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Registered number: 06645686
INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2025
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
REGISTERED NUMBER: 06645686
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
REGISTERED NUMBER: 06645686
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2025
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 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 on 21 May 2026.
The notes on pages 3 to 11 form part of these financial statements.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The company is a private company limited by shares, registered in England. The principal place of business is Framewood Road, Wexham, Buckinghamshire, SL2 4QS.
The entity operates as an international private boarding school offering international students, from diverse cultural backgrounds, pre-university studies in art and design and provide them with a safe, dynamic and stimulating environment in which to learn and develop the technical and intellectual skills required to progress to leading creative arts universities in both the UK and overseas.
2.Accounting policies
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Basis of preparation of financial statements
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The 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 following principal accounting policies have been applied:
The Russo-Ukrainian War has now entered its third year and continues to exert a significant influence across global markets, including the UK education sector. This has led to increased volatility, while international sanctions on Russian and Belarusian companies and individuals have contributed to a decline in student enrolment from these regions. Recruitment to ISCA from Russia and Ukraine has always been significant.
Furthermore, the ongoing geopolitical uncertainty is shaping parental decision-making, with greater emphasis being placed on student safety and wellbeing.
In addition, the global economic slowdown has affected not only middle class families but also a number of high-income families in China, traditionally a key market for UK boarding schools. Rising tuition fees and the increasing cost of living in the UK are prompting some families to reassess the long-term financial commitment of overseas education.
These challenges are also evident in other important markets, including Thailand and Japan.
In response, the directors are actively seeking to diversify ISCA’s recruitment strategy by developing emerging markets, particularly in the Middle East, Turkey and regions in Central Asia, in order to mitigate declining enrolment from Southern and Eastern Asia.
The current and future financial positions of the Company have been reviewed by the Directors to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period. The Directors, having undertaken various assessments, are of the opinion that the company is a going concern.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from services for tuition is recognised in the period in which the services are provided in accordance with the stage of completion of the tuition when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the tuition agreement;
∙the stage of completion of the tuition agreement at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the tuition agreement can be measured reliably.
Tuition agreements run for the period September - August, which coincides with the academic year and company financial year. Revenue is recognised for the period in which tuition takes place, as defined in the company's fees, terms and conditions.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company 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.
Amortisation is provided on the following bases:
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.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Fixtures, fittings and equipment
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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.
Short-term debtors are measured at transaction price, less any impairment. Other debtors are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company’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.
Amortisation
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the working condition of the assets.
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The average monthly number of employees, including directors, during the year was 22 (2024 - 20).
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Charge for the year on owned assets
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Charge for the year on owned assets
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Prepayments and accrued income
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Deferred shares have no voting rights and have no rights to dividend or any other distributions the company may make.
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1,000 (2024 - 1,000) Ordinary shares of £1.00 each
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Ordinary shares have full voting rights and full rights in respect of dividend and capital distributions.
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INTERNATIONAL SCHOOL OF CREATIVE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Profit and loss account
Profit and loss includes all current and prior periods retained profit.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,917 (2024 - £14,872). Contributions totalling £2,827 (2024 - £2,629) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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In the year, there were consultancy fees paid to Fuyo Education, a related party due to common shareholders, of £126,000 (2024: £126,000).
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The ultimate controlling party is Kanon Yasuda by virtue of holding 80% of the company’s issued share capital.
The auditors' report on the financial statements for the year ended 31 August 2025 was unqualified.
The audit report was signed on 21 May 2026 by Paul Laxton FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.
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