REGISTERED NUMBER: 11003471 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

KSI Education Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Statement of Directors' Responsibilities

7

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Z Yao

P Wu

X Wang

REGISTERED OFFICE:

G16, Central Court

25 Southampton Buildings

London

WC2A 1AL

REGISTERED NUMBER:

11003471 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

The directors present their strategic report of the company and the group for the year ended 31 August 2025.

REVIEW OF BUSINESS

The principal activity of KSI Education Ltd ("KSI" and "the Company") in the year under review was that of an investment holding company and provider of management and support services for independent school businesses.

Background

Between 2017 and 31st August 2021, the company acquired two schools and one tutorial college (Kingsley School in Devon, Heathfield Knoll School in Worcestershire, and Greene's Tutorial College in Oxford) through its subsidiary KSI Schools Group (KSISG). KSISG set up Kingsley Education Ltd and KSI Kingsley School Property Ltd to complete Kingsley School's acquisition from the Methodist Independent Schools Trust (MIST) on 31st August 2019. KSISG set up KSI HKS Ltd and KSI HKS Property Ltd to complete Heathfield Knoll School's acquisition from the Heathfield Education Trust on 5th March 2020. KSISG owned 51% of the shares of Greene's Tutorial Education Ltd (GTEL) by share subscription on 3rd February 2021. GTEL became the sole member of Greene's Tutorial College (GTC) from 1st August 2023. KSISG was dissolved in order to simplify company structure, and its investment in subsidiaries was transferred to KSI Education Ltd on 28th March 2024. The Joint Venture between the company and GTEL was dissolved on 31st August 2025, with KSI Education Ltd owning 100% of GTEL and GTC.

Current strategy

KSI Education Ltd has a medium to long-term strategy to develop and implement commercial innovative education products and services for the UK and global markets to diversify its portfolio, bringing in new revenues to protect the existing business by developing new product and service lines. As the vehicle to facilitate this, Aldates Global Education Ltd was established in October 2024 as a wholly owned subsidiary of KSI Education Ltd. The brand Aldates or Aldates Global Education is used in all outward facing business development activities for KSI Education Ltd.

The CEO of the Group and company director of KSI Education Ltd's UK trading subsidiaries, Kingsley School in Devon, Heathfield Knoll School in Worcestershire, and Greene's Tutorial College in Oxford, oversees regulatory and financial compliance, ensuring stability and establishing discipline and consistency in reporting and operating models.

The CEO leads on investment and fund-raising strategies for the global diversification of Aldates Global Education's portfolio, focusing on expansion in key regions, while developing a sustainable growth strategy for the schools and Greene's, working with key partners to deliver this: technology platforms, school operational services, research partners and sales and distribution.

FUTURE DEVELOPMENT

KSI Education's strategic five-year plan (2025-2030) focuses on financial sustainability for the three UK trading subsidiaries and global expansion of products and services under the trademarked Aldates brand. Aldates research-led programmes focus on wellbeing, inclusion and SEND, sustainability education and school improvement. Aldates Global Education will continue to present investment opportunities to new potential investors interested in supporting innovative education products and services, as well as investing into schools groups.

PRINCIPAL RISKS AND UNCERTAINTIES

At the time of this report, there is still considerable global economic uncertainty due to geopolitical events. The Directors fully understand and have assessed the operations of the schools against the uncertainties and their impact on the schools and college, where significant increases in energy prices have been accounted for in budget plans and forecasts, and have examined a range of possible outcomes for cashflow projections to 31 August 2026.

Due to UK legislative changes around taxation (introduction of VAT on private school fees, as well as increases in National Insurance contribution and minimum wages in FY2024/25), the schools and Greene's continually review the impact of this on their market positions, taking local pricing to market into consideration, while finding operational efficiencies, with further efficiency savings to come for FY2025/26 and FY2026/27, so they remain financially sustainable over the next five years.

Kingsley School Devon has planned to mitigate the risk around the reduction in the UK boarding school market due to general uncertainty about the global economic situation, which may deter some parents from considering private education in the UK, as well as increases in fees due to the introduction of VAT, by diverting the use of one of the boarding houses at for specialist SEND services funded by the Devon Local Authority. The schools' dependency on EHCP funds from Local Authorities present an ongoing potential risk which is being proactively managed.

Liquidity risk is also seen as significant to KSI Group. The Group and the schools manage cash flow very carefully with some use of bank lending facilities and the Group is actively seeking potential investors to accelerate its development.

The Directors place a very high priority on their duties and responsibilities under Government regulations and guidance regarding safeguarding and child protection. Policies and procedures to the highest standards are in place and regular reviews and updates are carried out. All management and staff are given regular training to ensure familiarisation with the policies and procedures.

SUSTAINABILITY AND ENVIRONMENTAL MANAGEMENT

The schools and Greene's have committed to sustainability through a range of proactive environmental initiatives to reduce our carbon footprint and improve resource efficiency across all premises.

Kingsley School Devon procures goods and services locally, including catering, cleaning, and waste disposal contracts. All printing is now done on recycled paper, and energy usage is periodically reviewed to manage heating and external lighting, which automatically turns off between 11:00 pm and 5:00 am. Over the past five years, the school has planted 5,000 trees across the site and are currently conducting a Radon survey. Additionally, the school is in the process of installing smart meters to provide detailed half-hourly energy consumption analytics across the site.

Heathfield Knoll School has purchased an electric mini bus and installed EVC for staff to use. Electric heaters in the main house to reduce the use of the oil filled radiators. All food wastage is collected and recycled by WFDC. The produce grown within our Earth Centre is used by the school's in-house catering team. The purchase of catering and cleaning supplies are periodically reviewed and wherever possible purchased locally. The upgrade of the school's buildings has included doubled thickness insulation, triple glazing and cladding. Solar panels are on three of the buildings. We are in the process of carrying out a radon survey by our site team. Each room has a green bin to collect any paper wastage, and this is sent to our recycling provider.

Greene's College Oxford contracts renewable energy suppliers for all buildings and have installed smart meters where possible, with further installations scheduled to support detailed monitoring of consumption and to target reductions. Newer premises are equipped with low-consumption, energy-efficient WiFi-connected electric radiators, enabling centralised scheduling and real-time energy analytics through the Rointe Connect App. Older high-consumption appliances are systematically decommissioned and replaced with more sustainable technology as they reach the end of their service lives. The College promotes sustainable travel habits among students, tutors and staff. Walking, cycling, and the use of public transport are actively encouraged, and bicycle storage facilities are made available on our premises for those who choose greener transport options.

GOVERNANCE AND DECISION-MAKING

Management Board meetings are held monthly, where performance of each business unit is monitored and analysed. Management Board members draft strategy and financial plans for its subsidiaries, and make recommendations for approval on operational and financial matters relating to each subsidiary, including setting strategic direction, five year-plans and yearly budgets.

The Management Board monitors and provides oversight for any major changes in these areas:

- Monitoring annual plans against key performance indicators (to ensure they remain within the parameters).

- Overseeing the implementation and updating of policies.

- Producing bi-annual reports, when requested, including Strategy and Finances to the Board of Directors.

The Board of Directors exercises the following powers and performs the following functions:

- Approves fund-raising and investment, and expenditure related to strategy.

- Approves strategy and annual review of the five-year plans of the Management Board.

- Approves the annual budget and key performance indicators of the Management Board.

- Provides approvals where authorisation is needed.

The Directors have prepared forecasts for the next 12 months. Based on these forecasts, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

IN-YEAR PERFORMANCE

Despite the significant financial headwinds, the schools delivered a strong financial performance line with 2024/25 budget. Revenues were broadly flat across the schools and Greene's at £13.7m, with pupil numbers up at Kingsley School Devon driven by higher scholarships. Continued financial discipline in managing operational costs ensured that the schools and Greene's improved their combined EBITDA performance year-on-year by £69k whilst absorbing higher VAT and employment costs and the significant costs of change associated with the successful dissolution of the Greene's joint venture.

In broad terms, despite adverse trading conditions, the schools and Greene's are on a sustainable financial footing. Overall, there has been successful trading for all three subsidiaries during an exceptionally challenging period (VAT, increase in NI), and with one in need of investment - Aldates Global education Ltd, to develop a high-value commercial pipeline of revenues from a global expansion of diversified products and services.

The schools and college consolidated their reputations for excellence in pupil academic achievement and well-being. Future performance in the UK remains uncertain in the current economic climate and the fallout from the imposition of VAT on fees is on-going. We provide education for over 700 students and employment for over 320 staff and are well reviewed by inspectors and local authorities, recognized as centres of excellence, in particular for SEND services, with good relationships with Local Authorities and positive reviews from the Independent School Inspectorate (ISI) and OFSTED.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators of the group were as follows:

31 August 2025

31 August 2024

Change%

Operating loss

(£1,556,439

)

(£1,808,566

)

Loss -14%

Investment loss

(£10,772

)

(£58,942

)

Loss -82%

Number of Current Asset Investments

1

1

0%

Number of fixed asset Investments

7

7

0%

Number of pupils

706

699

+1%

ON BEHALF OF THE BOARD:

P Wu - Director

28 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2025.

DIVIDENDS

No dividends were distributed in respect of the year ended 31 August 2025 (2024 - NIL).

DIRECTORS

Z Yao has held office during the whole of the period from 1 September 2024 to the date of this report.

Other changes in directors holding office are as follows:

P Wu and X Wang were appointed as directors after 31 August 2025 but prior to the date of this report.

Dr T W Cheung and Z Wu ceased to be directors after 31 August 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The Group has risk management process that follows a sequence of risk identification, assessment of probability and impact, and owner assignment to manage mitigation activities. The Company's financial instruments fall into one of two categories - receivables at amortised cost (Financial Assets), and loans and other liabilities at amortised cost (Financial Liabilities).

Receivables at amortised cost: these comprise of trade and other receivables, cash and cash equivalents.

Other financial assets at fair value: these comprise current investment.

Loans and other liabilities held at amortised cost: these comprise trade and other payables, debt and the banking facilities.

These financial instruments are subject to a number of risks. The main types of risks are price risk, market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks and agrees the policies for managing each of these risks. The Company does not engage in the trading of financial assets for speculative purposes nor does it write options.

DISCLOSURE IN THE STRATEGIC REPORT

The Group has chosen to disclose information relating to principal activity, business review, future development and risk and uncertainties in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Wu - Director

28 May 2026

The directors are responsible for preparing the Group Strategic Report, 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.

Opinion

We have audited the financial statements of KSI Education Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2025 and of the group's loss for the year 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.

Basis for opinion

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 group 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 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.

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 group's and the parent 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.

Other information

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

-	the Group Strategic Report and the Report of the Directors have 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 Group Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group.

The following laws and regulations were identified as being of significance to the group:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, employment law, General Data Protection Regulation (GDPR), food law and regulations, standards in education, Children’s Services and Skills (Ofsted), Independent Schools Inspectorate, National minimum standards for boarding schools, The School Premises (England) Regulations, and UK Visas and Immigration .

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

28 May 2026

TURNOVER

13,554,206

13,814,355

Cost of sales

8,478,009

8,581,122

GROSS PROFIT

5,076,197

5,233,233

Administrative expenses

6,749,824

7,111,150

(1,673,627

)

(1,877,917

)

Other operating income

117,189

69,351

OPERATING LOSS

5

(1,556,438

)

(1,808,566

)

Interest receivable and similar income

7

17,717

17,260

(1,538,721

)

(1,791,306

)

Gain/loss on revaluation of investments

(10,772

)

(58,942

)

(1,549,493

)

(1,850,248

)

Interest payable and similar expenses

8

65,378

57,477

LOSS BEFORE TAXATION

(1,614,871

)

(1,907,725

)

Tax on loss

9

8,568

18,905

LOSS FOR THE FINANCIAL YEAR

(1,623,439

)

(1,926,630

)

FIXED ASSETS

Intangible assets

11

256,270

341,693

Tangible assets

12

7,213,873

7,249,901

Investments

13

-

-

7,470,143

7,591,594

CURRENT ASSETS

Stocks

14

20,678

14,413

Debtors: amounts falling due within one year

15

1,498,508

856,975

Investments

16

28,459

39,608

Cash at bank and in hand

1,214,460

2,942,175

2,762,105

3,853,171

CREDITORS

Amounts falling due within one year

17

4,310,957

3,476,942

NET CURRENT (LIABILITIES)/ASSETS

(1,548,852

)

376,229

TOTAL ASSETS LESS CURRENT LIABILITIES

5,921,291

7,967,823

CREDITORS

Amounts falling due after more than one year

18

(2,772,746

)

(3,204,407

)

PROVISIONS FOR LIABILITIES

20

(70,533

)

(61,965

)

NET ASSETS

3,078,012

4,701,451

CAPITAL AND RESERVES

Called up share capital

21

60,468,193

60,468,193

Share premium

2,338,697

2,338,697

Other reserves

(707,041

)

-

Retained earnings

(59,021,837

)

(57,464,008

)

SHAREHOLDERS' FUNDS

3,078,012

5,342,882

NON-CONTROLLING INTERESTS

-

(641,431

)

TOTAL EQUITY

3,078,012

4,701,451

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

P Wu - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

18,976

2,732

Investments

13

315,108

315,005

334,084

317,737

CURRENT ASSETS

Debtors: amounts falling due within one year

15

366,602

85,422

Debtors: amounts falling due after more than one year

15

12,881,002

12,676,952

Investments

16

28,459

39,608

Cash at bank

286,543

1,367,593

13,562,606

14,169,575

CREDITORS

Amounts falling due within one year

17

68,082

67,150

NET CURRENT ASSETS

13,494,524

14,102,425

TOTAL ASSETS LESS CURRENT LIABILITIES

13,828,608

14,420,162

CREDITORS

Amounts falling due after more than one year

18

1,811,877

1,821,876

NET ASSETS

12,016,731

12,598,286

CAPITAL AND RESERVES

Called up share capital

21

60,468,193

60,468,193

Share premium

2,338,697

2,338,697

Retained earnings

(50,790,159

)

(50,208,604

)

SHAREHOLDERS' FUNDS

12,016,731

12,598,286

Company's loss for the financial year

(581,555

)

(373,552

)

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

P Wu - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 September 2023

60,468,193

(55,490,094

)

2,338,697

Changes in equity

Total comprehensive income

-

(1,973,914

)

-

Balance at 31 August 2024

60,468,193

(57,464,008

)

2,338,697

Changes in equity

Total comprehensive income

-

(1,557,829

)

-

Balance at 31 August 2025

60,468,193

(59,021,837

)

2,338,697

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 September 2023

-

7,316,796

(688,715

)

6,628,081

Changes in equity

Total comprehensive income

-

(1,973,914

)

47,284

(1,926,630

)

Balance at 31 August 2024

-

5,342,882

(641,431

)

4,701,451

Changes in equity

Total comprehensive income

-

(1,557,829

)

641,431

(916,398

)

Other reserve

(707,041

)

(707,041

)

-

(707,041

)

Balance at 31 August 2025

(707,041

)

3,078,012

-

3,078,012

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 September 2023

60,468,193

(49,835,052

)

2,338,697

12,971,838

Changes in equity

Total comprehensive income

-

(373,552

)

-

(373,552

)

Balance at 31 August 2024

60,468,193

(50,208,604

)

2,338,697

12,598,286

Changes in equity

Total comprehensive income

-

(581,555

)

-

(581,555

)

Balance at 31 August 2025

60,468,193

(50,790,159

)

2,338,697

12,016,731

Cash flows from operating activities

Cash generated from operations

1

(1,019,834

)

(37,599

)

Interest paid

(48,144

)

(49,496

)

Net cash from operating activities

(1,067,978

)

(87,095

)

Cash flows from investing activities

Purchase of tangible fixed assets

(570,421

)

(372,306

)

Interest received

17,717

17,260

Net cash from investing activities

(552,704

)

(355,046

)

Cash flows from financing activities

New loans in year

-

300,000

Loan repayments in year

(107,033

)

(87,880

)

Proceeds from issuance of share capital

-

540,000

Net cash from financing activities

(107,033

)

752,120

(Decrease)/increase in cash and cash equivalents

(1,727,715

)

309,979

Cash and cash equivalents at beginning of year

2

2,942,175

2,632,196

Cash and cash equivalents at end of year

2

1,214,460

2,942,175

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

31.8.25

31.8.24

£

£

Loss before taxation

(1,614,871

)

(1,907,725

)

Depreciation charges

459,540

455,105

Loss on disposal of fixed assets

1,982

5,221

Loss on revaluation of investment

11,149

78,240

Provision for doubtful debts

47,475

117,593

Other expenses

12,414

-

Amortisation of goodwill

85,423

321,199

Written off Directors' loan

(35,884

)

-

Finance costs

65,378

57,477

Finance income

(17,717

)

(17,260

)

(985,111

)

(890,150

)

Increase in stocks

(6,265

)

(4,050

)

Increase in trade and other debtors

(667,808

)

(151,237

)

Increase in trade and other creditors

639,350

1,007,838

Cash generated from operations

(1,019,834

)

(37,599

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

1,214,460

2,942,175

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

2,942,175

2,820,583

Bank overdrafts

-

(188,387

)

2,942,175

2,632,196

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

2,942,175

(1,727,715

)

1,214,460

2,942,175

(1,727,715

)

1,214,460

Liquid resources

Current asset investments

39,608

(11,149

)

28,459

39,608

(11,149

)

28,459

Debt

Debts falling due within 1 year

(102,035

)

54,479

(47,556

)

Debts falling due after 1 year

(1,376,277

)

52,110

(1,324,167

)

(1,478,312

)

106,589

(1,371,723

)

Total

1,503,471

(1,632,275

)

(128,804

)