GUS Services UK Limited
Financial Statements
For the year ended 31 July 2025
Pages for Filing with Registrar
Company Registration No. 09943146 (England and Wales)
GUS Services UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GUS Services UK Limited
Balance Sheet
As at 31 July 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,725
3,453
Current assets
Debtors falling due after more than one year
4
482,040
794,310
Debtors falling due within one year
4
135,303
119,704
Cash at bank and in hand
24,548
5,286
641,891
919,300
Creditors: amounts falling due within one year
5
(29,005,185)
(29,594,439)
Net current liabilities
(28,363,294)
(28,675,139)
Net liabilities
(28,345,569)
(28,671,686)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(28,345,570)
(28,671,687)
Total equity
(28,345,569)
(28,671,686)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 August 2026 and are signed on its behalf by:
E Groysman
Director
Company Registration No. 09943146
GUS Services UK Limited
Notes to the Financial Statements
For the year ended 31 July 2025
Page 2
1
Accounting policies
Company information

GUS Services UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Buchanan House, 30 Holborn, London, EC1N 2HS.

1.1
Basis of preparation

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 a mounts 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.

1.2
Going concern

The financial statements have been prepared on a going concern basis which the directors believe to be true appropriate for the following reason.

At the year end, the company had net liabilities of £28,345,569. The company is reliant on the support of other group companies as a result of the way that the group is financed. Global University Systems Holding B.V. (the first point of consolidation and parent, note 8) has provided a letter of support to the directors which confirms that it will provide sufficient financial support to the company to enable the company to continue to trade and to meet its liabilities as they fall due, for a period of at least one year from the date of signature of the audit report for the year ended 31 July 202 5. In the same letter, Global University Systems Holding B.V. further confirms that it will not seek repayment of the amount owed by the company to Global University Systems Holding B.V. of £26,587,836 until such time as the company is able to repay it without compromising its ability to continue to trade and to meet its liabilities as they fall due.

As a result, having assessed the response of the directors of Global University Systems Holding B.V., in light of its support and on the basis of their assessment of the company's financial position and Global University Systems Holding B.V.'s financial position, the Directors have a reasonable expectation that the company will be able to continue in operational existence for at least 12 months from the date of the signing of these accounts and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

GUS Services UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 3

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed. Revenue represents the recharge of payroll and other support costs to other group companies.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Enter depreciation rate via StatDB - cd99988
Computers equipment
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GUS Services UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 4
1.7
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 paymen ts 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. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GUS Services UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 5
1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2025
2024
Number
Number
Total
45
51
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2024
-
0
63,079
63,079
Additions
17,725
-
0
17,725
At 31 July 2025
17,725
63,079
80,804
Depreciation and impairment
At 1 August 2024
-
0
59,626
59,626
Depreciation charged in the year
-
0
3,453
3,453
At 31 July 2025
-
0
63,079
63,079
Carrying amount
At 31 July 2025
17,725
-
0
17,725
At 31 July 2024
-
0
3,453
3,453
GUS Services UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 6
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
26,831
Other debtors
135,303
92,873
135,303
119,704
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
482,040
794,310
Total debtors
617,343
914,014
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
653,529
189,050
Amounts owed to group undertakings
26,587,836
28,829,997
Taxation and social security
1,289,376
107,020
Other creditors
474,444
468,372
29,005,185
29,594,439
6
Events after the reporting date

The director s are of the opinion that there were no significant adjusting or non-adjusting events occurring after the reporting date.

7
Related party transactions

The company has taken advantage of the exemption allowed in FRS 102 and has not disclosed details of related party transactions with 100% owned entities within the group.

8
Parent company

The immediate parent undertaking is Global University Systems Holding B.V., a company incorporated in The Netherlands.

The ultimate controlling party is The Heritage Trust, registered in Guernsey.

GUS Services UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
8
Parent company
(Continued)
Page 7

The smallest group into which the entity is consolidated is Global University Systems Holding B.V., a company registered in The Netherlands. The largest group into which the entity is consolidated is Academic Bridge B.V., a company registered in The Netherlands. The registered office of both parent companies is Passeerdersgracht 23, 1016 XG Amsterdam, The Netherlands.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 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.

Senior Statutory Auditor:
Shivani Kothari
Statutory Auditor:
Moore Kingston Smith LLP
Date of audit report:
3 August 2026
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