REGISTERED NUMBER: 16186349 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

15 JANUARY 2025 TO 2 JULY 2025

FOR

THE ACADEMY OF JEWELLERY HOLDINGS LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

D A Gherscovic

U Vyas

REGISTERED OFFICE:

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

REGISTERED NUMBER:

16186349 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Melville Leighton

AUDITORS:

Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

The directors present their report with the financial statements of the company and the group for the period 15 January 2025 to 2 July 2025.

INCORPORATION

The group was incorporated on 15 January 2025 .

PRINCIPAL ACTIVITY

The principal activity of the company and the group is to provide business support services and technical and vocational secondary education.

DIRECTOR

G E Gherscovic was appointed as a director on 15 January 2025 and held office from then until after 2 July 2025 but prior to the date of this report.

D A Gherscovic and U Vyas were appointed as directors after 2 July 2025 but prior to the date of this report.

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Accura Accountants Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

U Vyas - Director

6 May 2026

Qualified opinion

We have audited the financial statements of The Academy of Jewellery Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 2 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's affairs as at 2 July 2025 and of its surplus for the period 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.

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.

Basis for qualified opinion

We were appointed as auditors after the end of the financial period and did not audit the financial statements of subsidiary British Academy of Jewellery Limited for the prior year ended 2 July 2024. Due to unavailability of the prior year documents opening balances could not be verified by us. We also did not receive prior year audit documentation of this subsidiary from previous auditor. Therefore, we were unable to verify the opening balances performing alternative audit procedures. Consequently, we were unable to obtain sufficient appropriate audit evidence regarding opening balances and comparative information and were unable to determine whether any adjustments may have been necessary.

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 qualified opinion.

Conclusions relating to going concern

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.

In addition to the matters described in the Basis for qualified opinion section of our report, the subsidiary's financial statements include a material debtor balance of £1,287,900 owed by a related party included in other debtors. The purpose of the loan to other debtor was to enhance a property, which prior to change of the management, the owners had intended to occupy. The loan was used by the associated company to acquire properties which is now being disposed of and the directors have confirmed that the disposal proceeds should enable the funds to be repaid.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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:

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included;

- enquiries of management and finance personnel, concerning the company's policies and procedures relating to:

- detecting and responding to the risks of fraud; and

- evaluation of internal controls designed to mitigate fraud risk

- enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud;

Risk communications

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Fraud risks

As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments.

Procedures to address fraud risks

Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including;

- Testing journal entries to identify unusual transactions, comparing journal entries to supporting documentation and review for any unusual journal descriptions;

- Assessing significant accounting estimates and judgements for bias;

- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and

- Testing revenue recognition around the year end to ensure transactions were recorded in the correct period.

Laws and regulations

- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations.

Risk assessment

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following;

- discussion with the management of the company (as required by auditing standards);

- inspection of the company's regulatory and legal correspondence; and

- discussions with the management about the policies and procedures regarding compliance with laws and regulations.

Direct laws context and link to audit

The potential effect of laws and regulations on the financial statements varies considerably. The group is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:

- Financial reporting legislation (including related UK companies' legislation)

- Taxation legislation (direct and indirect) in the group's countries of operation

- Office For Students (OFS)

- Office for Standards in Education (OFSTED)

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. 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 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.

Brian Melville Leighton (Senior Statutory Auditor)

for and on behalf of Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

6 May 2026

TURNOVER

3

2,099,975

Cost of sales

(1,118,545

)

GROSS PROFIT

981,430

Administrative expenses

(911,638

)

OPERATING PROFIT

6

69,792

Exceptional item

7

(372,603

)

(302,811

)

Interest payable and similar expenses

8

(5,976

)

LOSS BEFORE TAXATION

(308,787

)

Tax on loss

9

-

LOSS FOR THE FINANCIAL PERIOD

(308,787

)

Loss attributable to:

Owners of the parent

(308,787

)

LOSS FOR THE PERIOD

(308,787

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(308,787

)

Note

Prior year adjustment

11

62,144

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(246,643

)

Total comprehensive income attributable to:

Owners of the parent

(246,643

)

FIXED ASSETS

Intangible assets

12

1,814,610

Tangible assets

13

744,345

Investments

14

-

2,558,955

CURRENT ASSETS

Stocks

15

323,210

Debtors

16

1,563,786

Cash at bank and in hand

289,148

2,176,144

CREDITORS

Amounts falling due within one year

17

1,709,352

NET CURRENT ASSETS

466,792

TOTAL ASSETS LESS CURRENT LIABILITIES

3,025,747

CREDITORS

Amounts falling due after more than one year

18

(1,272,290

)

PROVISIONS FOR LIABILITIES

20

(2,000,000

)

NET LIABILITIES

(246,543

)

CAPITAL AND RESERVES

Called up share capital

21

100

Retained earnings

22

(246,643

)

SHAREHOLDERS' FUNDS

(246,543

)

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

U Vyas - Director

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

-

Investments

14

4,013,226

4,013,226

CURRENT ASSETS

Cash at bank and in hand

1,134

CREDITORS

Amounts falling due within one year

17

107,064

NET CURRENT LIABILITIES

(105,930

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,907,296

CREDITORS

Amounts falling due after more than one year

18

3,919,196

NET LIABILITIES

(11,900

)

CAPITAL AND RESERVES

Called up share capital

21

100

Retained earnings

22

(12,000

)

SHAREHOLDERS' FUNDS

(11,900

)

Company's loss for the financial year

(12,000

)

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

U Vyas - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Prior year adjustment

-

62,144

62,144

As restated

-

62,144

62,144

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(308,787

)

(308,787

)

Balance at 2 July 2025

100

(246,643

)

(246,543

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(12,000

)

(12,000

)

Balance at 2 July 2025

100

(12,000

)

(11,900

)

Cash flows from operating activities

Cash generated from operations

1

695,554

Interest paid

(4,833

)

Interest element of hire purchase or finance lease rental payments paid

(1,143

)

Tax paid

33,122

Net cash from operating activities

722,700

Cash flows from investing activities

Purchase of intangible fixed assets

(1,849,058

)

Net cash from investing activities

(1,849,058

)

Cash flows from financing activities

Amount introduced by directors

1,023,750

Amount withdrawn by directors

(5,681

)

Share issue

100

Exceptional item

372,603

Net cash from financing activities

1,390,772

Increase in cash and cash equivalents

264,414

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

264,414

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

£

Loss before taxation

(308,787

)

Depreciation charges

56,639

Finance costs

5,976

(246,172

)

Increase in stocks

(323,210

)

Increase in trade and other debtors

(1,563,786

)

Increase in trade and other creditors

2,828,722

Cash generated from operations

695,554

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:

Period ended 2 July 2025

2.7.25

15.1.25

£

£

Cash and cash equivalents

289,148

-

Bank overdrafts

(24,734

)

-

264,414

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 15.1.25

Cash flow

At 2.7.25

£

£

£

Net cash

Cash at bank and in hand

-

289,148

289,148

Bank overdrafts

-

(24,734

)

(24,734

)

-

264,414

264,414

Total

-

264,414

264,414

1.	STATUTORY INFORMATION

The Academy of Jewellery Holdings Ltd 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 General 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. They have been prepared on the going concern basis. The directors have assessed the group's ability continue as a going concern and have a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, certain material uncertainties exist that may cast significant doubt on the group's ability to do so. A significant debtor balance is owed by a related party, which was used to fund the development of a property by a related party. This related party has been in administration since 11 September 2025 and is currently in the process of selling the property. The directors expect repayment upon sale and, after reviewing the circumstances, consider this balance to be recoverable.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income and expenditure

Income and are expenses included in the financial statements as they become receivable or due. Income represents the fair value of the consideration received or receivable for the provision of education and training services in subsidiary.Tuition fee income is recognised over time as the related teaching services are delivered, based on the stage of completion of the programme at the reporting date. Apprenticeship and other government-funded income is recognised in line with the delivery of the related training services and where there is reasonable assurance that the income will be received and that the group will comply with the conditions attached to the funding.

Grant income relating to capital expenditure is deferred and released to the income and expenditure account over the useful economic life of the related asset. Revenue grants are recognised in income on a systematic basis over the periods in which the group recognises the related costs for which the grants are intended to compensate.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 15 years straight line

Plant and machinery 25% reducing balance

Fixtures, fittings & equipment 25% reducing balance

Computer equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

£

OFS Teaching grant

175,405

Other capital grant

7,677

Fee income

1,916,893

2,099,975

4.	EMPLOYEES AND DIRECTORS

There were no employees in the company during the period to 2 July 2025.

Employees in the undertakings that are proportionately consolidated for the period are 16.

5.	DIRECTORS' EMOLUMENTS

£

Director's remuneration

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

£

Hire of plant and machinery

13,322

Depreciation - owned assets

119,113

Goodwill amortisation

34,448

Auditors' remuneration

14,795

7.	EXCEPTIONAL ITEMS

£

Exceptional item

(372,603

)

Please see note 20 for detailed explanation.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

Bank interest

724

HMRC interests

4,109

Hire purchase

1,143

5,976

9.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period.

10.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11.	PRIOR YEAR ADJUSTMENT

During the period to 2 July 2025, errors were identified in the subsidiary's previously issued financial statements for the year ended 2 July 2024 relating to the recognition of corporation tax balances. As a result of further information becoming available, group tax losses were utilised against prior year taxable profits, resulting in the reversal of previously recognised corporation tax liabilities totalling £62,144.

The comparative figures for the period ended 2 July 2024 for the subsidiary have been restated accordingly, with a corresponding increase in retained earnings as at 2 July 2024. There were no impact on cash flows.

12.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

Additions

1,849,058

At 2 July 2025

1,849,058

AMORTISATION

Amortisation for period

34,448

At 2 July 2025

34,448

NET BOOK VALUE

At 2 July 2025

1,814,610

13.	TANGIBLE FIXED ASSETS

Group

Fixtures

Improvements

Plant and

and

Computer

to property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 15 January 2025

and 2 July 2025

645,016

179,764

445,682

186,340

1,456,802

DEPRECIATION

At 15 January 2025

86,002

131,784

256,736

118,822

593,344

Charge for period

43,001

11,995

47,237

16,880

119,113

At 2 July 2025

129,003

143,779

303,973

135,702

712,457

NET BOOK VALUE

At 2 July 2025

516,013

35,985

141,709

50,638

744,345

At 14 January 2025

559,014

47,980

188,946

67,518

863,458

14.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

Additions

4,013,226

At 2 July 2025

4,013,226

NET BOOK VALUE

At 2 July 2025

4,013,226

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

British Academy of Jewellery Limited

Registered office: Langley House 53 Theobald Street, Borehamwood, WD6 4RT

Nature of business: Provision of technical and vocational education

%

Class of shares:

holding

Member

100.00

2.7.25

£

Aggregate capital and reserves

1,963,974

Loss for the period

(1,074,574

)

15.

STOCKS

Group

£

Work-in-progress

323,210

16.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

£

Trade debtors

23,063

Other debtors

1,287,900

Rent deposit

250,000

Other interests receivable

2,823

1,563,786