REGISTERED NUMBER: 05660104 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 March 2025

for

Ruth Miskin Literacy Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTOR:

R E Miskin

REGISTERED OFFICE:

7 Sandys Row

London

E1 7HW

REGISTERED NUMBER:

05660104 (England and Wales)

AUDITORS:

Venture House Business Service Limited

Chartered Accountants and

Statutory Auditors

Venture House

Calne Road

Lyneham

Chippenham

SN15 4PP

The director presents her strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Schools continue to benefit from the development of the RM School Portal and from the consultant trainers who carry out the training and development days. In response to the increased number of schools, the company has continued to reduce the cost of its services despite adding more online content.

Turnover for the year was £13.3m, an increase of 6.02% on the prior year. Total expenditure increased by 4.95% from £10.1m to £10.6m. This reflects the increased number of trainers and operational staff, and the continuous investment in the RM School Portal.

The key performance indicators used by the company include customer engagement and turnover.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues to review factors that impact on the company. The management will promptly analyse such factors so as to minimises risks to the business process and soften the blow of any challenging conditions.

FUTURE DEVELOPMENTS

The company has set aside £12 million to improve the delivery of training over the next two years in UK schools, as well as schools in Australia, the Middle East, Europe and Asia.

This will allow the company to remain competitive in literacy training in schools.

The company is considering its options regarding long term continuity and governance.

ON BEHALF OF THE BOARD:

R E Miskin - Director

9 December 2025

The director presents her report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The company's principal activity continues to be that of literacy training and consultancy.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

R E Miskin held office during the whole of the period from 1 April 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations in the year (2024: £nil).

Items required under Section 2 of Schedule 1 to the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 are disclosed in the strategic report rather than the directors report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Venture House Business Service Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Miskin - Director

9 December 2025

Opinion

We have audited the financial statements of Ruth Miskin Literacy Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 2025 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Christopher Baylis (Senior Statutory Auditor)

for and on behalf of Venture House Business Service Limited

Chartered Accountants and

Statutory Auditors

Venture House

Calne Road

Lyneham

Chippenham

SN15 4PP

9 December 2025

TURNOVER

3

13,307,851

12,552,651

Cost of sales

9,077,533

8,546,469

GROSS PROFIT

4,230,318

4,006,182

Administrative expenses

1,523,303

1,575,244

OPERATING PROFIT

5

2,707,015

2,430,938

Interest receivable and similar income

394,259

227,214

3,101,274

2,658,152

Interest payable and similar expenses

6

2,006

2,202

PROFIT BEFORE TAXATION

3,099,268

2,655,950

Tax on profit

7

795,664

655,027

PROFIT FOR THE FINANCIAL YEAR

2,303,604

2,000,923

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,303,604

2,000,923

FIXED ASSETS

Tangible assets

9

2,860,621

2,871,635

CURRENT ASSETS

Debtors

10

1,650,666

2,045,879

Investments

11

2,748,378

2,696,780

Cash at bank

15,284,982

12,995,095

19,684,026

17,737,754

CREDITORS

Amounts falling due within one year

12

3,581,155

3,951,106

NET CURRENT ASSETS

16,102,871

13,786,648

TOTAL ASSETS LESS CURRENT LIABILITIES

18,963,492

16,658,283

PROVISIONS FOR LIABILITIES

13

13,925

12,320

NET ASSETS

18,949,567

16,645,963

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

18,949,467

16,645,863

SHAREHOLDERS' FUNDS

18,949,567

16,645,963

The financial statements were approved by the director and authorised for issue on 9 December 2025 and were signed by:

R E Miskin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

14,644,940

14,645,040

Changes in equity

Total comprehensive income

-

2,000,923

2,000,923

Balance at 31 March 2024

100

16,645,863

16,645,963

Changes in equity

Total comprehensive income

-

2,303,604

2,303,604

Balance at 31 March 2025

100

18,949,467

18,949,567

Cash flows from operating activities

Cash generated from operations

1

2,603,209

2,618,064

Interest paid

(2,006

)

(2,202

)

Tax paid

(657,171

)

(492,729

)

Net cash from operating activities

1,944,032

2,123,133

Cash flows from investing activities

Purchase of tangible fixed assets

(49,730

)

(15,597

)

Sale of tangible fixed assets

13,428

967

Movement in current asset investments

(12,102

)

(2,515,727

)

Interest received

394,259

227,214

Net cash from investing activities

345,855

(2,303,143

)

Increase/(decrease) in cash and cash equivalents

2,289,887

(180,010

)

Cash and cash equivalents at beginning of year

2

12,995,095

13,175,105

Cash and cash equivalents at end of year

2

15,284,982

12,995,095

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

as

restated

£

£

Profit before taxation

3,099,268

2,655,950

Depreciation charges

60,744

71,687

Profit on disposal of fixed assets

(13,428

)

(642

)

Gain on revaluation of current assets

(39,496

)

(181,053

)

Finance costs

2,006

2,202

Finance income

(394,259

)

(227,214

)

2,714,835

2,320,930

Decrease/(increase) in trade and other debtors

395,213

(76,079

)

(Decrease)/increase in trade and other creditors

(506,839

)

373,213

Cash generated from operations

2,603,209

2,618,064

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

15,284,982

12,995,095

Year ended 31 March 2024

31.3.24

1.4.23

as restated

£

£

Cash and cash equivalents

12,995,095

13,175,105

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

12,995,095

2,289,887

15,284,982

12,995,095

2,289,887

15,284,982

Liquid resources

Current asset investments

2,696,780

51,598

2,748,378

2,696,780

51,598

2,748,378

Total

15,691,875

2,341,485

18,033,360

1.	STATUTORY INFORMATION

Ruth Miskin Literacy 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.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The main accounting estimate is the calculation of deferred income. Invoices are raised for annual subscriptions and the period of the subscription after the year end date is calculated using Excel formatting and formulas.

Turnover

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

Revenue is recognised on the invoice date, and adjusted for accrued and deferred income as required.

Tangible fixed assets

Fixed assets are initially recorded at their historical cost, which includes the purchase price and all expenditures necessary to bring the asset to its intended use Fixed assets are subsequently measured at cost less accumulated depreciation.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold Property

less than 1% straight line

Improvements

5% straight line

Fixtures & Fittings

15%, 25% or 33% straight line

Computer Equipment

25% or 33% straight line

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially 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.

Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Current asset investments are initially recorded at cost and subsequently held at fair value through the profit and loss.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

as

restated

£

£

United Kingdom

12,705,773

11,664,136

Australia

215,447

404,842

Other

386,631

483,673

13,307,851

12,552,651

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

as

restated

£

£

Wages and salaries

7,824,999

7,594,593

Social security costs

914,040

809,316

Other pension costs

619,055

455,276

9,358,094

8,859,185

The average number of employees during the year was as follows:

31.3.25

31.3.24

as

restated

Average number of employees

188

169

31.3.25

31.3.24

as

restated

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25

31.3.24

as

restated

£

£

Depreciation - owned assets

60,744

71,688

Profit on disposal of fixed assets

(13,428

)

(642

)

Auditors' remuneration

6,500

6,500

Auditors' remuneration for non audit work

9,765

2,800

Foreign exchange differences

24,862

20,516

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

as

restated

£

£

Other interest

2,006

2,202

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

as

restated

£

£

Current tax:

UK corporation tax

786,639

667,776

Under/overprovision in prior

year

(18,126

)

-

Australian tax charge

25,546

-

Total current tax

794,059

667,776

Deferred tax

1,605

(12,749

)

Tax on profit

795,664

655,027

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

as

restated

£

£

Profit before tax

3,099,268

2,655,950

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

774,817

663,988

Effects of:

Expenses not deductible for tax purposes

37,368

14,163

Deferred tax

1,605

(12,749

)

Over provision for tax

(18,126

)

(10,375

)

Total tax charge

795,664

655,027

8.	PRIOR YEAR ADJUSTMENT

Creditors include credit balances on the Sales Ledger. The comparatives have been restated to provide consistent presentation.The value in 2024, £165,563 has been debited to Trade Debtors.

During the year the director has reviewed costs and considered how they can be better allocated between cost of sales and administrative expenses.

The comparatives have been reclassified to reflect this. £8,155,664 of administrative costs have been reclassified as cost of sales.

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

2,985,725

202,318

370,087

3,558,130

Additions

-

666

49,064

49,730

At 31 March 2025

2,985,725

202,984

419,151

3,607,860

DEPRECIATION

At 1 April 2024

163,367

202,318

320,810

686,495

Charge for year

17,833

74

42,837

60,744

At 31 March 2025

181,200

202,392

363,647

747,239

NET BOOK VALUE

At 31 March 2025

2,804,525

592

55,504

2,860,621

At 31 March 2024

2,822,358

-

49,277

2,871,635

10.

DEBTORS

31.3.25

31.3.24

as

restated

£

£

Amounts falling due within one year:

Trade debtors

949,529

1,304,846

Other debtors

9,444

3,666

Accrued income

568,380

665,343

Prepayments

111,732

57,612

1,639,085

2,031,467

Amounts falling due after more than one year:

Other debtors

11,581

14,412

Aggregate amounts

1,650,666

2,045,879