835) were payable to the fund at the balance sheet date.


18.


Commitments under operating leases

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

2024
Restated
Unaudited 2023
£
£


Not later than 1 year
109,787
29,125

Later than 1 year and not later than 5 years
383,975
9,529

Later than 5 years
45,250
-

539,012
38,654


19.


Post balance sheet events

The Company was sold on 18 April 2025 to Outcomes First 4 Limited, a private company limited by shares, incorporated in England and Wales. The ultimate parent undertaking following the sale is Oasis Topco 1 Limited, a private company limited by shares, incorporated in England and Wales.


20.


Controlling party

Newport Global Fund Spc was the immediate parent undertaking until 18 April 2025. 
From 18 April 2025, Outcomes First 4 Limited, a company incorporated in England and Wales is the immediate parent undertaking. 
The ultimate parent undertaking is Oasis Topco 1 Limited, a company incorporated in England and Wales.

Page 20