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Registered number:
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
COMPANY INFORMATION
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NACE EDUCATIONAL SERVICES LIMITED
CONTENTS
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NACE EDUCATIONAL SERVICES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2025
The company’s mission is to prepare each student to become a global citizen who can shape the world by
furnishing them with the skills and attitudes to flourish academically and personally. The four pillars underpinning the mission are:
• Educational Excellence - We deliver educational excellence. Our schools guarantee that each student
receives individual attention, enabling all-round development and providing the best opportunities to identify and develop their talents. • Skills and Competences - Our schools develop skills and competencies beyond the purely academic. Our students are encouraged to participate in the many artistic, musical and sporting activities on offer in our schools. Several of our campuses have integrated music academies, some have visual and performing arts centres and others focus on promoting sporting excellence. • Character - To navigate their futures, our students must develop creativity, self-confidence and perseverance and they must learn to respect and appreciate the ideas, perspectives and values of others. Globeducate schools place the development of character as an essential part of the learning journey for the development of a well-educated young adult. • Global Perspectives - We encourage our students to build their own understanding of world events, to think about what is important to them and to challenge ignorance and intolerance. Across our network of schools, we use language as a tool for intercultural experience.
The immediate parent undertaking is NACE (UK) Limited and the ultimate parent undertaking of the company is
PN VII Holdco, S.à.r.l., a company registered in Luxembourg.
NACE Educational Services Limited actively supports the promotion of the highest standards in the Independent
Schools sector, through its membership of The Society of Heads, BSA, ISBA, ISA and AGBIS and also through networking with other major schools.
The Directors regard the key financial performance indicators to be the revenue generated by the company and
the net result, both of which can be seen in the financial statements that follow. The Directors are satisfied with this performance.
Non-financial key performance indicators are student numbers and academic achievement. In both cases, the
Directors' targets have been met.
The Directors are responsible for the management of the risks faced by the company, which are reviewed on an
ongoing basis by Directors at Board meetings.
Key Controls in place include, but are not limited to:
• Comprehensive strategic planning, budgeting and monthly management reporting to Group management,
inclusive of cash flow monitoring • Established organisational structures and lines of reporting • Formal written policies to safeguard the welfare of pupils, staff and other related parties • Safer recruitment and vetting procedures for the protection of pupils in the School’s care and to ensure employment of appropriately skilled staff
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NACE EDUCATIONAL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2025
The School has seen a growth in pupil numbers including international pupils which previously had been
impacted by Brexit and the coronavirus pandemic. The School has developed its marketing strategy which includes increased attendance at marketing fairs and open days, both in the UK and overseas. The marketing and admission team continue to build and maintain good relationships with overseas agencies. The School continues to benefit from its inclusion in the Globeducate group of schools which underpins the long-term strategic development of the School.
Key financial risks relate to the monitoring of cash flow. Liquidity risk is mitigated by the support of the Group
while credit risk is managed by comprehensive monitoring and control of the School's debtor ledger and controls over late payment.
Through the risk management process established by the company, the Directors are satisfied, insofar as they
can be, that the major risks identified have been adequately mitigated where necessary, or that an agreed plan is in place to manage the risks effectively. It is acknowledged that the comprehensive risk management process can provide reasonable but not absolute assurance that the majority of risks are appropriately identified and managed.
During the year the Directors continued to work closely with senior management and marketing staff with the aim
of ensuring long term growth in pupil numbers. The company policy is to continue to develop its communications with employees, to inform them on matters of concern to them as employees and to promote an awareness of financial and economic factors affecting the performance of the company.
Disabled employees
In accordance with the Equality Act 2010, the company will ensure that those persons defined by legislation as having a disability are dealt with fairly and receive equal treatment to non-disabled people. Applications for employment by a disabled person are always fully considered, bearing in mind the abilities of the applicant. In the event of employees becoming disabled every effort is made to ensure their employment with the company continues which may involve reasonable adjustments being made to the working environment or other employment arrangements.
Staff and volunteers
The Directors are particularly grateful to the advisory board members, teaching and support staff, who continue to support the School through their enthusiasm, dedication, commitment and hard work at all times. In addition, Old Stonarians, Friends of Stonar and many individual parents and friends of the School have helped with fundraising and other activities through many hours of voluntary service during the period, and the Directors would like to take this opportunity to say how much their continuing and valuable support work is appreciated.
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NACE EDUCATIONAL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2025
This report was approved by the board on 8 January 2026 and signed on its behalf.
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NACE EDUCATIONAL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
education for children from the age of 2 through to 18.
The loss for the year, after taxation, amounted to £795,198 (2024 - loss £591,423).
The directors who served during the year were:
The Company has recorded a loss of £795,198 but had net liabilities at the year end of £1,927,309 (2024:
£1,132,111). The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at lease 12 months from the date of signing of these financial statements. The company expects continued financial support of its intermediary parent company, Nuevo Agora Centro de Estudios S.L.
The Company's forecasts and projections show that the company should be able to operate within the level of its
current facilities.
Therefore the directors have a reasonable expectation that the Company has adequate resources to continue in
operation existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The auditors, Feltons, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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NACE EDUCATIONAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2025
This report was approved by the board on
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NACE EDUCATIONAL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 AUGUST 2025
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 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.
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NACE EDUCATIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NACE EDUCATIONAL SERVICES LIMITED
We have audited the financial statements of NACE Educational Services Limited (the 'Company') for the year ended 31 August 2025, 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.
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.
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NACE EDUCATIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NACE EDUCATIONAL SERVICES LIMITED (CONTINUED)
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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NACE EDUCATIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NACE EDUCATIONAL SERVICES 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:
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We obtained an understanding of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with management and those charged with governance, including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance throughout the audit. • We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of journal entries and other adjustments; assessing whether the judgements made in making key 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 that we come across throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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NACE EDUCATIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NACE EDUCATIONAL SERVICES LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
1 The Green
Surrey
TW9 1PL
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NACE EDUCATIONAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
REGISTERED NUMBER: 08441252
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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NACE EDUCATIONAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
NACE Educational Services Ltd is a private company, limited by shares, registered in England and Wales. The address of the registered office is Cottles Park, Atworth, Melksham, Wiltshire, SN12 8NT.
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 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.
This information is included in the consolidated financial statements of PN VII Holdco, S.a.r.l as at 31st August 2025 and these financial statements may be obtained from 1A, Heienhaff, L-1736 Senningerberg, Luxembourg.
The Company has recorded a loss of £795,198 (2024: loss of £591,423) and had net liabilities of £1,927,309 (2024: £1,132,111) at the balance sheet date. The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statement. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The company expects continued financial support from its intermediary parent company, Nuevo Agora Centro de Estudios S.L.
The Company's forecasts and projections show that the company should be able to operate within the level of its current facilities. Therefore the directors have a reasonable expectation that the Company has adequate reources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Depreciationis charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:
Depreciation is provided on the following basis:
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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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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 has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
estimates. The items in the financial statement where these judgments and estimates have been made include: Debtor provision The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. Useful Economic Lives of Tangible Fixed Assets The annual depreciation charges for tangible fixed assets are sensitive to changes in the useful economic lives and residual values of the assets. 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. Accrued and deferred income Income is recognised in line with the delivery of teaching and other services, regardless of the billing profile. Income in accrued or deferred in line with this. There are no other significant judgments applied in the preparation of these financial statements.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
There were no factors that may affect future tax charges.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £767,480 (2024: £625,712) and at the year end £81,668 (2024: £78,743) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Definied contribution scheme The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. During the year pension costs totalling £85,251 (2024: £79,398) were paid in respect of the defined contribution pension scheme for administrative staff. Contributions totalling £12,367 (2024: £12,366) were payable to the fund at the reporting date and are included in creditors.
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NACE EDUCATIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2025
NACE Educational Services Ltd is a wholly owned subsidiary of NACE (UK) Limited, incorporated in England and Wales. NACE (UK) Ltd is a wholly owned subsidiary of Socrates Schools S.L., a company incorporated in Spain and whose address is Calle Fortuny, no 14, 2D, Madrid.
PN VII Holdco, S.a.r.l., incorporated in Luxembourg is regarded by the directors as being the company's ultimate parent undertaking and controlling party. The company's address is 1A, Heienhaff, L-1736 Senningerberg, Luxembourg. The largest and smallest group of undertakings for which group financial statements are drawn and of which this company is a member is headed by: PN VII Holdco, S.a.r.l., (incorporated in Luxembourg) 1A, Heienhaff, L-1736 Senningerberg, Luxembourg
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