Registration number: 12017215

Lyfta Education Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Lyfta Education Limited

Company Information

Directors

S Ferit P N Tervo

Company secretary

Goodwille Limited

Registered office

1 Chapel Street Warwick Warwickshire CV34 4HL

Accountants

Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

Lyfta Education Limited

(Registration number: 12017215)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	176	369
Current assets
Debtors	7	1,055,634	197,158
Cash at bank and in hand		88,887	164,720
		1,144,521	361,878
Creditors: Amounts falling due within one year	8	(6,455,081)	(5,540,302)
Net current liabilities		(5,310,560)	(5,178,424)
Net liabilities		(5,310,384)	(5,178,055)
Capital and reserves
Called up share capital	10	1	1
Retained earnings		(5,310,385)	(5,178,056)
Shareholders' deficit		(5,310,384)	(5,178,055)

Lyfta Education Limited

(Registration number: 12017215)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... S Ferit Director

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is the development and provision of IT software to the educational sector.

These financial statements were authorised for issue by the Board on 29 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	50% straight-line

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4	Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 18 (2023 - 29).

5	Other operating income

Other operating income refers to an impairment of the loan to Lyfta OY (Parent company).

The analysis of the Company's other operating income for the year is as follows:

	2024 £	2023 £
Impairment of loan to Parent	197,553	-

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2024	15,276	15,276
Disposals	(780)	(780)
At 31 December 2024	14,496	14,496
Depreciation
At 1 January 2024	14,907	14,907
Charge for the year	193	193
Eliminated on disposal	(780)	(780)
At 31 December 2024	14,320	14,320
Carrying amount
At 31 December 2024	176	176
At 31 December 2023	369	369

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		303,877	176,084
Amounts owed by related parties	11	736,151	-
Prepayments		14,953	17,840
Other debtors		653	3,234
		1,055,634	197,158

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	18,547	21,971
Trade creditors		15,828	13,220
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest	11	5,607,559	5,066,158
Taxation and social security		100,278	62,203
Accruals and deferred income		709,604	372,488
Other creditors		3,265	4,262
		6,455,081	5,540,302

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	18,547	21,971

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

11	Related party transactions

Loans to Directors

Lyfta Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024	Loan to Directors £
At start of period	1,175
Repaid	(522)
At end of period	653

2023	Loan to Directors £
At start of period	4,800
Repaid	(3,625)
At end of period	1,175

Loans from related parties

2024	Parent £
At start of period	5,066,158
Amounts owed to group undertakings	738,954
Impairment	(197,553)
At end of period	5,607,559

12	Parent and ultimate parent undertaking

The Company's immediate parent is Lyfta OY, incorporated in Finland.

  These financial statements are available upon request from 40 Eerikinkatu, Helsinki, 001800, Finland. The ultimate controlling party is Lyfta OY who controls 100% of the shares of Lyfta Education Limited

 The ultimate controlling party is Lyfta OY.