Company registration number 04190375 (England and Wales)
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
COMPANY INFORMATION
Directors
Michael Donn
Carl Dix
Prince Dakpoe
Andreas Kokkinos
Secretary
Infrastructure Managers Limited
Company number
04190375
Registered office
8th Floor
6 Kean Street
London
WC2B 4AS
Independent auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
BNP Paribas
10 Harewood Avenue
London
NW1 6AA
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present their annual report and the audited financial statements of The Education Support Company (Leeds) Limited ("the Company") for the year ended 31 March 2026.

Principal activities

The Company's principal activity is that of a Private Finance Initiative Concessionaire for the Leeds Schools PFI project, under the terms of a Project Agreement dated 31 October 2001 between the Company and Leeds City Council. The Company's Project Agreement requires it to maintain and part operate seven schools in Leeds. The contract is in year 23 of its term expiring in 2030.

Results and dividends

The results for the year are set out on page 8.

The profit for the financial year, after taxation, amounted to £1,364,973 (2025: £1,589,749).

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £1,134,000 (2025: £1,573,782). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Michael Donn
Carl Dix
Marcelino Grote Gansey
(Resigned 24 February 2026)
Prince Dakpoe
Andreas Kokkinos
(Appointed 24 February 2026)
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

Many of the cash flow risks are addressed by means of contractual provisions. The Company's liquidity risk is principally managed through the Company by means of long term borrowings.

The financial risk management objectives of the Company are to ensure that financial risks are mitigated by the use of financial instruments. The Company uses interest rate swaps to reduce its exposure to interest rate movements. Financial instruments are not used for speculative purposes.

Independent Auditors

The independent auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' r eport is approved:

- so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Key performance indicators

The performance of the Company from a cash perspective is assessed six monthly by the testing of the covenants of the senior debt provider, t he key indicator being the debt service cover ratio. The Company has been performing well and has been compliant with the covenants laid out in the loan agreement.

Climate change

The directors recognise that it is important to disclose their view of the impact of climate change on the Company. The Company's key operational contracts are long-term and with a small number of known counterparties. In most cases, the cashflows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the Company's operations, its contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the Company's operational or financial performance arising from climate change.

Going concern

These financial statements have been prepared on the going concern basis for the reasons set out in the Accounting Policies note 1.

Small companies exemption

This report has been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006. Exemption has also been taken from the requirement to prepare a Strategic Report.

This report was approved by the board of directors on 6 August 2026 and signed by order of the board by:
Gemma Boggs
For and on behalf of Infrastructure Managers Limited
Secretary
6 August 2026
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A, and applicable law).

Under company law, 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 C ompany and of the profit or loss of the C ompany for that period. In preparing the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS102 Section 1A have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the C ompany will continue in business.

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

The financial statements were approved and signed by the directors and authorised for issue on 6 August 2026.

Carl Dix

Director

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
- 4 -
Report on the Audit of the Financial Statements
Opinion

In our opinion, The Education Support Company (Leeds) Limited's financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A, and applicable law); and

- have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise:

- the Statement of financial position as at 31 March 2026;

- the Statement of comprehensive income for the year then ended;

- the Statement of changes in equity for the year then ended; and

- the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the c ompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED (CONTINUED)
- 5 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' r eport for the year ended 31 March 2026 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as the y determine is 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 an auditors' report 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 EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED (CONTINUED)
- 6 -

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Enquiries of management around known or suspected instances of non-compliance with laws and regulations, claims and litigation, and instances of fraud;

- Understanding of management's controls designed to prevent and detect irregularities;

- Review of board minutes;

- Challenging management on assumptions and judgements made in their significant accounting estimates;

- T esting journal entries to assess whether any appeared unusual, in particular any affecting revenue or distributable reserves; and

- Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- we have not obtained all the information and explanations we require for our audit; or

- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

- certain disclosures of directors' remuneration specified by law are not made; or

- the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED (CONTINUED)
- 7 -

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; take advantage of the small companies exemption in preparing the Directors' report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Kelly Macfarlane (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
6 August 2026
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
6,023,322
5,513,648
Cost of sales
(3,864,454)
(3,519,474)
Gross profit
2,158,868
1,994,174
Administrative expenses
(454,543)
(436,423)
Operating profit
4
1,704,325
1,557,751
Interest receivable and similar income
6
1,201,278
1,459,015
Interest payable and similar expenses
7
(742,465)
(940,560)
Profit before taxation
2,163,138
2,076,206
Taxation on profit
8
(798,165)
(486,457)
Profit for the financial year
1,364,973
1,589,749
Other comprehensive income
Fair value gain on cash flow hedging instruments, net of tax
69,213
53,371
Total comprehensive income for the year
1,434,186
1,643,120

All the activities of the company are from continuing operations.

The notes on pages 11 to 20 form part of these financial statements.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Current assets
Debtors: amounts falling due within one year
10
2,792,285
2,593,795
Debtors: amounts falling due after more than one year
10
10,329,140
12,797,780
Investments
11
2,762,878
2,477,250
Cash at bank and in hand
3,325,083
5,078,656
19,209,386
22,947,481
Creditors: amounts falling due within one year
12
(7,569,787)
(8,759,369)
Net current assets
11,639,599
14,188,112
Creditors: amounts falling due after more than one year
13
(8,061,664)
(10,733,809)
Provisions for liabilities
Deferred taxation
15
(598,312)
(774,866)
(598,312)
(774,866)
Net assets
2,979,623
2,679,437
Capital and reserves
Called up share capital
16
50,000
50,000
Hedging reserve
(57,358)
(126,571)
Profit and loss reserve
2,986,981
2,756,008
Total shareholders' funds
2,979,623
2,679,437

The notes on pages 11 to 20 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
Carl Dix
Director
Company registration number 04190375 (England and Wales)
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
Called up share capital
Hedging reserve
Profit and loss reserve
Total
Notes
£
£
£
£
Balance at 1 April 2024
50,000
(179,942)
2,740,041
2,610,099
Year ended 31 March 2025:
Profit for the financial year
-
-
1,589,749
1,589,749
Other comprehensive income:
Fair value movements on cash flow hedging instruments, net of tax
-
53,371
-
53,371
Total comprehensive income for the year
-
53,371
1,589,749
1,643,120
Dividends
9
-
-
(1,573,782)
(1,573,782)
Balance at 31 March 2025
50,000
(126,571)
2,756,008
2,679,437
Year ended 31 March 2026:
Profit for the financial year
-
-
1,364,973
1,364,973
Other comprehensive income:
Fair value movements on cash flow hedging instruments, net of tax
-
69,213
-
69,213
Total comprehensive income for the year
-
69,213
1,364,973
1,434,186
Dividends
9
-
-
(1,134,000)
(1,134,000)
Balance at 31 March 2026
50,000
(57,358)
2,986,981
2,979,623
Included in the fair value movement on cash flow hedging instrument is £75,881 (2025: £5,970) that was recycled through Interest payable in the Statement of comprehensive income.

The notes on pages 11 to 20 form part of these financial statements.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
1
Accounting policies
Company information

The Education Support Company (Leeds) Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered in England and Wales. The registered office is located at 8th Floor, 6 Kean Street, London, WC2B 4AS.

The Company's principal activity is that of a Private Finance Initiative Concessionaire for the Leeds Schools PFI project, under the terms of a Project Agreement dated 31 October 2001 between the Company and Leeds City Council. The Company's Project Agreement requires it to maintain and part operate seven schools in Leeds. The contract is in year 23 of its term expiring in 2030.

1.1
Accounting convention

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") Section 1A and the requirements of the Companies Act 2006.

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, as modified by the revaluation of certain financial assets and liabilities. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

1.2
Going concern

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

The Company prepares cash flow forecasts covering the expected life of the asset and so including the 12 month period from the date the financial statements are signed. In drawing up these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions, that will prevail over the forecast period. Based on these forecasts the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

In light of this, the directors continue to adopt the going concern basis of accounting in preparing the Company's annual financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
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.

The Company is obligated to keep cash reserves as at the balance sheet date in respect of requirements in the company's funding agreements. Th e restricted cash balance is presented within the "current asset investments" balance, as the balance was on deposit and maturing more than three months after the balance sheet date, and amounts to £2,762,978 (20 25: £2,477,250).

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
1.5
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 Statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and debtors 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 instruments are subsequently measured at fair value, with any changes recognised in the Statement of c omprehensive i ncome, with the exception of hedging instruments in a designated hedging relationship.

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.

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.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group 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.

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 s ubsequently re-measured at their fair value at each reporting date. The fair values of the derivatives have been calculated by discounting the fixed cash flows at forecasted forward interest rates over the term of the financial instrument. 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 th r ough 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 or cancelled.

1.6
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.

1.7
Hedge accounting

The Company has entered into an arrangement with third parties that is designed to hedge future cash flows arising on variable rate interest loan arrangements, with the net effect of exchanging the cash flows arising under those arrangements for a stream of fixed interest cash flows ("interest rate swaps").

To qualify for hedge accounting, documentation is prepared specifying the hedging strategy, the component transactions and methodology used for effectiveness measurement. Changes in the carrying value of financial instruments that are designated and effective as hedges of future cash flows ("cash flow hedges") are recognised directly in a hedging reserve in equity and any ineffective portion is recognised immediately in the Statement of c omprehensive in come. Amounts deferred in equity in respect of cash flow hedges are subsequently recognised in the Statement of c omprehensive i ncome in the same period in which the hedged item affects net profit or loss or the hedging relationship is terminated and the underlying position being hedged has been extinguished.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Statement of comprehensive income immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 14 -
1.8
Taxation

The 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 net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

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.

1.9
Finance debtor

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the Statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Fair value of derivative contracts

Fair values for derivative contracts are based on mark-to-market valuations provided by the contract counterparty. Whilst these can be tested for reasonableness, the exact valuation methodology and forecast assumptions for future interest rates or inflation rates are specific to the counterparty.

Service concession contract

Accounting for the service concession contract and finance debtor requires estimation of service margin, finance debtor interest rates and associated amortisation profile which is based on projected trading results to the end of the contract.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Rendering of services
6,023,322
5,513,648

The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.

4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Fees payable to the Company's auditors for the audit of the Company's financial statements
14,170
13,630

Included in the fee above is £2,88 0 (2025: £2,77 0) for the audit of the immediate parent entity The Education Support Company Holdings (Leeds) Limited.

In addition to the audit fee the Company also paid the auditors' £5,355 (202 5: £5,355) for the provision of tax services for the Company and £1,700 (202 5: £1,699) for the immediate parent entity.

5
Employees

The average number of persons employed by the Company during the financial year amounted to nil (2025: nil). The directors are not employed by the Company and receive remuneration from another company for their services as directors of this entity and a number of fellow subsidiaries. It is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

6
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
200,862
304,217
Interest received on finance debtor
1,000,416
1,154,798
1,201,278
1,459,015
7
Interest payable and similar expenses
2026
2025
£
£
Interest on bank overdrafts and loans
486,357
633,807
Interest payable to group undertakings
233,769
278,691
Other interest payable and similar expenses
22,339
28,062
742,465
940,560
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
8
Taxation on profit
2026
2025
£
£
Current tax
UK corporation tax on profits for the current year
974,719
931,706
Adjustments in respect of prior periods
-
0
391
Total current tax
974,719
932,097
Deferred tax
Origination and reversal of timing differences
(176,554)
(445,640)
Total taxation charge
798,165
486,457

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
2,163,138
2,076,206
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
540,785
519,052
Tax effect of income not taxable in determining taxable profit
257,380
(32,986)
Adjustments in respect of prior years
-
0
391
Taxation charge for the year
798,165
486,457
9
Dividends
2026
2025
2026
2025
Per share
Per share
Total
Total
£
£
£
£
Ordinary Shares
Final paid
22.68
31.48
1,134,000
1,573,782

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year).

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
10
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
36,395
47,452
Finance debtor
2,605,413
2,442,807
Other debtors
30,642
29,982
Prepayments and accrued income
119,835
73,554
2,792,285
2,593,795
2026
2025
Amounts falling due after more than one year:
£
£
Finance debtor
10,310,020
12,755,589
Deferred tax asset (note 15)
19,120
42,191
10,329,140
12,797,780
Total debtors
13,121,425
15,391,575
11
Current asset investments
2026
2025
£
£
Short term deposits
2,762,878
2,477,250

Current asset investments are made up of amounts placed on bank deposit which will mature on 28 September 2026 (2025: 26 September 2025) with an interest rate of 4.04% (2025: 4.20%). On maturity, this will generate interest on bank deposits of £55,352 (2025: £51,025) of which nil (2025: nil) is included within the prepayments and accrued income balance.

12
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Bank loans
14
2,245,796
2,338,013
Other borrowings
14
708,985
736,193
Trade creditors
432,973
817,788
Amounts owed to Group undertakings
114,289
137,670
Corporation tax
83,023
473,504
Other taxation and social security
264,096
199,319
Unitary charge control account
283,918
678,497
Other creditors
627,797
646,296
Accruals and deferred income
2,808,910
2,732,089
7,569,787
8,759,369
THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
12
Creditors: amounts falling due within one year
(Continued)
- 18 -

Amounts owed to Group undertakings includes £114,289 (2025: £137,670) of accrued interest on the loan notes.

Other creditors relates to recharges.

13
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Bank loans
14
3,823,668
6,062,890
Other borrowings
14
1,049,312
1,381,807
Derivative financial instruments
76,478
168,762
Unitary charge control account
2,841,706
2,777,850
Accruals and deferred income
270,500
342,500
8,061,664
10,733,809

14
Loans and overdrafts
2026
2025
£
£
Bank loans
6,069,464
8,400,903
Loans from group undertakings
1,758,297
2,118,000
7,827,761
10,518,903
Payable within one year
2,954,781
3,074,206
Payable after one year
4,872,980
7,444,697

The Company's secured creditors have the benefit of first ranking charges granted by the Company over the whole of its investments, undertaking, property, assets, insurances and rights under certain contracts, both present and future, together with a first ranking charge over all of the ordinary shares of the Company and the Company's subordinated loan stock and those of its holding company, The Education Support Company (Leeds) Holdings Limited.

The bank loan comprises c onstruction and development costs £37,300,000 drawn down on 31 December 2005. The loan bears interest at SONIA plus 0.85% however the Company has an interest rate swap arrangement receiving SONIA and paying interest fixed at 5.33% for the full amounts of the loan drawn, hence fixing the total interest payable on the bank loan to 6.18%. Repayments are made on an installment basis every March and September with the final payment on 30 September 2028. The full amount of the loan drawdown at 31 March 202 6 is £6,087,360 (2025: £8,433,530). Issue costs of £17,896 (202 5: £32,627) have been set off against total drawdown.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
14
Loans and overdrafts
(Continued)
- 19 -

Other borrowings in notes 12 and 13 relates to loans from Group undertakings. On 31 October 2001 the Company and The Education Support Company (Leeds) Holdings Limited issue d £4,522,000 unsecured loan notes. The Company shall redeem the notes on the redemption date of 30 September 2028, unless it chooses to redeem some or all of the Notes before this date. Interest is payable on the Loan Notes at 13% per annum.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2026
2025
2026
2025
Balances:
£
£
£
£
Accelerated capital allowances
598,312
774,866
-
-
Derivative financial instruments
-
-
19,120
42,191
598,312
774,866
19,120
42,191
2026
Movements in the year:
£
Liability at 1 April 2025
732,675
Credit to profit or loss
(176,554)
Charge to other comprehensive income
23,071
Liability at 31 March 2026
579,192

The net deferred tax liability expected to reverse in 202 7 is £158,546 (202 6: £449,844). This primarily relates to the reversal of timing differences on capital allowances offset by expected utilisation of tax losses and short term timing differences.

16
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

THE EDUCATION SUPPORT COMPANY (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
17
Related party transactions

The Company is wholly owned by The Education Support Company (Leeds) Holdings Limited and has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures', that allows it not to disclose transactions with wholly owned members of a group.

The following disclosures are with entities in the Group that are not wholly owned:

The Company paid £334,278 (20 25: £392,991) to BIIF Bidco Limited and its subsidiaries for the provision of 2 directors and the provision of management services. A total of £nil (2025: £nil) was outstanding at the year end.

The Company paid £33,515 (202 5: £32,590) to Aberdeen Infrastructure (No.3) Limited for the provision of 2 directors. A total of £nil (2025: £nil) was outstanding at the year end.

18
Ultimate controlling party

The immediate parent undertaking is The Education Support Company (Leeds) Holdings Limited.

The Education Support Company (Leeds) Holdings Limited is jointly owned by Elbon Holdings (2) Limited, a subsidiary of BIIF L.P., and Aberdeen Infrastructure (No.3) Limited, a subsidiary of Aberdeen Infrastructure Partners LP Inc. Accordingly, there is no ultimate controlling party.

19
Auditors' liability limitation agreement

The directors have agreed with the company's auditors that the auditors' liability to damages for breach of duty in relation to the audit of the company's financial statements for the year to 31 March 2026 should be limited to the greater of £5 million or 5 times the auditors' fees, and that in any event the auditors' liability for damages should be limited to that part of any loss suffered by the company as is just and equitable having regard to the extent to which the auditor, the company and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 7 January 2026.

2026-03-31 2025-04-01 false false false CCH Software CCH Accounts Production 2025.300 Michael Donn Carl Dix Marcelino Grote Gansey Prince Dakpoe Andreas Kokkinos Infrastructure Managers Limited 0 04190375 2025-04-01 2026-03-31 04190375 bus:Director1 2025-04-01 2026-03-31 04190375 bus:Director2 2025-04-01 2026-03-31 04190375 bus:Director4 2025-04-01 2026-03-31 04190375 bus:Director5 2025-04-01 2026-03-31 04190375 bus:CompanySecretaryDirector1 2025-04-01 2026-03-31 04190375 bus:Director3 2025-04-01 2026-03-31 04190375 bus:CompanySecretary1 2025-04-01 2026-03-31 04190375 bus:RegisteredOffice 2025-04-01 2026-03-31 04190375 bus:Agent1 2025-04-01 2026-03-31 04190375 2026-03-31 04190375 2024-04-01 2025-03-31 04190375 dpl:Item1 2025-04-01 2026-03-31 04190375 dpl:Item1 2024-04-01 2025-03-31 04190375 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 04190375 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 04190375 core:HedgingReserve 2025-04-01 2026-03-31 04190375 core:HedgingReserve 2024-04-01 2025-03-31 04190375 core:WithinOneYear 2026-03-31 04190375 core:WithinOneYear 2025-03-31 04190375 core:Non-currentFinancialInstruments core:AfterOneYear 2026-03-31 04190375 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 04190375 2025-03-31 04190375 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 04190375 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 04190375 core:ShareCapital 2026-03-31 04190375 core:ShareCapital 2025-03-31 04190375 core:HedgingReserve 2026-03-31 04190375 core:HedgingReserve 2025-03-31 04190375 core:RetainedEarningsAccumulatedLosses 2026-03-31 04190375 core:RetainedEarningsAccumulatedLosses 2025-03-31 04190375 core:ShareCapital 2024-03-31 04190375 core:HedgingReserve 2024-03-31 04190375 core:RetainedEarningsAccumulatedLosses 2024-03-31 04190375 core:ShareCapitalOrdinaryShareClass1 2026-03-31 04190375 core:ShareCapitalOrdinaryShareClass1 2025-03-31 04190375 1 2025-04-01 2026-03-31 04190375 1 2024-04-01 2025-03-31 04190375 core:UKTax 2025-04-01 2026-03-31 04190375 core:UKTax 2024-04-01 2025-03-31 04190375 bus:OrdinaryShareClass1 2025-04-01 2026-03-31 04190375 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 04190375 core:CurrentFinancialInstruments 2026-03-31 04190375 core:CurrentFinancialInstruments 2025-03-31 04190375 core:Non-currentFinancialInstruments 2026-03-31 04190375 core:Non-currentFinancialInstruments 2025-03-31 04190375 bus:OrdinaryShareClass1 2026-03-31 04190375 bus:OrdinaryShareClass1 2025-03-31 04190375 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 04190375 bus:FRS102 2025-04-01 2026-03-31 04190375 bus:Audited 2025-04-01 2026-03-31 04190375 bus:FullAccounts 2025-04-01 2026-03-31 xbrli:pure xbrli:shares iso4217:GBP