ACCOUNTS - Final Accounts preparation

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

Registered number: 01302471

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

COMPANY INFORMATION

Directors	S Perkins
	R Bhalla
	P Lowy
	S Lowy
	L Zweigman


Company secretary	P Lowy S Perkins


Registered number	01302471


Registered office	5 Richbell Place
	London
	WC1N 3LA


Independent auditors	HaysMac LLP
	10 Queen Street Place
	London
	EC4R 1AG

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Consolidated Analysis of Net Debt	15
Notes to the Financial Statements	16 - 34

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The directors present the Group Strategic Report of Anglo American Educational Services Limited (the 'Company') together with its subsidiaries (the 'Group') for the year ended 30 September 2025.

The principal activity of the Group is that of the supply of student accommodation, educational services and the operation of serviced apartments.

Business review

The Board is pleased with the performance of the Group for the year ended 30 September 2025.

Demand from the Group’s core US student market remained strong throughout the year, particularly in relation to accommodation, short-term academic tours and internship programmes.

The serviced apartment division experienced a more challenging trading environment, with softer demand and increased market supply contributing to lower average daily rates.

Operating costs continued to rise above inflationary levels, with only a proportion of these increases being passed on to clients. Despite these pressures, the Group achieved an operating profit of £577k compared with £578k in 2024, before exceptional costs.

Since the year end, the Group has continued to expand its property portfolio and remains focused on developing the business in line with its long-term strategy.

Principal risks and uncertainties

The financial risk management within the Group is governed by policies by the Board of Directors and senior management. These policies cover interest rate risk and areas such as cash management.

Group’s exposure to various risks:

Credit risk
The Group is not exposed to credit risk. All cash is deposited with its UK banks. The principal amount disclosed within debtors are amounts due from UK based customers and entities. Weekly debtors reports are circulated and customers chased to ensure kept within credit terms.

Market risk – Foreign exchange risk
The Group is not exposed to foreign exchange risk as all of its income is derived from activities undertaken in the UK and all of its trade and other suppliers’ invoice in sterling. The Group does occasionally invoice in euro’s where the provision of service takes place in Europe. As a result, its supplier will similarly invoice in euro’s thereby providing a natural hedge.

Interest rate risk
The Group’s CBILS and other short-term debt is priced at a variable rate and in line with the market expectations. We are expecting the base rate to reduce over the next 12m. The Group will continue to review its hedging strategy in this regard but at the moment the Board consider the initial premium outweighs the financial risk over the term.

The Group’s exposure to interest rate risk is therefore considered to be manageable.

Page 1

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Future developments

The directors intend to continue developing the Group’s activities within the student accommodation, academic travel and serviced apartment sectors. Since the year end, the Group has completed the lease of its first aparthotel in the City of London, adding a further type of accommodation provision to the portfolio.

The directors are also exploring investment in artificial intelligence and related technologies, with the objective of improving operational efficiency and supporting cost management over the coming years.

Financial key performance indicators

Total Turnover for the year was £26.5m compared to £24.5m for the year to 30 September 2024.

The Directors consider several key performance indicators for the Group on a monthly basis in order to assess overall performance. Whilst the results for the year (including the profit/loss) and financial position are outlined on pages 9 to 15, the directors consider the most significant KPI’s to be as stated below:

Accommodation revenue £21.4m (2024 : £20.6m) – 4% increase.
Revenue from the provision of academic services £5.1m (2024: £3.95m) – a 29% increase.

Total revenue £26.5m (2024: 24.5m) – 8% increase.

Gross Profit £7.6m (2024: £7.5m) – 1% increase.
Operating profit before exceptional items £577k (2024: £578k) – £1k decrease.

Cash at Bank £86k (2024: £422k) – £336k decrease.

This report was approved by the board and signed on its behalf.

................................................

P Lowy

Director

Date: 11 September 2026

Page 2

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £363,074 (2024: loss of £2,669,924).

No dividends were paid in the year (2024: £Nil). The directors do not recommend the payment of any final dividends.

Directors

The directors who served during the year were:

S Perkins

R Bhalla

P Lowy

S Lowy

L Zweigman

Page 3

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Environmental matters

During the year ended 30 September 2025, AAES Limited continued to strengthen its Environmental, Social and Governance (ESG) performance, achieving Planet Mark Certification (Year 3) and delivering a social value contribution of £942,326 verified by Social Value Portal. The Group reduced its normalised carbon footprint by 16.8% and achieved a 27.7% reduction in Scope 1 and 2 emissions, supported by increased use of renewable electricity and energy efficiency initiatives. Sustainable travel programmes helped avoid 617,632 car miles, while environmental initiatives contributed to a reduction of 2,340kg of plastic use and 126.8 tCO?e of carbon emissions. AAES also expanded its social impact through employee wellbeing programmes, community investment and volunteering activities, generating measurable benefits across the Planet, Community, Economy and Work themes. During the year, in 2025 the Group received the Gold Award for Ethical, Responsible and Sustainable Tourism from BETA and the Gold CSR Award at the SME London Business Awards, recognising its commitment to responsible business practices. AAES remains focused on progressing towards Net Zero, expanding ESG engagement across its operations and maintaining transparent reporting and governance standards.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

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

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

P Lowy

Director

Date: 11 September 2026

Page 4

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

Opinion

We have audited the financial statements of Anglo American Educational Services Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 September 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 5

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

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

∙we have not received all the information and explanations we require for our audit.

Page 6

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group financial statements.

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the hospitality business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.

We evaluated management's incentives and opportunities or fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

∙inspecting correspondence with regulators and tax authorities;

∙reviewing minutes of board meetings;

∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

∙evaluating management's controls designed to prevent and detect irregularities;

∙identifying and testing journals, in particular journal entries posted to revenue or which are of a large value or postings with unusual account combinations, postings by unusual users or with unusual descriptions; and

∙challenging assumptions and judgements made by management in their critical accounting estimates, in particular in respect of the assessment of the recoverability of amounts owed by related parties and the valuation of the dilapidations provision.

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.

Page 7

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED (CONTINUED)

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 Auditors' Report.

Use of our report

This report is made solely to the parent 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 parent Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent Company and the parent Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Emma Bernardez (Senior Statutory Auditor)

for and on behalf of

HaysMac LLP

Statutory Auditors

10 Queen Street Place

London

EC4R 1AG

11 September 2026

Page 8

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£

Turnover	4	26,547,711	24,549,017
Cost of sales		(18,963,211)	(17,005,331)
Gross profit		7,584,500	7,543,686
Administrative expenses		(7,007,238)	(6,965,985)
Exceptional restructuring items	5	-	(3,263,791)
Operating profit/(loss)	6	577,262	(2,686,090)
Interest payable and similar expenses	9	(87,657)	(178,723)
Profit/(loss) before tax		489,605	(2,864,813)
Tax on profit/(loss)	10	(126,531)	194,889
Profit/(loss) for the financial year		363,074	(2,669,924)

Profit for the year attributable to:
Owners of the parent company		363,074	(2,669,924)

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 16 to 34 form part of these financial statements.

Page 9

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

REGISTERED NUMBER: 01302471

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		1,322,882		1,257,317
Current assets
Debtors	14	7,748,543		6,637,492
Cash at bank and in hand	15	86,311		422,012
		7,834,854		7,059,504
Creditors: amounts falling due within one year	16	(10,070,513)		(9,342,435)
Net current liabilities			(2,235,659)		(2,282,931)
Total assets less current liabilities			(912,777)		(1,025,614)
Creditors: amounts falling due after more than one year	17		(308,740)		(882,313)
Provisions for liabilities
Other provisions	20		(1,537,018)		(1,213,682)
Net liabilities			(2,758,535)		(3,121,609)

Capital and reserves
Called up share capital	21	1,000	1,000
Profit and loss account	22	(2,759,535)	(3,122,609)
		(2,758,535)	(3,121,609)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

P Lowy

Director

Date: 11 September 2026

The notes on pages 16 to 34 form part of these financial statements.

Page 10

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

REGISTERED NUMBER: 01302471

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		1,322,882		1,257,317
Investments	13		100		-
			1,322,982		1,257,317
Current assets
Debtors	14	7,778,877		6,637,492
Cash at bank and in hand	15	55,975		422,012
		7,834,852		7,059,504
Creditors: amounts falling due within one year	16	(10,070,509)		(9,342,435)
Net current liabilities			(2,235,657)		(2,282,931)
Total assets less current liabilities			(912,675)		(1,025,614)

Creditors: amounts falling due after more than one year	17		(308,740)		(882,313)
Provisions for liabilities
Other provisions	20		(1,537,018)		(1,213,682)
Net liabilities			(2,758,433)		(3,121,609)

Capital and reserves
Called up share capital	21	1,000	1,000
Profit and loss account	22	(2,759,433)	(3,122,609)
		(2,758,433)	(3,121,609)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

P Lowy

Director

Date: 11 September 2026

The notes on pages 16 to 34 form part of these financial statements.

Page 11

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2023	1,000	(452,685)	(451,685)

Loss for the year	-	(2,669,924)	(2,669,924)

At 1 October 2024	1,000	(3,122,609)	(3,121,609)

Profit for the year	-	363,074	363,074
At 30 September 2025	1,000	(2,759,535)	(2,758,535)

The notes on pages 16 to 34 form part of these financial statements.

Page 12

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2023	1,000	(452,685)	(451,685)

Loss for the year	-	(2,669,924)	(2,669,924)

At 1 October 2024	1,000	(3,122,609)	(3,121,609)

Profit for the year	-	363,176	363,176
At 30 September 2025	1,000	(2,759,433)	(2,758,433)

The notes on pages 16 to 34 form part of these financial statements.

Page 13

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	363,074	(2,669,924)
Adjustments for:
Depreciation of tangible assets	194,109	334,037
Interest payable	87,657	178,723
Taxation charge	126,531	(194,889)
(Increase)/decrease in debtors	(206,184)	1,592,331
(Increase)/decrease in amounts owed by companies under common control	(1,031,397)	11,269,117
(Decrease) in creditors	(403,678)	(554,542)
Increase/(decrease)) in amounts owed companies under common control	1,058,158	(9,323,087)
Increase in provisions	323,336	311,104
Net cash generated from operating activities	511,606	942,870
Cash flows from investing activities
Purchase of tangible fixed assets	(259,674)	(175,371)
HP interest paid	(24,866)	(78,590)
Net cash from investing activities	(284,540)	(253,961)
Cash flows from financing activities
Purchase of non-equity shares	-	(100)
Repayment of loans	(398,649)	(407,500)
Repayment of finance leases	(101,327)	(218,243)
Interest paid	(62,791)	(100,133)
Net cash used in financing activities	(562,767)	(725,976)
Net (decrease) in cash and cash equivalents	(335,701)	(37,067)
Cash and cash equivalents at beginning of year	422,012	459,079
Cash and cash equivalents at the end of year	86,311	422,012

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	86,311	422,012
	86,311	422,012

Page 14

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

FOR THE YEAR ENDED 30 SEPTEMBER 2025


At 1 October 2024	Cash flows	At 30 September 2025
£	£	£

Cash at bank and in hand	422,012	(335,701)	86,311
Debt due after 1 year	(665,316)	399,015	(266,301)
Debt due within 1 year	(400,000)	(366)	(400,366)
Finance leases	(245,895)	101,327	(144,568)
	(889,199)	164,275	(724,924)

The notes on pages 16 to 34 form part of these financial statements.

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ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Anglo American Educational Services Limited is a private company, limited by shares and incorporated in England and Wales. The Company's registered number is 01302471 and it's registered office address is 5 Richbell Place, London, WC1N 3LA.

The Group's principal activities are disclosed in the Group Strategic Report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.

The financial statements are prepared in sterling, which is the functional currency of the entity and
rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

The Group has prepared the financial statements on a going concern basis.

The directors continue to assess the consolidated cash flow forecasts of the Group and assess the risks to its businesses taking account of inflationary cost pressures and other pressures present within the hospitality and leisure industry. Upon review of the trading and cashflow forecasts for the 12 months from the signing date of these financial statements and the continued support from its shareholder confirming his intention to provide additional financial support to the Group if required, the directors have concluded that the Group has sufficient resources available to meet its liabilities as they fall due.

For these reasons the directors continue to adopt the going concern basis in preparing these financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT which settled through the Tour Operators Margin Scheme (TOMS). The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue represents amounts receivable for the supply of student accommodation and educational services. Revenue is recognised on occupation of the properties and when services are provided.

Page 17

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.6

Leases

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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Leasehold property	-	over the life of the lease
Motor vehicles	-	25% reducing balance method
Fixtures and fittings	-	12.5% reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 20

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 21

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 22

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group'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 the historical experience and other factors that are considered to be reliant. 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 are 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 directors deem the following to be sources of judgement and estimation uncertainty in the preparation of these financial statements:

Useful lives of fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors, such as technological innovation and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Impairment of fixed assets

The Group is required to evaluate the carrying values of tangible fixed assets for impairment whenever circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgments concerning the cash flows, growth rates and discount rates of the cash generating units under review.

Accruals

The directors have also assessed the listing of aged accruals to ensure these are included at their true value and the Group still has a commitment to settle these. The directors have reason to believe that these amounts remain payable by the Group and therefore these remain on the Consolidated Statement of Financial Position as at 30 September 2025.

Dilapidation provision

At each reporting date, the directors are required to assess the carrying amount of the dilapidation provision to be included in the financial statements. The dilapidation provision is based on the revenue to be generated by each property as well as the lease term of the property as agreed with the lessor at the beginning of the lease term. The directors continuously evaluate the provision to ensure that it is in line with expectations and any adjustments are made during the year. As a result, a charge to the Consolidated Statement of Comprehensive Income of £323,336 (2024: £311,104) has been recognised in respect of dilapidations provisions, resulting in a year-end liability of £1,537,018 (2024: £1,213,682).

Page 23

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025


4.	Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Accommodation revenue	21,432,984	20,599,471
Provision of academic services	5,114,727	3,949,546
	26,547,711	24,549,017

All turnover arose within the United Kingdom.

Page 24

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.	Exceptional restructuring items
		2025	2024
		£	£

Write back of amounts owed to related parties	-	(8,477,799)
Write off of amounts owed by related parties	-	11,741,590
	-	3,263,791

During the prior year, Living Rooms Limited demerged from the group headed by Lowy Holdings Limited, a company under common control, and the Company demerged from the group headed by Lowy Anglo Limited.

As part of the demerger in the prior year, amounts owed to Lowy Holdings Limited and its subsidiaries by Living Rooms Limited were extinguished and the rights to these debtor assets totalling £2,173,041 were transferred to Anglo American Educational Service Limited. As a result the Company has recognised an amount of £2,173,041 as owing from Living Rooms Limited and a corresponding amount has been recognised as income within exceptional restructuring items.

The balances between the Company and Lowy Anglo Limited amounting to 10,573,008 were waived as a result of the company demerging from the group headed by Lowy Anglo Limited. As a result, a related party receivables amounting to £10,573,008 was derecognised with the corresponding expenditure being included in the exceptional restructuring items at year end.

In addition to the above, the following amounts owed by the Company to companies under common control were waived and so the liabilities have been de-recognised and income recognised within exceptional restructuring items in the prior year:

- Lowy Group Limited: £2,878,389
- Lowy Holdings Limited: £3,322,369
- Anya Hotels (the Brighton) Limited: £104,000

Moreover, the following amounts owed to the Company by companies under common control were written off and so the receivables have been derecognised with the corresponding expenditure included in the exceptional restructuring items:

- Burns Hotels Limited: £844,582

- Cara Hotels Limited: £324,000

Exceptional restructuring expenditure (note 5)	-	3,263,791
Exchange differences	-	21,400
Other operating lease rentals	11,738,325	11,000,602
Depreciation of tangible fixed assets	194,109	334,037

Page 25

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	28,750	21,400
Fees payable to the Company's auditors in respect of:
Taxation compliance services	2,600	2,600
All non-audit services not included above	1,450	1,450

8.	Employees
	Staff costs were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	3,204,845	2,958,497	3,204,845	2,958,497
Social security costs	363,810	284,950	363,810	284,950
Cost of defined contribution scheme	84,518	86,131	84,518	86,131
	3,653,173	3,329,578	3,653,173	3,329,578

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	124	108

9.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	62,791	100,133
Finance leases and hire purchase contracts	24,866	78,590
	87,657	178,723

Page 26

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Corporation tax
Current tax on profits for the year	-	-
Adjustments in respect of previous periods	-	(34,817)

Total current tax	-	(34,817)

Deferred tax
Origination and reversal of timing differences	137,832	(160,072)
Adjustments in respect of prior periods	(11,301)	-
Total deferred tax	126,531	(160,072)


		126,531	(194,889)

Profit/(loss) on ordinary activities before tax

489,605

(2,864,813)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	122,401	(716,203)
Effects of:
Fixed asset differences	11,188	12,826
Expenses not deductible for tax purposes	4,218	1,381,734
Movement in deferred tax not recognised	25	(371,594)
Non-taxable income	-	(543,260)
Unexplained difference	-	(1)
Group relief	-	76,426
Adjustments to tax charge in respect of previous periods	(11,301)	(34,817)
Total tax charge for the year	126,531	(194,889)

Page 27

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11.	Parent company profit/(loss) for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent company for the period was £363,176 (2024: loss £2,669,924).

12.	Tangible fixed assets
	Group and Company

	Leasehold property	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 October 2024	550,591	64,274	2,548,679	3,163,544
Additions	171,358	-	88,316	259,674
At 30 September 2025	721,949	64,274	2,636,995	3,423,218
Depreciation
At 1 October 2024	550,591	64,274	1,291,362	1,906,227
Charge for the year	40,301	-	153,808	194,109
At 30 September 2025	590,892	64,274	1,445,170	2,100,336
Net book value
At 30 September 2025	131,057	-	1,191,825	1,322,882
At 30 September 2024	-	-	1,257,317	1,257,317

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Furniture, fittings and equipment	-	35,800
	-	35,800

Page 28

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

13.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	Additions	100
	At 30 September 2025	100

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Hybrid Hospitality Management Limited

Richbell House, 5 Richbell Place, London, WC1N 3LA

Ordinary

100%

14.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	962,415	804,955	947,701	804,955
Amounts owed by group undertakings	-	-	45,085	-
Amounts owed by companies under common control	5,562,346	4,530,949	5,562,345	4,530,949
Other debtors	413,833	217,868	413,797	217,868
Prepayments and accrued income	776,408	923,648	776,408	923,648
Deferred taxation	33,541	160,072	33,541	160,072
	7,748,543	6,637,492	7,778,877	6,637,492

Page 29

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.	Cash
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	86,311	422,012	55,975	422,012

16.	Creditors: amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	400,366	400,000	400,366	400,000
Trade creditors	1,410,253	265,674	1,410,253	265,674
Amounts owed to companies under common control	2,773,731	1,715,573	2,773,731	1,715,573
Other taxation and social security	264,460	107,307	264,460	107,307
Obligations under finance lease and hire purchase contracts	102,129	28,898	102,129	28,898
Other creditors	56,038	125,211	56,036	125,211
Accruals and deferred income	5,063,536	6,699,772	5,063,534	6,699,772
	10,070,513	9,342,435	10,070,509	9,342,435

17.	Creditors: amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	266,301	665,316	266,301	665,316
Net obligations under finance leases and hire purchase contracts	42,439	216,997	42,439	216,997
	308,740	882,313	308,740	882,313

The bank loan is repaid via monthly instalments of £33,333 and should be fully repaid by the end of 2027. Interest on the loan is charged at a base rate as determined by the Bank of England-from-time to time plus a margin of 2.55%. The loan is secured by an unlimited debenture dated 01 November 2018.

Page 30

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

18.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Within one year	102,129	28,898	102,129	28,898
Between 1-5 years	42,439	216,997	42,439	216,997
	144,568	245,895	144,568	245,895

19.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	160,072	-
Charged to profit or loss	(126,531)	160,072
At end of year	33,541	160,072

The deferred tax asset is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Fixed asset timing differences	(157,633)	(160,579)	(157,633)	(160,579)
Short term timing differences	2,122	2,439	2,122	2,439
Losses and other deductions	189,052	318,212	189,052	318,212
	33,541	160,072	33,541	160,072

Page 31

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20.	Provisions
	Group and Company

		Dilapidation provision
		£

	At 1 October 2024	1,213,682
	Charge for the year	323,336
	At 30 September 2025	1,537,018

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,000 (2024: 1,000) Ordinary shares of £1 each	1,000	1,000

The Ordinary shares have attached to them, full voting and distribution rights. The Ordinary shares do not confer any rights of redemption.

22.

Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses, net of any distributions to shareholders.

23.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £84,518 (2024: £86,131). Contributions totalling £8,486 (2024: £9,756) were payable to the fund at the reporting date and are included in creditors.

Page 32

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

24.	Commitments under operating leases
	At 30 September 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	10,635,841	10,219,248
Later than 1 year and not later than 5 years	36,879,589	33,085,341
Later than 5 years	5,039,427	5,188,343
	52,554,857	48,492,932

25.

Related party transactions

The Company has taken advantage of the exemptions available in accordance with FRS 102 section 33 not to disclose transactions entered into between two or more members of the group, as the Company is a wholly owned subsidiary of the group to which it is party to the transactions.

During the year, the Company was charged £1,127,605 (2024: £1,127,234) by Lowy Group Limited, a company under common control, in respect of management services provided. As at 30 September 2025, an amount of £1,565,270 is due to Lowy Group Limited (2024: £1,604,744). This has been included within amounts owed to companies under common control.

An amount of £903,817 (2024: £110,829) is due to Lowy Holdings Limited, a company under common control. This has been included within amounts owed to companies under common control.

An amount of £2,173,954 (2024: £2,173,041) is owed by Living Rooms Limited, a company under common control. This has been included within amounts owed by companies under common control.

An amount of £100,927 (2024: £99,570) is owed by Anya Hotels Limited, a company under common control. This has been included within amounts owed by companies under common control.

An amount of £304,643 (2024: £Nil) is owed to Anya Hotels (Brighton) Limited, a company under common control included within amounts owed by companies under common control.

An amount of £3,171,108 is owed by Lowy Anglo Limited and has been included within amounts owed by companies under common control (2024: £2,221,108 included within amounts owed by group undertakings).

An amount of £116,357 is owed by Cara Hotels Limited as at 30 September 2025 (2024: £Nil included within amounts owed by companies under common control).

26.	Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 33

ANGLO AMERICAN EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

27.	Controlling party

The ultimate controlling party is P Lowy by virtue of his majority shareholding.

Page 34