REGISTERED NUMBER: 04532510 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

for

St. Piran's (GB) Ltd

Page

Company Information

1

Strategic Report

2

to

4

Report of the Directors

5

to

7

Report of the Independent Auditors

8

to

10

Income Statement

11

Other Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Statement of Cash Flows

16

Notes to the Financial Statements

17

to

23

DIRECTORS:

Mr G J Phillips

Mr Y Muniandy

SECRETARY:

Mr R Satheeskumar

REGISTERED OFFICE:

Chaucer House

White Hart Yard

London

SE1 1NX

REGISTERED NUMBER:

04532510 (England and Wales)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

The directors present their strategic report for the year ended 31 December 2025.

BUSINESS MODEL

The Company is controlled by a former director together with their connected persons.

REVIEW OF BUSINESS

The company's unique approach is education that is academically rigorous but also grounded in practical application that is highly relevant to our students, stakeholders and industry. Overall student numbers have been in line with expectations.

The directors monitor gross profit margins as another key performance indicator which has remained constant at 81% in line with expectation.

The profit for the year after taxation amounted to £10,909,730 (2024: £24,403,720).

The company retains a positive combined bank balance of £8,336,592 (2024: £30,833,235).

The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

FUTURE DEVELOPMENTS

Despite excellent long-term performance, the company looks to expand and explore new opportunities. It is therefore the directors' intentions to continue to broaden the markets the company works in so that it limits overdependence on particular sectors. The current outlook for the company is positive, especially given the increased revenue and operating profit for the year. The company continues to invest in and launch new sequences to help strengthen its position in the markets in which it operates. The company believes the challenging economic conditions will further increase the demand for career focused education and the company plans to use their core competencies and experience to capitalise on these opportunities and is optimistic that it will continue to grow enrolments in the future due to programme development and delivery of targeted growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise cash, short term deposits and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operation as well as to manage working capital, liquidity and invest surplus funds.

The directors continue to assess the risks facing the company, Both the securing of new business and maintaining existing relationships are key to the company's success.

The Company faces strong competition from third parties in its key markets with well-established competition in degree courses and continued growth in the number of business schools.

The Company seeks to address these risks by maintaining its high standard of education in order to be the provider of choice for most students. The Company has diversified into products as a way of managing both economic and competitive risk, ensuring that the Company continues to deliver products that are relevant to customers and bridge the gap between academia and employability.

Such risks could have a negative impact on student enrolment, currency fluctuation and turnover. The Company therefore seeks to mitigate risks by closely monitoring the economic outlook caused by local and global economic events and maintaining flexible resources so that the Company is able to respond to changes in economic and political conditions.

Other ongoing challenges are overhead cost control which is kept under regular review by the directors.

MARKET

The company monitors the general economic and political changes in the education sector. The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability.

COMPETITIVE

The main competitive risks to the company arise from change in government policies and general economic conditions.

The company continues to invest in providing qualitative service by working in partnership with universities and other associated colleges to provide better and efficient services.

LEGISLATIVE RISK

On a regular basis the directors review the company legislative risk exposure and ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievements of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure efficient working capital exists and monitor the management of risk at a business unit level.

SECTION 172(1) STATEMENT

This statement sets out how i.e. Directors have approached and met their responsibilities under section 172 Companies Act 2006, acting in a way that they consider would most likely promote the long-term success of the Company for the benefit of members.

OUR CLIENTS

Delivering high quality education and excellence in student service is critical to the success of the business. We conduct regular student satisfaction surveys as part of our regular feedback process. This feedback is taken both in survey format and through formal meetings with student representatives as well as in writing, in person and over the telephone. The Directors receive regular updates from the student feedback to implement service improvements where applicable. This can range from improvements in the student enrolment process itself to changes in services we offer to our students while they are progressing in their studies.

OUR SUPPLIERS

The company is an Associate College of Universities. The Universities supply the product delivered to our clients, so are viewed as an extension of our business thus considered as critical partners. Our Senior Managers and operational teams are responsible for actively managing our relationships with our partner Universities to ensure high standards of service and conduct. We are fortunate that we have alternative suppliers for most of the products and services we procure, which helps us to offer a range of services and maintain quality for clients.

The Directors receive regular operational updates as part of Board meetings. Any significant development in a key supplier relationship, such as change of Vice-Chancellor or strategic changes in the University sector is escalated to the Board immediately. All key supplier contracts are reviewed on an annual basis by Directors.

KEY PERFORMANCE INDICATORS

The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets. These include the levels of turnover, gross and net profit margins and profitability ratios.

Other key KPIs that demonstrate the level of performance in different parts of the business include:

Average salary levels

Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr Y Muniandy - Director

7 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of educational services.

DIVIDENDS

The dividend paid during the period amounted to £25,365,000.00 (2024: £38,300,000.00).

RESEARCH AND DEVELOPMENT

During the year, the Company continued to develop new course and content with affiliations with universities which continued according to plan.

FUTURE DEVELOPMENTS

The directors will continue to monitor the risks disclosed in the Strategic report. The directors will continue to look for ways to maximise the student experience, enhance student curriculum and review strategic alternatives that result in creating and maximising value.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr Y Muniandy

Mr G J Phillips

resigned on 16 March 2026

Mr A Gopalakrishnan

appointed on 10 March 2026

Mr R Satheeskumar

appointed on 10 March 2026

Mr D M Silbergh

appointed on 10 March 2026

Mr G Srinivasan

appointed on 10 March 2026

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The directors have established a risk and financial management framework whose primary objective is to protect the company from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The company principal financial instruments during the year comprised of a significant liquid cash holding at bank. The main purpose of these financial instruments is to provide funding for company's operations.

Liquidity risk

The company manages its cash requirements in order to maximise interest income and minimise expenses, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Reputation Risk

The company's' brand is one of the most successful and well established brands in training and professional education market and represents a key element of the Company's overall marketing and positioning. To prevent brand and reputational damage we have quality assurance mechanisms to ensure that our teaching and course materials remain of the highest standard.

Credit risk

Credit risk refers to the risk that a counterparty will default on any type of debt by failing to make payments in accordance with agreed terms. We have a mix of individual students and corporate clients. Corporate clients undergo credit checks to ensure they are creditworthy and individuals are required to pay a percentage of their course fees in advance of registration in order to reduce credit risk. The Company has mechanisms in place to monitor and control potential defaulters.

The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties.

POLITICAL DONATIONS AND EXPENDITURE

The Company made neither political donations nor incurred any political expenditure during the year.

The charitable donations made during the year was £218,229 (2024: £777,523).

EMPLOYEES

The company is an equal opportunities employer.

The company maintains close consultation with its employees on matters that are likely to affect their interests and is committed to involving them in the performance and development of the business. Periodic presentations are made to all staff by the directors and at these sessions, questions and issues raised by staff are answered.

ENVIRONMENTAL STATEMENT

The company is deeply committed to worldwide conservation. We believe that the preservation of our natural and cultural heritage is best accomplished through the sustained unification of environmental and economic goals.

Our goal is to provide long-term support for existing natural ecosystems to ensure that human populations, flora and fauna continue to survive and coexist successfully. Our vision includes working together with local people and regional non-government organizations to inspire and develop sound community health and conservation practices and assist in mitigating global climate change.

GOING CONCERN

The directors have considered the company's objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its market positioning and its expenditure and cash flow projections. As a result of this review the directors have concluded that the company has adequate and reliable resources to continue to adopt a going concern basis in preparing these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Y Muniandy - Director

7 May 2026

Opinion

We have audited the financial statements of St. Piran's (GB) Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 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 company's affairs as at 31 December 2025 and of its profit 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 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 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 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 Strategic Report and 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 six, 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 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

7 May 2026

TURNOVER

3

56,905,913

72,470,964

Cost of sales

(10,633,493

)

(13,259,186

)

GROSS PROFIT

46,272,420

59,211,778

Administrative expenses

(30,920,315

)

(25,729,030

)

15,352,105

33,482,748

Other operating income

4

-

84,000

OPERATING PROFIT

15,352,105

33,566,748

Income from fixed asset investments

-

9,487

Interest receivable and similar income

7

126,433

770,021

15,478,538

34,346,256

Interest payable and similar expenses

8

(381,466

)

(948,377

)

PROFIT BEFORE TAXATION

9

15,097,072

33,397,879

Tax on profit

10

(4,187,342

)

(8,994,159

)

PROFIT FOR THE FINANCIAL YEAR

10,909,730

24,403,720

PROFIT FOR THE YEAR

10,909,730

24,403,720

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

10,909,730

24,403,720

FIXED ASSETS

Tangible assets

12

1,157,365

1,230,991

CURRENT ASSETS

Debtors

13

4,584,781

9,101,453

Prepayments and accrued income

830,508

978,202

Cash at bank and in hand

8,336,592

30,833,235

13,751,881

40,912,890

CREDITORS

Amounts falling due within one year

14

11,463,844

24,233,570

NET CURRENT ASSETS

2,288,037

16,679,320

TOTAL ASSETS LESS CURRENT LIABILITIES

3,445,402

17,910,311

PROVISIONS FOR LIABILITIES

15

247,239

256,878

NET ASSETS

3,198,163

17,653,433

CAPITAL AND RESERVES

Called up share capital

16

100,000

100,000

Retained earnings

17

3,098,163

17,553,433

SHAREHOLDERS' FUNDS

3,198,163

17,653,433

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

Mr Y Muniandy - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100,000

31,449,713

31,549,713

Changes in equity

Dividends

-

(38,300,000

)

(38,300,000

)

Total comprehensive income

-

24,403,720

24,403,720

Balance at 31 December 2024

100,000

17,553,433

17,653,433

Changes in equity

Dividends

-

(25,365,000

)

(25,365,000

)

Total comprehensive income

-

10,909,730

10,909,730

Balance at 31 December 2025

100,000

3,098,163

3,198,163

Cash flows from operating activities

Cash generated from operations

1

8,196,883

44,138,476

Interest paid

(381,466

)

(948,377

)

Tax paid

(4,937,016

)

(16,484,579

)

Net cash from operating activities

2,878,401

26,705,520

Cash flows from investing activities

Purchase of tangible fixed assets

(136,477

)

(211,447

)

Sale of investment property

-

4,290,513

Current asset investments

-

10,000,000

Interest received

126,433

770,021

Dividends received

-

9,487

Net cash from investing activities

(10,044

)

14,858,574

Cash flows from financing activities

Equity dividends paid

(25,365,000

)

(38,300,000

)

Net cash from financing activities

(25,365,000

)

(38,300,000

)

(Decrease)/increase in cash and cash equivalents

(22,496,643

)

3,264,094

Cash and cash equivalents at beginning of year

2

30,833,235

27,569,141

Cash and cash equivalents at end of year

2

8,336,592

30,833,235

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

31.12.25

31.12.24

£

£

Profit before taxation

15,097,072

33,397,879

Depreciation charges

210,101

217,869

Finance costs

381,466

948,377

Finance income

(126,433

)

(779,508

)

15,562,206

33,784,617

Decrease in trade and other debtors

4,664,368

39,256

(Decrease)/increase in trade and other creditors

(12,029,691

)

10,314,603

Cash generated from operations

8,196,883

44,138,476

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:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

8,336,592

30,833,235

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

30,833,235

27,569,141

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

30,833,235

(22,496,643

)

8,336,592

30,833,235

(22,496,643

)

8,336,592

Total

30,833,235

(22,496,643

)

8,336,592

1.	STATUTORY INFORMATION

St. Piran's (GB) 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 Company Information page.

The nature of the company's operations and principal activities is the provision of educational services.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates 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 critical judgment made by the management is to continue recognising the freehold property on cost as permitted by the accounting standards.

Turnover

Turnover represents tuition fees excluding value added tax, in relation to courses delivered during the year and recognised evenly over the period of the relevant course. Any receipts in advance of a course starting date are held on the balance sheet as deferred income. And then recognised through the statement of comprehensive income on a straight-line basis over the period to which they relate, and in line with the underlying delivery of performance obligations.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

life.

Freehold property

- 5% on cost

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 15% on reducing balance

Computer equipment

- 15% on reducing balance

No depreciation is provided on freehold land. Depreciation methods, useful economic lives and residual values are reviewed at each reporting date. An impairment loss is recognised for which the assets carrying amount exceeds its recoverable amount.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and all 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 merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. 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 receivables.

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 payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements 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 subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 year 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.

Provision

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Going concern

As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

31.12.25

31.12.24

£

£

Course fees

56,905,913

72,470,964

56,905,913

72,470,964

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

56,905,913

72,470,964

56,905,913

72,470,964

4.	OTHER OPERATING INCOME

31.12.25

31.12.24

£

£

Rents received

-

84,000

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

23,843,188

17,601,308

Other pension costs

83,878

93,477

23,927,066

17,694,785

The average number of employees during the year was as follows:

31.12.25

31.12.24

Management

9

8

Administrative

67

67

Teaching and support

39

51

115

126

6.	DIRECTORS' EMOLUMENTS

31.12.25

31.12.24

£

£

Directors' remuneration

3,853,237

3,236,054

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

£

£

Emoluments etc

3,778,237

3,158,207

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.25

31.12.24

£

£

Interest Income

126,433

770,021

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Interest Payable

381,466

948,377

9.	PROFIT BEFORE TAXATION

The profit is stated after charging:

31.12.25

31.12.24

£

£

Other operating leases

2,714,493

3,232,828

Depreciation - owned assets

210,103

217,869

Auditors' remuneration

56,000

40,000

Auditors' remuneration for non audit work

48,000

11,150