REGISTERED NUMBER: 09098453 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2024

for

ELIZABETH SCHOOL OF LONDON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

9

Report of the Independent Auditors

12

Income Statement

16

Other Comprehensive Income

17

Balance Sheet

18

Statement of Changes in Equity

19

Cash Flow Statement

20

Notes to the Cash Flow Statement

21

Notes to the Financial Statements

23

Directors:

Professor H J Marshall

C D Bell

Baroness A I Foster

A S Green

M A Rahman

Registered office:

5th Floor, Exchange Tower

1 Harbour Exchange Square

London

E14 9GE

Registered number:

09098453 (England and Wales)

Senior statutory auditor:

Naresh Jani FCCA

Auditors:

Andertons Europe Ltd (Statutory Auditors)

1st Floor

156 Cromwell Road

Kensington

London

SW7 4EF

The directors present their strategic report for Elizabeth School of London Limited ("ESL" or "the Company") for the year ended 31 August 2024. This report sets out the Company's strategic direction, operational and financial performance, key developments, and outlook within the context of a highly competitive higher education market.

Business review and financial results

ESL achieved a turnover of £74.9 million for the year ended 31 August 2024, compared with £32.6 million in the previous year. Profit before taxation increased to £15.9 million (2023: £5.9 million), reflecting strong operational performance. This financial strength enabled the declaration of dividends totalling £23 million (2023: £180,000), while retaining £1.1 million in reserves to support future investment and strategic initiatives.

Employees

Staff numbers increased to approx. 434 during the year (2023: 159), reflecting ESL's growth and expanded operations. Investment in staff development, equality of opportunity, and wellbeing remains central to the ESL's strategy. Comprehensive policies ensure fairness in recruitment, training, and career progression, including measures to support disabled staff and promote an inclusive working environment.

Principal Activity and Business Model

Established in 2014, ESL is an independent provider of higher education. The Company offers foundation and undergraduate programmes through validated collaborations with reputable UK universities. Its main source of revenue comes from franchised degree programmes delivered under these partnerships.

Business Model Highlights:

ESL delivers degree programmes on behalf of its partner universities through a franchise model, operating a multi-campus network across London, Leeds, Manchester, Birmingham, Northampton, and Leicester.

Its programme portfolio is primarily centred on business management, with planned expansion into related disciplines to broaden its academic offering.

The Company maintains validated partnerships with Canterbury Christ Church University, Bath Spa University, St Mary's University Twickenham, the University of Greater Manchester, and Newcastle College & Newcastle College University Centre.

Strategic Vision and Mission

Vision: Our vision is to transform lives through values-based and tailored educational experiences. We are committed to social mobility and community cohesiveness through the development of individual, as well as collective, agency and identity - an agency that enables all to thrive and form enriching and valuable careers for the benefit of society.

Mission: The mission of ESL is to provide a quality educational experience for students from diverse backgrounds who demonstrate academic competence, potential, and personal motivation for success. By collaborating with universities across the UK, we recognise the transformative impact of education on personal and professional growth and are committed to fostering an equitable and inclusive environment where everyone can live, learn, belong, and thrive.

Financial and Operational Performance

The financial year 2023-24 represented a transformational period of growth and consolidation.

Financial Highlights: -

Heading

2024

2023

Turnover

£74.9m

£32.6m

Gross profit

£46.9m

£19.6m

Operating profit

£16.4m

£6.0m

Profit before tax

£15.9m

£5.9m

Growth Drivers:

- Increased student recruitment across all sites

- £9.7m investment in freehold properties to strengthen the balance sheet

- Substantial growth in academic and support staff (approx. 434 employees vs 159 in 2023)

Governance and Management Framework

The Governance and Management Framework sets out the key instruments and principles governing ESL's Board of Governors and executive management. The arrangements are designed to ensure robust oversight, strategic direction, and full compliance with regulatory requirements. The framework aligns with the Committee of University Chairs (CUC) Code of Governance, the Office for Students (OfS) regulations, and the Public Interest Governance Principles, supporting transparency, accountability, and continuous improvement.

Tailored to ESL's size and operational needs, the framework enables effective and agile decision-making, optimised use of resources, and strong engagement with stakeholders. It operates in conjunction with ESL's Strategic Framework, Key Performance Measures (KPMs), Risk Management Framework, and Risk Register, ensuring that strategic objectives, performance monitoring, and risk management are fully integrated. The Board of Governors holds ultimate responsibility for these frameworks, overseeing their implementation, effectiveness, and alignment to ESL's mission of delivering a high-quality educational experience to its diverse student population.

ESL's governance arrangements ensure an appropriate balance of power between the Board of Governors and executive management. The Board operates independently of the executive team, providing objective oversight, scrutiny, and challenge to decision-making. Clear roles and responsibilities, together with structured reporting and committee arrangements, safeguard accountability, mitigate conflicts of interest, and support effective governance in line with regulatory requirements and best practice guidance.

Strategic Developments

The Strategic Framework has been developed through consultation with the Board of Governors, staff, students, and alumni. It is informed by developments in higher education and societal changes and provides a structured approach to align activities with the Company's long-term objectives. The Framework emphasises accountability, inclusivity, and the support of all stakeholders in achieving their roles.

The Strategic Framework operates alongside the Governance and Management Structure Framework to ensure that activities are coordinated and aligned with defined objectives. These objectives focus on delivering positive student outcomes, demonstrating value for money, and ensuring compliance with external benchmarks, regulatory requirements, and academic standards.

Below are ESL's strategic objectives:

1. Ensuring fair access to Higher Education for all who have the potential to succeed

ESL provides access to a diverse student body, attracting learners with the potential, motivation, and commitment to succeed. ESL is committed to supporting and enabling all students to achieve their academic objectives.

2. To bring academic potential to life

ESL focuses on supporting each student to realise and maximise their academic potential. Students are encouraged to develop independence and confidence in their learning, with opportunities provided to engage fully, progress, and complete their studies successfully.

3. To deliver high-quality education

ESL ensures that its academic provision is aligned with statutory external reference points, including the FHEQ, Subject Benchmark Statements (SBS), Professional, Statutory, and Regulatory Bodies (PSRBs), and the academic regulations of its partner institutions.

4. To enable student employability

ESL Provides networking opportunities for students and alumni, connecting them with professionals and experts in their respective fields. Its academic and enrichment initiatives are designed to support personal development, academic achievement, and contribution to the wider community.

5. Creating a workplace that thrives on collaboration and dynamism

ESL supports its employees in achieving excellence both individually and collaboratively, contributing to the overall effectiveness of the organisation. A positive working environment is maintained to ensure the consistent delivery of professional services to students and colleagues. All employees are actively engaged within a structured and accountable academic community.

6. To promote sustainability across the entire institute

ESL allocates its income to support the achievement of its mission and manages growth to maintain its commitments to the community, stakeholders, and the environment, while ensuring that academic and operational standards are upheld.

Key Performance Measures (KPMs)

ESL's Key Performance Measures (KPMs) are directly aligned with its Strategic Framework, providing a structured mechanism to monitor and evaluate progress against strategic objectives. This alignment ensures that performance tracking, risk management, and operational activities are coordinated, enabling the Board and management to assess effectiveness, identify areas for improvement, and maintain accountability to stakeholders.

The KPMs are organised into the following categories, aligned with ESL's strategic priorities:

Student Outcomes and Experience

ESL is committed to delivering outstanding educational experiences tailored to the needs of its diverse student body. ESL empowers students by recognising and nurturing the transformative impact of education on both their personal and professional development. These measures directly support the objectives of maximising academic potential, delivering high-quality education, and enhancing student employability.

Student Recruitment and Access

ESL aims to open doors to higher education for learners from diverse and non-traditional backgrounds, supporting their academic and personal success. Extending ESL's presence and enrolling students from diverse backgrounds promotes equitable access and enriches the learning community with a wide range of perspectives, supporting the institution's strategic objective of inclusive education.

Financial Viability and Sustainability

This measure focuses on promoting long-term sustainability, ensuring that resources are effectively managed to support ESL's strategic ambitions.

Regulatory and Legal Compliance

KPMs are designed to ensure the delivery of high-quality education in full compliance with statutory and partner requirements, safeguarding standards and meeting external obligations.

People and Culture

ESL monitors performance to maintain a collaborative and dynamic workplace that supports staff engagement, professional development, and overall organisational effectiveness.

Operational Effectiveness

This measure ensures excellence in day-to-day processes, with a focus on enhancing and maintaining campus facilities and resources, creating an environment where learning, teaching, and growth can thrive.

Through this alignment, ESL's KPMs provide a robust mechanism to track progress against strategic objectives, drive continuous improvement, and demonstrate accountability to stakeholders.

Risk Management

The Risk Management Framework provides a structured approach to identifying, assessing, managing, and monitoring risks that may impact ESL's ability to achieve its strategic objectives. It incorporates a defined risk appetite, guiding the ESL's acceptance of varying levels of risk across different areas in pursuit of its goals. It also outlines the ongoing evaluation of the effectiveness of risk management practices, supporting the delivery of high-quality educational services in a responsible and sustainable manner and underpinning the long-term success of ESL.

ESL's Risk Management Framework categorises key risks into seven principal areas:

1. Strategic Risks: Risks affecting long-term direction, leadership, and decision-making, including governance weaknesses, failure to adapt to sector changes, and underperforming partnerships.

2. Financial Viability and Sustainability Risks: Risks that may threaten financial stability and compliance with regulatory requirements, such as declining student numbers, insufficient funding, rising costs, or mismanagement of resources.

3. Regulatory and Legal Compliance Risks: Risks arising from non-compliance with laws or regulations, including OfS conditions, employment and health and safety legislation, data protection, safeguarding, and Prevent requirements.

4. Student Recruitment and Access: Risks impacting student admissions and access, including ineffective marketing, limited course appeal, or inequitable admissions practices.

5. Student Outcomes and Experience: Risks affecting academic quality and student experience, including non-compliance with regulatory standards, teaching and learning quality, assessment, support services, wellbeing, and satisfaction.

6. Operational Risks: Risks that may disrupt day-to-day operations, including process inefficiencies, IT system failures, and cyber security incidents.

7. People and Culture: Risks related to the workforce and organisational culture, including skills gaps, staff shortages, low morale, industrial action, or adverse workplace environment affecting retention and performance.

The framework is directly linked to the risk register, ensuring that identified risks are recorded, monitored, and actively managed to support ESL's strategic objectives, operational effectiveness, and long-term sustainability.

Sustainability and Corporate Responsibility

ESL is committed to integrating sustainability and social responsibility into all aspects of its operations, ensuring that environmental, social, and governance considerations underpin strategic and operational decision-making. These initiatives align with best practices from higher education peers and reflect the ESL's commitment to long-term value creation for students, staff, stakeholders, and the wider community.

From an environmental perspective, ESL has implemented a range of measures to reduce its ecological footprint. These include campus-wide energy efficiency initiatives such as LED lighting and modern heating and cooling systems. ESL continually evaluates new technologies and practices to further reduce environmental impact and promote sustainability across all campuses.

In the social domain, ESL actively promotes inclusivity, diversity, and wellbeing. Widening participation initiatives aim to attract students from under-represented backgrounds, helping to ensure equitable access to higher education. Flexible timetabling accommodates students who are balancing work or other commitments alongside their studies. Investment in staff wellbeing, professional development, and diversity programmes enhances employee satisfaction, retention, and productivity, creating a supportive environment that ultimately benefits the student experience.

From a governance standpoint, ESL has strengthened board oversight and strategic planning to embed sustainability and social responsibility into decision-making at the highest level. Ongoing monitoring ensures compliance with regulatory requirements, including the UK Quality Code, and reinforces accountability for environmental, social, and governance performance. The Board of Governors reviews relevant policies, progress, and outcomes regularly, ensuring that sustainability and social responsibility are consistently aligned with the ESL's mission, values, and long-term objectives.

Through these integrated efforts, ESL demonstrates its commitment to responsible, ethical, and sustainable operations, balancing environmental stewardship, social impact, and robust governance to support the success of its students, staff, and broader community.

Future Outlook

ESL's strategic planning is structured across short-, medium-, and long-term horizons to ensure sustainable growth and continued academic excellence.

In the short term (2024-25), the focus is on operational consolidation, standardising quality across programmes, and investing in staff development to strengthen the Company's capability.

Over the medium term (2025-27), the priorities will shift towards enhancing the student experience, reinforcing academic excellence, and pursuing digital transformation to modernise learning, teaching, and operational processes.

Looking to the long term (2027-30), ESL aims to explore degree-awarding powers, consider potential international expansion, and establish leadership recognition within the UK private higher education sector, positioning the ESL for sustainable strategic growth and sector influence.

Corporate governance and risk management

The Board is responsible for strategy, financial oversight, and risk management. A robust framework addresses strategic, operational, and financial risks, with strengthened internal controls across finance, quality assurance, IT, and health and safety.

Going Concern

The directors have assessed the Company's financial position and consider ESL to be a going concern. This assessment is supported by a strong cash position of £5.1 million, continued profitability with positive cash flows, and a diversified portfolio of partnerships across multiple geographic locations, providing resilience and stability for ongoing operations.

On behalf of the board:

C D Bell - Director

1 September 2025

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

Principal activity

The principal activity of the company in the year under review was that of other education.

Dividends

No interim dividend was paid during the year. The directors recommend a final dividend of £4,600,000 per share.

The total distribution of dividends for the year ended 31 August 2024 will be £ 23,000,000 .

Research and development

While ESL does not undertake traditional research and development activities, ESL invests substantially in educational innovation. This includes the development and enhancement of digital learning platforms, hybrid teaching models, and student support services, ensuring high-quality, flexible, and effective learning experiences across its programmes.

Environmental and Community Engagement

ESL is committed to minimising its environmental impact and contributing positively to local communities. Key initiatives include sustainable procurement practices, recycling schemes, community outreach programmes, and investment in energy-efficient infrastructure, supporting both environmental sustainability and social responsibility.

Future developments

ESL's strategic planning is structured across short-, medium-, and long-term horizons to ensure sustainable growth and alignment with its mission.

In the short term, the focus is on consolidating systems and enhancing student services to strengthen operational foundations.

Over the medium term, ESL aims to expand into new regions and diversify its programme offerings to broaden access and academic reach.

In the long term, ESL will explore the potential for independent degree-awarding powers and the development of international partnerships, positioning the ESL for sustained growth and sector leadership.

Directors

A A Faruki (Resigned on 16 May 2025) - Executive Director

Professor H J Marshall - Non-Executive Director

Professor C D Bell (Joined on 10 May 2024) - Executive Director

Baroness A I Foster (Joined on 10 May 2024) - Non-Executive Director

A S Green (Joined on 2 September 2024) - Executive Director

M A Rahman (Joined on 2 September 2024) - Executive Director

A A Faruki and Professor H J Marshall served as director throughout the year.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Andertons Europe Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report was approved by the Board of Directors on 1 September 2025.

On behalf of the board:

C D Bell - Director

1 September 2025

Opinion

We have audited the financial statements of ELIZABETH SCHOOL OF LONDON LIMITED (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Corporate Governance Statement

We have reviewed the information presented in the separate Annual Governance Statement for consistency . We have no matters to report as a result of this work.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page ten, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Audit response to risks identified :

We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management overide of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether

judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional

misrepresentations , or through 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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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.

Naresh Jani FCCA (Senior Statutory Auditor)

for and on behalf of Andertons Europe Ltd (Statutory Auditors)

1st Floor

156 Cromwell Road

Kensington

London

SW7 4EF

1 September 2025

Turnover

74,947,093

32,582,460

Cost of sales

(28,090,564

)

(12,981,476

)

Gross profit

46,856,529

19,600,984

Administrative expenses

(32,568,325

)

(13,761,409

)

14,288,204

5,839,575

Other operating income

2,081,361

183,947

Operating profit

4

16,369,565

6,023,522

Interest receivable and similar income

229

8,829

16,369,794

6,032,351

Interest payable and similar expenses

5

(518,447

)

(137,734

)

Profit before taxation

15,851,347

5,894,617

Tax on profit

6

(4,002,967

)

(1,237,386

)

Profit for the financial year

11,848,380

4,657,231

Profit for the year

11,848,380

4,657,231

Other comprehensive income

-

-

Total comprehensive income for the year

11,848,380

4,657,231

Fixed assets

Intangible assets

8

13,281

17,708

Tangible assets

9

19,287,247

9,060,088

Investments

10

2,497,401

2,419,359

21,797,929

11,497,155

Current assets

Debtors

11

19,907,607

19,515,642

Cash in hand

5,132,797

2,576,966

25,040,404

22,092,608

Creditors

Amounts falling due within one year

12

38,616,533

20,008,306

Net current (liabilities)/assets

(13,576,129

)

2,084,302

Total assets less current liabilities

8,221,800

13,581,457

Creditors

Amounts falling due after more than one year

13

(6,929,712

)

(1,304,706

)

Provisions for liabilities

15

(187,447

)

(20,490

)

Net assets

1,104,641

12,256,261

Capital and reserves

Called up share capital

16

1,000

1,000

Retained earnings

17

1,103,641

12,255,261

Shareholders' funds

1,104,641

12,256,261

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2025 and were signed on its behalf by:

C D Bell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2022

1,000

7,778,030

7,779,030

Changes in equity

Dividends

-

(180,000

)

(180,000

)

Total comprehensive income

-

4,657,231

4,657,231

Balance at 31 August 2023

1,000

12,255,261

12,256,261

Changes in equity

Dividends

-

(23,000,000

)

(23,000,000

)

Total comprehensive income

-

11,848,380

11,848,380

Balance at 31 August 2024

1,000

1,103,641

1,104,641

Cash flows from operating activities

Cash generated from operations

1

32,781,624

1,713,765

Interest paid

(518,447

)

(137,734

)

Tax paid

(1,370,066

)

(1,681,944

)

Net cash from operating activities

30,893,111

(105,913

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(25,000

)

Purchase of tangible fixed assets

(10,929,973

)

(6,091,509

)

Purchase of fixed asset investments

(78,042

)

-

Sale of tangible fixed assets

45,500

-

Sale of fixed asset investments

-

1,707,908

Interest received

229

8,829

Net cash from investing activities

(10,962,286

)

(4,399,772

)

Cash flows from financing activities

New loans in year

5,625,006

-

Loan repayments in year

-

(196,572

)

Equity dividends paid

(23,000,000

)

(180,000

)

Net cash from financing activities

(17,374,994

)

(376,572

)

Increase/(decrease) in cash and cash equivalents

2,555,831

(4,882,257

)

Cash and cash equivalents at beginning of year

2

2,576,966

7,459,223

Cash and cash equivalents at end of year

2

5,132,797

2,576,966

1.	Reconciliation of profit before taxation to cash generated from operations

Period

1.7.22

Year ended

to

31.8.24

31.8.23

£

£

Profit before taxation

15,851,347

5,894,617

Depreciation charges

655,717

405,411

Loss on disposal of fixed assets

6,025

-

Finance costs

518,447

137,734

Finance income

(229

)

(8,829

)

17,031,307

6,428,933

Increase in trade and other debtors

(391,965

)

(17,881,774

)

Increase in trade and other creditors

16,142,282

13,166,606

Cash generated from operations

32,781,624

1,713,765

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

5,132,797

2,576,966

Period ended 31 August 2023

31.8.23

1.7.22

£

£

Cash and cash equivalents

2,576,966

7,459,223

3.	Analysis of changes in net funds/(debt)

At 1.9.23

Cash flow

At 31.8.24

£

£

£

Net cash

Cash at bank and in hand

2,576,966

2,555,831

5,132,797

2,576,966

2,555,831

5,132,797

Debt

Debts falling due within 1 year

(179,430

)

(551,049

)

(730,479

)

Debts falling due after 1 year

(1,304,706

)

(5,625,006

)

(6,929,712

)

(1,484,136

)

(6,176,055

)

(7,660,191

)

Total

1,092,830

(3,620,224

)

(2,527,394

)

1.	Statutory information

ELIZABETH SCHOOL OF LONDON LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life.

The principle rates in use are :

Motor Vehicles

25 %

on reducing balance

Buildings

2 %

on reducing balance

Leasehold property

2 %

on reducing balance

Fixtures & fittings

25 %

on reducing balance

Software

25 %

on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.