Company registration number 09089974 (England and Wales)
EXAM PAPERS PLUS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
EXAM PAPERS PLUS LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
EXAM PAPERS PLUS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,067,467
3,311,609
Tangible assets
5
5,238
4,287
Investments
6
286,558
3,359,263
3,315,896
Current assets
Debtors
8
359,823
63,617
Cash at bank and in hand
1,724,498
2,058,300
2,084,321
2,121,917
Creditors: amounts falling due within one year
9
(669,027)
(888,448)
Net current assets
1,415,294
1,233,469
Total assets less current liabilities
4,774,557
4,549,365
Creditors: amounts falling due after more than one year
10
(940,000)
(940,000)
Provisions for liabilities
(394,391)
(394,391)
Net assets
3,440,166
3,214,974
Capital and reserves
Called up share capital
1,200
1,200
Share premium account
1,669,520
1,669,520
Profit and loss reserves
1,769,446
1,544,254
Total equity
3,440,166
3,214,974
The directors of the company have elected not to include a copy of the income statement 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 1 September 2025 and are signed on its behalf by:
F Nasim
Director
Company Registration No. 09089974
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Exam Papers Plus Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 690 Great West Road, Isleworth, United Kingdom, TW7 4PU.
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 sterling, 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Based on the company performance projections and consideration of risks that the company is exposed to, the directors consider thattrue the company has adequate resources to continue as a going concern. Consequently, these accounts have been prepared on a going concern basis, which assumes the company will be able to realise its assets and discharge its liabilities as they fall due in the normal course of business, for the foreseeable future.
1.3
Turnover
Turnover is derived from educational support services supplied by the company, net of value added tax and trade discounts. One- time revenue is recognised at the date of purchase, while subscription revenue is recognised over the relevant period of the subscription length.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Content
5 years straight line
Websites
15% reducing balance
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include debtors 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
Useful economic lives of intangible assets:
The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, and economic utilisation. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculation requires the Company to estimate the future cashflows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
8
3
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
4
Intangible fixed assets
Goodwill
Content
Websites
Total
£
£
£
£
Cost
At 1 April 2024
2,058,975
796,466
2,247,044
5,102,485
Additions
348,812
348,812
At 31 March 2025
2,058,975
1,145,278
2,247,044
5,451,297
Amortisation and impairment
At 1 April 2024
680,849
173,506
936,521
1,790,876
Amortisation charged for the year
208,849
200,567
183,538
592,954
At 31 March 2025
889,698
374,073
1,120,059
2,383,830
Carrying amount
At 31 March 2025
1,169,277
771,205
1,126,985
3,067,467
At 31 March 2024
1,378,126
622,960
1,310,523
3,311,609
5
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2024
15,478
Additions
2,268
At 31 March 2025
17,746
Depreciation and impairment
At 1 April 2024
11,191
Depreciation charged in the year
1,317
At 31 March 2025
12,508
Carrying amount
At 31 March 2025
5,238
At 31 March 2024
4,287
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
286,558
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
-
Additions
286,558
At 31 March 2025
286,558
Carrying amount
At 31 March 2025
286,558
At 31 March 2024
-
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
JPK Education Limited
First Floor 690 Great West Road, Osterley Village, Isleworth, England, TW7 4PU
Ordinary Shares
100.00
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,989
4,608
Amounts owed by group undertakings
336,805
Other debtors
13,458
6,484
Prepayments and accrued income
6,571
52,525
359,823
63,617
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
12,334
Corporation tax
246,154
438,794
Other taxation and social security
18,680
3,748
Deferred income
361,813
396,038
Other creditors
39,340
34,494
Accruals
3,040
3,040
669,027
888,448
EXAM PAPERS PLUS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Creditors: amounts falling due within one year
(Continued)
- 7 -
Other borrowings include loans totalling £940,000 which are unsecured and charged interest at 6% p.a..
10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
940,000
940,000
11
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.
Senior Statutory Auditor:
Paul Creasey
Statutory Auditor:
Azets Audit Services
12
Related party transactions
The Company has taken the exemption available in FRS 102 and has chosen not to disclose related party transactions with wholly owned members of the group.
13
Directors' transactions
Dividends totalling £624,750 (2024 - £423,000) were paid in the year in respect of shares held by the company's directors.
14
Parent company
The ultimate controlling party is Mr Faisal Nasim by virtue of his majority shareholding in the company.