Registration number: 09622592

Cavendish Learning (London) Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Cavendish Learning (London) Ltd

Company Information

Directors

E E Gibson A N Hassan N Wergan

Registered office

58 Buckingham Gate London SW1E 6AJ

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Cavendish Learning (London) Ltd

(Registration number: 09622592)
Balance Sheet as at 31 August 2025

	Note	2025  £	2024  £
Fixed assets
Intangible assets	4	24,010	48,019
Tangible assets	5	756,387	848,281
		780,397	896,300
Current assets
Debtors	6	4,023,356	4,070,528
Cash at bank and in hand		385,631	327,704
		4,408,987	4,398,232
Creditors: Amounts falling due within one year	7	(4,279,169)	(3,342,242)
Net current assets		129,818	1,055,990
Total assets less current liabilities		910,215	1,952,290
Deferred tax liabilities		(93,529)	(83,879)
Net assets		816,686	1,868,411
Capital and reserves
Called up share capital		1	1
Profit and loss account		816,685	1,868,410
Total equity		816,686	1,868,411

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2026 and signed on its behalf by:
 

E E Gibson
Director

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
58 Buckingham Gate
London
SW1E 6AJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Burlington Education Holdings Limited.

The financial statements of Burlington Education Holdings Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Long leasehold land and buildings	Over the life of the lease
Furniture, fittings and equipment	25%/33% straight line

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life of 10 years. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Intangible assets

Client lists recognised at acquisition are measured at the fair value based on the expected average life. Client list amortisation is charged on a straight line basis so as to write off the cost of the asset over its useful economic life, which is estimated to be 3 years.

Brand value recognised at acquisition is measured at the fair value based on the expected average life. Brand value amortisation is charged on a straight line basis so as to write off the cost of the asset over its useful economic life, which is estimated to be 10 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2025  No.	2024  No.
Average number of employees	80	85

4

Intangible assets

	Goodwill  £	Brand value £	Client lists £	Total £
Cost
At 1 September 2024 and at 31 August 2025	(10,840)	388,582	924,970	1,302,712
Amortisation
At 1 September 2024	18,859	310,864	924,970	1,254,693
Amortisation charge	(14,849)	38,858	-	24,009
At 31 August 2025	4,010	349,722	924,970	1,278,702
Carrying amount
At 31 August 2025	(14,850)	38,860	-	24,010
At 31 August 2024	(29,699)	77,718	-	48,019

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

5

Tangible assets

	Long leasehold land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
At 1 September 2024	983,818	524,840	1,508,658
Additions	-	33,105	33,105
At 31 August 2025	983,818	557,945	1,541,763
Depreciation
At 1 September 2024	237,059	423,318	660,377
Charge for the year	65,588	59,411	124,999
At 31 August 2025	302,647	482,729	785,376
Carrying amount
At 31 August 2025	681,171	75,216	756,387
At 31 August 2024	746,759	101,522	848,281

6

Debtors

	2025  £	2024  £
Trade debtors	3,104,115	1,945,625
Amounts owed by group undertakings	816,613	1,938,791
Other debtors	70,050	69,419
Prepayments	32,578	27,493
Corporation tax asset	-	89,200
	4,023,356	4,070,528

7

Creditors

	2025  £	2024  £
Due within one year
Trade creditors	9,995	6,411
Amounts due to group undertakings	480,646	480,646
Social security and other taxes	553,498	68,456
Outstanding defined contribution pension costs	29,137	31,090
Other creditors	70,843	319,659
Accrued expenses	57,635	69,854
Corporation tax liability	477,911	-
Deferred income and fee deposits	2,599,504	2,366,126
	4,279,169	3,342,242

Cavendish Learning (London) Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025  £	2024  £
Not later than one year	433,277	414,549
Later than one year and not later than five years	1,568,839	1,639,328
Later than five years	434,196	703,868
	2,436,312	2,757,745

9

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group headed by its parent undertaking, Burlington Education Holdings Limited. The amount guaranteed at 31 August 2025 is £192,085,000 (2024 - £111,400,000).

10

Parent and ultimate parent undertaking

The company's immediate parent is Cavendish Education and Training Limited, incorporated in England and Wales.

The ultimate parent is Burlington Education Partners Holdings Limited, incorporated in Guernsey, which is considered to have no single ultimate controlling party.

11

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 May 2026 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.