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Registered number: 11486882
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| THE LEARNING EXPERIENCE SYSTEMS UK LTD
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
COMPANY INFORMATION
Directors | R Weissman
| S Levine (resigned 31 July 2025)
| S Paine (resigned 13 November 2025)
| B Alexander
| M Moon (appointed 13 November 2025)
Registered number | 11486882
Registered office | 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
CONTENTS
| Page
Consolidated statement of financial position | 1
Company statement of financial position | 2
Notes to the financial statements | 3 - 13
THE LEARNING EXPERIENCE SYSTEMS UK LTD REGISTERED NUMBER:11486882 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 24,384 |  | 22,504
Tangible assets |  |  | 3,855,625 |  | 4,185,976
|  |  | 3,880,009 |  | 4,208,480
Current assets |  |  |  |  |
Stocks | 8 | 117,902 |  | 10,887 |
Debtors: amounts falling due within one year | 9 | 371,483 |  | 211,687 |
Cash at bank and in hand |  | 86,028 |  | 615,377 |
|  | 575,413 |  | 837,951 |
Creditors: amounts falling due within one year | 10 | (835,304) |  | (643,974) |
Net current (liabilities)/assets |  |  | (259,891) |  | 193,977
Total assets less current liabilities |  |  | 3,620,118 |  | 4,402,457
Creditors: amounts falling due after more than one year |  |  | (216,610) |  | (103,801)
Net assets |  |  | 3,403,508 |  | 4,298,656
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 15,014,396 |  | 13,479,594
Share-based payment reserve |  |  | 861,338 |  | -
Profit and loss account |  |  | (12,472,226) |  | (9,180,938)
Equity attributable to owners of the parent Company |  |  | 3,403,508 |  | 4,298,656
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Weissman
Director
Date: 1 April 2026
The notes on pages 3 to 13 form part of these financial statements. Page 1
THE LEARNING EXPERIENCE SYSTEMS UK LTD REGISTERED NUMBER:11486882 |  |
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 24,384 |  | 22,504
Tangible assets |  |  | 3,657 |  | 5,867
Investments | 7 |  | 5,657,379 |  | 5,657,379
|  |  | 5,685,420 |  | 5,685,750
Current assets |  |  |  |  |
Stocks | 8 | 117,902 |  | 10,887 |
Debtors: amounts falling due within one year | 9 | 3,362,137 |  | 1,068,099 |
Cash at bank and in hand |  | 15,152 |  | 518,079 |
|  | 3,495,191 |  | 1,597,065 |
Creditors: amounts falling due within one year | 10 | (1,401,315) |  | (196,764) |
Net current assets |  |  | 2,093,876 |  | 1,400,301
Total assets less current liabilities |  |  | 7,779,296 |  | 7,086,051
Net assets |  |  | 7,779,296 |  | 7,086,051
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 15,014,396 |  | 13,479,594
Share-based payment reserve |  |  | 861,338 |  | -
Profit and loss account brought forward |  | (6,393,543) |  | (5,176,059) |
Loss for the year |  | (1,702,895) |  | (1,217,484) |
Profit and loss account carried forward |  |  | (8,096,438) |  | (6,393,543)
|  |  | 7,779,296 |  | 7,086,051
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Weissman
Director
Date: 1 April 2026
The notes on pages 3 to 13 form part of these financial statements. Page 2
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Learning Experience Systems UK Ltd is a private company, limited by shares, incorporated in England in Wales under the Companies Act 2006. The address of the registered office is disclosed on the company information page and the principal place of business is 251 Pentonville Road, London, N1 9NG. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Group has full support from its Parent Company, The Learning Experience Corporation, is funding the development of these centres and enabling the Group to meet its liabilities as they fall due. The Learning Experience Corporation has indicated its intention to provide funding support without restriction for a period of at least 12 months from the approval of these financial statements. The Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Tuition revenue is recognised in the period in which the services are provided. Payments received in advance are deferred into the period in which they relate.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 3
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. The estimated useful lives range as follows:
|  |  |  | Trademarks | - |  | Straight line to renewal date
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - |  | Over the life of the lease
|  |  |  | Plant and machinery | - | 33% | straight line
|  |  |  | Fixtures and fittings | - | 20% | straight line
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. Page 4
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the first in, first out basis. Cost includes the purchase price, including taxes and transport and handling directly attributable to bringing the stocks to its present location and condition. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Impairment of fixed asset investments The Company reviews its investments in subsidiary undertakings for indicators of impairment at each reporting date. Where such indicators exist, the Directors estimate the recoverable amount of the investment, typically based on value in use calculations derived from forecast future cash flows of the underlying businesses. This assessment requires the exercise of judgement, particularly in relation to assumptions around future profitability, growth rates and discount rates. This represents a key source of estimation uncertainty, as the actual performance of the subsidiaries may differ from these assumptions, and such differences could result in material adjustments to the carrying value of the investments in future periods. Impairment of tangible fixed assets Where indicators of impairment are identified, the Directors assess the recoverable amount of tangible fixed assets based on value in use calculations, derived from forecast future cash flows. This assessment requires the application of significant judgement, particularly in relation to the timing and level of future revenues, expected child registration numbers, and the associated operating costs. Changes in these assumptions could have a material impact on the carrying value of the assets that lead to impairment charges being recognised. Provision against bad debts The Directors recognise a provision for receivables considered to be at risk of non-recovery, including all balances outstanding for more than 180 days. This represents a key source of estimation uncertainty, as the ultimate recovery of these balances may differ from the amounts provided. The provision primarily relates to amounts due from local authorities, where settlement can be subject to delays. While such balances are often ultimately recoverable, there remains a degree of uncertainty at the reporting date, requiring judgement in determining the appropriate level of provision. Impairment of stock The group recognises the cost of the property deposits and expenditure incurred in the planning applications for site modifications within stock at the year end. The Directors assess the viability of these sites at the year end and when it is decided that there is no other alternative but to abort the side the costs are fully impaired. The actual viability of the sites could differ from the Directors assessment at the year end due to future events which are unknown at the time of approving the accounts. Page 5
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Employees
| The average monthly number of employees, including directors, during the year was 103 (2024 - 82).
5. | Intangible assets
| Group and Company
|  | Trademarks
|  | £
| Cost |
| At 1 January 2025 | 36,716
| Additions - internal | 16,200
| At 31 December 2025 | 52,916
| Amortisation |
| At 1 January 2025 | 14,212
| Charge for the year on owned assets | 14,320
| At 31 December 2025 | 28,532
| Net book value |
| At 31 December 2025 | 24,384
| At 31 December 2024 | 22,504
Page 6
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 5,149,618 | 46,153 | 131,259 | 5,327,030
| Additions | 32,215 | 11,262 | 11,259 | 54,736
| At 31 December 2025 | 5,181,833 | 57,415 | 142,518 | 5,381,766
| Depreciation |  |  |  |
| At 1 January 2025 | 1,048,011 | 14,254 | 78,789 | 1,141,054
| Charge for the year on owned assets | 341,858 | 18,765 | 24,464 | 385,087
| At 31 December 2025 | 1,389,869 | 33,019 | 103,253 | 1,526,141
| Net book value |  |  |  |
| At 31 December 2025 | 3,791,964 | 24,396 | 39,265 | 3,855,625
| At 31 December 2024 | 4,101,607 | 31,899 | 52,470 | 4,185,976
Page 7
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6.Tangible fixed assets (continued)
| Company
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 5,754 | 4,650 | 10,404
| At 31 December 2025 | 5,754 | 4,650 | 10,404
| Depreciation |  |  |
| At 1 January 2025 | 3,297 | 1,240 | 4,537
| Charge for the year on owned assets | 1,280 | 930 | 2,210
| At 31 December 2025 | 4,577 | 2,170 | 6,747
| Net book value |  |  |
| At 31 December 2025 | 1,177 | 2,480 | 3,657
| At 31 December 2024 | 2,457 | 3,410 | 5,867
Page 8
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 5,657,379
| At 31 December 2025 | 5,657,379
| Net book value |
| At 31 December 2025 | 5,657,379
| At 31 December 2024 | 5,657,379
Page 9
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| TLE at East Finchley UK Limited | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Leatherhead UK Limited | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| Leatherhead Red UK Limited | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Dorking UK Limited * | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Epsom UK Limited * | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Hampton Wick UK Limited * | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Balham UK Limited | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Weybridge UK Limited | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Dulwich UK Limited * | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| TLE at Harrow UK Limited * | 4th Floor, 95 Gresham Street, London, EC2V 7AB | Ordinary | 100%
| *These entities were dormant and struck off in March 2026.
8. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Work in progress | 117,902 | 10,887 | 117,902 | 10,887
|  | 117,902 | 10,887 | 117,902 | 10,887
Page 10
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 115,387 | 55,113 | - | -
| Amounts owed by group undertakings | - | - | 3,356,545 | 1,041,911
| Other debtors | - | 4,765 | - | -
| Called up share capital not paid | 100 | 100 | 100 | 100
| Prepayments and accrued income | 255,996 | 151,709 | 5,492 | 26,088
|  | 371,483 | 211,687 | 3,362,137 | 1,068,099
10. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | As restated 2024 | 2025 | As restated 2024
|  | £ | £ | £ | £
| Trade creditors | 489,548 | 59,347 | 38,230 | 36,430
| Amounts owed to group undertakings | - | - | 1,284,086 | -
| Other taxation and social security | 34,721 | 73,038 | 36,979 | 73,038
| Other creditors | - | - | 800 | 800
| Accruals and deferred income | 311,035 | 511,589 | 41,220 | 86,496
|  | 835,304 | 643,974 | 1,401,315 | 196,764
| The comparative figures have been restated to recognise the rent-free accrual, the unwinding of which is expected to occur after more than one year.
11. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | As restated 2024 | 2025 | As restated 2024
|  | £ | £ | £ | £
| Accruals and deferred income | 216,610 | 103,801 | - | -
|  | 216,610 | 103,801 | - | -
Page 11
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary Shares shares of £1.00 each | 100 | 100
|  | 15,014,296 (2024 - 13,479,494) Preference Shares shares of £1.00 each | 15,014,296 | 13,479,494
|  |  | 15,014,396 | 13,479,594
During the year the Company issued 1,534,802 preference shares with a nominal value of £1 each. The total consideration received was £1,534,802.
13. | Share-based payments
| The Company operates a phantom unit award scheme for certain employees, under which participants are entitled to cash payments based on the value of notional units. The cost of these awards is recognised over the period in which the employees become unconditionally entitled to the payments. The total charge recognised in the profit and loss account in respect of the scheme for the year was £861,338.
14. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 1,236,066 | 1,242,160 | 67,031 | 73,125
| Later than 1 year and not later than 5 years | 4,728,140 | 4,795,171 | 52,000 | 119,031
| Later than 5 years | 12,402,866 | 13,571,901 | - | -
|  | 18,367,072 | 19,609,232 | 119,031 | 192,156
15. | Parent company
The parent of the smallest group for which consolidated financial statements are drawn up is The Learning Experience Corp. The registered office is 210 Hillsboro Technology Drive, Deerfield Beach, FL 33441. Page 12
THE LEARNING EXPERIENCE SYSTEMS UK LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 2 April 2026 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.
Page 13