Now Education Cardiff Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Now Education Cardiff Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12267436 . The registered office is Fairlawns Studio, Tricorn House, 51 - 53 Hagley Road, Birmingham, West Midlands, B16 8TP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Significant judgements and estimations

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. The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:

Impairment of debtors

On a period basis management makes an estimation of the recoverability of debtors. Management makes such estimations taking into account their knowledge of the company.

2.4. Turnover

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.

Temporary staff

The company recognised revenue in relation to the placement of temporary staff in line with the provision of the services provided by those staff.

Permanent staff

The company recognises revenue in relation to the placement of permanent staff at the point at which the staff members are placed with the customer.

2.5. Leasing and Hire Purchase Contracts

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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Now Education Cardiff Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged orcancelled.

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Now Education Cardiff Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Profit and Loss Account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred Tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with

in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.8. Pensions

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 10)

4. Debtors

	2025	2024 as restated
	£	£
Due within one year
Amounts owed by group undertakings	41,372	207,061

5. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Taxation and social security	-	49,711

6. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
168 Ordinary A shares of £ 1.00 each	168	150
32 Ordinary B shares of £ 1.00 each	32	50

	200	200

During the year, 18 Ordinary B shares were reclassified as Ordinary A shares. The reclassification was undertaken to reflect voting rights as set out in the resolution of the Articles of Association. No new shares were issued or cancelled as part of this process.

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Now Education Cardiff Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

7. Contingent Liabilities

The company has entered into cross guarantee arrangements with finance providers of the ultimate parent company. This is supported by a fixed and floating charge over the assets of the company. The contingent liability at the balance sheet date is £20,583,252 (2024: £20,552,995). The future outcome is dependent upon the performance of the individual company concerned however the directors do not expect any liability to crystalise.

The company has entered into cross guarantee arrangements with an invoice discount finance provider of the immediate parent company. This is supported by a fixed and floating charge over the assets of the company. The contingent liability at the balance sheet date is £nil (2024: £117,906). The future outcome is dependent upon the performance of the individual company concerned however the directors do not expect any liability to crystalise.

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024 as restated
	£	£
Not later than one year	18,000	18,000
Later than one year and not later than five years	51,000	69,000

	69,000	87,000

9. Post Balance Sheet Events

Since the balance sheet date, dividends totalling £129,440 have been voted.

10. Related Party Transactions

At the balance sheet date the amount due by companies in the same group was £41,372 (2024 - £207,061).

11. Ultimate Controlling Party

The company's immediate parent is Now Education Group Limited , incorporated in England.

The company's ultimate parent is Now Education Holdings Limited, incorporated in England.

At the balance sheet date, the ultimate controlling party was A Westworth.

The parent of the smallest group in which these financial statements are consolidated is Now Education Group Limited , incorporated in England.

The parent of the largest group in which these financial statements are consolidated is Now Education Holdings Limited, incorporated in England.

The address of Now Education Group Limited and Now Education Holdings Limited is:

Fairlawns Studio, Tricorn House, 51 - 53 Hagley Road, Birmingham B16 8TP.

These financial statements are available on request from Companies house, Crown Way, Maindy, Cardiff, CF14 3UZ.

12. Audit Information

The auditor's report on the accounts of Now Education Cardiff Limited for the year ended 31 August 2025 was unqualified.

The auditor's report was signed by Gavin Booth (Senior Statutory Auditor) for and on behalf of DJH Audit Limited , Statutory Auditor.

DJH Audit Limited

5 Prospect Place

Millennium Way, Pride Park

Derby

DE24 8HG

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		2025		2024 as restated
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	41,372		207,061
Cash at bank and in hand		200		200

		41,572		207,261
Creditors: Amounts Falling Due Within One Year	5	-		(49,711 )

NET CURRENT ASSETS (LIABILITIES)			41,572		157,550

TOTAL ASSETS LESS CURRENT LIABILITIES			41,572		157,550

NET ASSETS			41,572		157,550

CAPITAL AND RESERVES
Called up share capital	6		200		200
Profit and Loss Account			41,372		157,350

SHAREHOLDERS' FUNDS			41,572		157,550