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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
COMPANY INFORMATION
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RENAISSANCE LEARNING UK LIMITED
CONTENTS
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RENAISSANCE LEARNING UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The principal activity of the company continued to be that of the provision of cloud based educational computer software and the delivery of continued professional development (CPD). There have not been any significant changes in the company's principal activities in the year under review.
The results for the year show sales of £24m (2023: £25m) and pre-tax profits of £16m (2023: £6m). The company had net assets of £513m (2023: £497m) at the balance sheet date. The business continues to develop and localise educational computer software solutions, and make these available to customers in the United Kingdom and abroad. In addition, the company continues to form and develop partnerships with educational institutions and other educational product suppliers.
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to be competition at both national and international level and changes in technology, as well as fluctuations in education budgets.
The key financial performance indicators are gross profit margin and operating profit.
2022 2023 2024 £ £ £ Gross Profit 11m 16m 15m Operating Profit/(Loss) 0.6m (5.8m) 2.9m
•High retention figures and high customer satisfaction figures
• Working closely with over 65 of the UK’s children book publishers • Used by over 2.05 million British and Irish school children, in approximately 7,600 schools, with another 2,000 schools using the British product internationally • High staff retention rates ensuring continuity of service
This report was approved by the board on 18 November 2025 and signed on its behalf.
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RENAISSANCE LEARNING UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 profit for the year, after taxation, amounted to £16m (2023 - £6m).
No dividend was paid or proposed in the current or prior year.
The directors who served during the year were:
The directors are confident that the business will continue to grow organically by offering added value products to the current portfolio of services offered.
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RENAISSANCE LEARNING UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal financial instruments of the company comprise bank balances, trade and other debtors and trade and other creditors. The main purpose of these instruments is to raise funds for the company's operations.
In respect of bank balances, liquidity risk is managed by ensuring sufficient funds are available to settle liabilities as and when they fall due. Trade and other debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade and other creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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RENAISSANCE LEARNING UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAISSANCE LEARNING UK LIMITED
We have audited the financial statements of Renaissance Learning UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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RENAISSANCE LEARNING UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAISSANCE LEARNING UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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RENAISSANCE LEARNING UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAISSANCE LEARNING UK LIMITED (CONTINUED)
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙the nature of the industry and specific sector, the control environment and business performance;
∙results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙matters identified from the review of company documentation in respect of their policies and procedures relating to:
−identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
−detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected or alleged fraud;
−internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
−matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK legislation and regulations in relation to the operation and governance of the company, direct and indirect tax legislation.
In addition, we considered other laws and regulations that could have an effect on the company and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit.
As a result of performing the above, we identified the susceptibility of assets to misappropriation as a potential risk of fraud.
Our procedures to respond to risks identified included the following:
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RENAISSANCE LEARNING UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAISSANCE LEARNING UK LIMITED (CONTINUED)
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiries with management concerning actual and potential litigation and claims;
∙assessing the appropriateness and where appropriate with third parties concerning actual and potential litigation and claims;
∙physical inspections of assets;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙examining minutes of meetings of those charged with governance and correspondence with HMRC and other third parties; and
∙in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures described above even though we have properly planned and performed our audit in accordance with auditing standards. 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. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. We did not identify any key audit matters relating to irregularities, including fraud.
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 Auditors' 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 Auditors' 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.
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RENAISSANCE LEARNING UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAISSANCE LEARNING UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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RENAISSANCE LEARNING UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
REGISTERED NUMBER: 03645180
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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RENAISSANCE LEARNING UK LIMITED
REGISTERED NUMBER: 03645180
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Renaissance Learning Limited is a limited liability company incorporated in England. The address of its registered office is 1st Floor Vantage, Great West Road, Brentford, London, TW8 9AG.
The company operates as a developer and retailer of educational computer software and continued professional development resources.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Renaissance Learning, Inc. as at 31 December 2024 and these financial statements may be obtained from http://www.renlearn.com.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
The estimated useful lives range as follows:
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.
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 from banks and other third parties, loans to related parties and investments in ordinary shares.
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The following are the company's key accounting estimates and assumptions: Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience. Dilapidations provision The provision recorded in the accounts for dilapidations costs is an estimated cost of repairing office premises occupied by the company to the state they were prior to the lease commencing. This provision is re-assessed on an annual basis, using factors such as unit square footage, length of the lease and the time remaining until the lease expires.
Analysis of turnover by country of destination:
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
During the preparation of the financial statements for the year ended 31 December 2024, management identified an error in the accounting treatment of commissions paid in the current year and prior year. These commissions had been incorrectly capitalised as prepayments within current assets rather than being recognised as an expense in the Statement of Comprehensive Income.
In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the error has been corrected by restating the comparative figures for the year ended 31 December 2023, and by correcting the current year’s figures. As a result, the prior year adjustment results in a decrease in prepayments of £940,348 with the same amount being released to the P&L. The current year adjustment results in a decrease in prepayments of £1,056,430 with the same amount being released to the P&L.
The company makes payments into the personal pension schemes of certain employees. The pension cost charge represents contributions paid by the company to the funds during the year. The contributions payable by the company for the year was £1,435,958 (2023: £438,571). The amount outstanding at the balance sheet date was £174,938 (2023: £1,111).
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RENAISSANCE LEARNING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At 31 December 2024, the immediate parent Company was Renaissance Switzerland GmbH, a Company incorporated and registered in Switzerland. The results of the Company are included within the consolidated accounts of the ultimate parent Renaissance Learning Inc, which is jointly controlled by Francisco Partners and Blackstone Inc at 31 December 2024.
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