The directors present their strategic report for the group headed by Le Cordon Bleu Limited for the year ended 31 December 2025, which includes the statement of corporate governance and internal control for that year and up to the date of approval of the financial statements.
Le Cordon Bleu Limited has amongst its primary objectives the development of excellence in training, education and related fields and the enhancement of the reputation of the trade name and trademark "Le Cordon Bleu”. The company achieves this objective through disseminating the culinary savoir—faire of the best master chefs in its state-of-the-art facility in Bloomsbury Square, London. It also delivers higher education courses in Restaurant and Hospitality management and nutrition. The company is committed to promoting the highest ethical behaviour of all employees and establishing sound business practices generating sufficient financial returns to allow development of its educational programme, investment in its staff and in its community responsibilities.
Le Cordon Bleu Limited's activities include training and education in the culinary and hospitality management fields. The world famous Le Cordon Bleu academies and institutes of classical French cuisine and patisserie originated in Paris in 1895 and have subsequently expanded into the domain of hospitality education, with establishments opened or in the process of opening in other parts of the world including London, England (1933), North America (1988), Tokyo, Japan (1991), Sydney, Australia (1996), Mexico (1998), Adelaide, Australia (1999, Degree in Restaurant & Hospitality Management), Central America (2000, Degree in Hospitality), USA (2000, Associate Degree in Restaurant Management and 2004 Degree in Hotel and Restaurant Management), Peru (2000, Degree in Hospitality and Culinary), Korea (2002), USA (2004, Degree in Hotel and Restaurant Management), Lebanon (2004, Degree in Hospitality), New Zealand (2006 BA in Culinary Arts), Thailand (2007), Spain (2007), Malaysia (2010), Shanghai, China (2012), Rio de Janeiro, Brazil (2012), Turkey (2012), Taiwan (2012), India (2013), Philippines (2013), Chile (2014), Sao Paulo, Brazil (2016) and Beijing, China (2018).
Le Cordon Bleu Limited is committed to innovation and best practice in Gastronomy, Hospitality and Management and honours its commitments through teaching, learning and research conducted in conjunction with the development of products and services. The company has continued to develop new courses and programmes. The first cohort of the BBA Culinary Industry Management, jointly delivered with Birkbeck (University of London) started in September 2018. In addition, a MSc in Culinary Innovation Management has been developed and is also being jointly delivered with Birkbeck with the first cohort having started in September 2020. The success of these two programmes led to the development of the MSc Hospitality Innovation Management which is also jointly delivered with Birkbeck and had its first cohort of students in September 2024.
The company has also developed an internship programme in partnership with leading hotels and Michelin starred restaurants that enables students to experience working in the culinary and hospitality industry and to put into practice the skills learnt on its programmes to help support their future careers.
The company has responded to the increased attention in society towards lowering meat consumption and launched in 2020 its Diploma in Plant Based Culinary Arts following on from its Diploma in Gastronomy, Nutrition & Food Trends. The success of this programme led to the development of the Diploma in Patisserie Innovation and Wellness, which was launched in 2021. Due to the popularity of the Diploma in Plant Based Culinary Arts, the company broadened its offering by alternating the programme between Cuisine and Patisserie each term. The first of these courses took place in September 2024 with a focus on Cuisine and has successfully delivered repeat rotations of each programme over the past year.
The company, through its subsidiary Gastronomist Limited, has acquired a lease at 85 Fleet Street to develop a fine dining restaurant, café and cookery school for private individuals and corporate events. The facility opened in June 2022 enabling students to gain a practical understanding of an operating hospitality business and has been incorporated as part of their curriculum. The feedback from students has been very positive and is a strong point of differentiation for our courses. In February 2025 the restaurant was awarded the AA 3 Rosette in recognition of its culinary excellence which was reaffirmed in the 2026 awards. The restaurant is also featured in the Michelin Guide each year in acknowledgement of the high level of food and service.
The UK market remains complex and competitive, and the group has responded to the challenging climate by providing students with new courses and internship programmes to differentiate itself further from its competitors. In addition, the development of a jointly delivered degree and Master's programmes with Birkbeck (University of London) has provided the company with new products to both enhance its reputation and increase student numbers as the demand for post-graduate education in target markets increases.
One of the challenges facing all higher education providers is the UK Government's increasing regulatory requirements for international students. This will continue to prove to be a challenge for the group, however, through the LCB international network of schools and through experienced international agents the group has historically demonstrated a strength in securing students from a range of international markets and anticipates doing so in the coming year.
Le Cordon Bleu Limited was admitted to the register of the Office for Students in 2019. This allows the company to continue to be a Study Visa sponsor and is subject to regular review and monitoring by the Office for Students. The company is subject to regular inspection from the British Accreditation Council, holds accreditation from NCFE (a national education awarding organisation) and a number of its courses are credit rated on the Scottish Credit and Qualifications Framework through the Scottish Qualifications Authority.
Another challenge for the group is the change in the visa requirements for EU students following Brexit. The group continues to monitor developments and invest in any necessary training and systems required to meet any new regulatory requirements for EU nationals looking to study in the UK. The group is a member of higher education networks in order to stay ahead of any regulatory and visa changes. Regulatory changes are planned in advance of their introduction, and the group is in a strong position to respond to any necessary changes and to continue to sponsor internation students in the long-term.
Other key risks include the continued increase in competition with the opening of new academies and cookery schools. These are monitored by the board of directors.
The group requires full payment of course fees prior to the start of the course which significantly reduces the risk of bad debts.
The group monitors its cash flows as part of its regular control procedures. The board considers cash flow projections and ensures that appropriate facilities are available to be drawn upon as necessary. Cash flow forecasts continue to be reworked in response to changing regulatory and business environments and the group continues to take steps to mitigate costs and cash outflows during this period of uncertainty.
The group recognises its obligations to ensure development and retention of staff. This is achieved by ensuring the teaching team have appropriate qualifications and are supported with continual development to ensure they maintain teaching excellence on all courses.
The group has not experienced any impact on trading following the Russia/Ukraine conflict nor the ongoing situation in the Middle East and Iran, and does not expect, at this stage, any impact on trading going forward.
During the year the company maintained consistent turnover levels with the prior year with overall income increasing with a rise in other income from withdrawal fees. Challenges persisted in Term 3, however, numbers increased in Term 4 as enrolment numbers rebounded, and this has continued post year end.
Despite external challenges, our reputation for excellence in culinary education remains strong. We are proactively refining our recruitment to attract a wider pool of international and domestic students. With the hospitality industry's ongoing demand for skilled professionals and the board's continued review of new opportunities and initiatives the Group is confident in positioning itself for future financial stability.
This statement of corporate governance and internal control covers the period of the financial statements and to the date of the approval of the audited financial statements. The board of directors is responsible for setting the group’s long‑term strategy and objectives, and for overseeing its governance and system of internal control. The board receives regular performance reports and meets with management on a regular basis to discuss financial performance, the key risks facing the business, and the controls in place to mitigate these. The company has developed a Quality Manual which is provided to all staff setting out key areas such as:
• Setting and maintaining academic standards
• Quality assurance cycle
• Governance
• Terms of reference for Boards and committees such as the Academic Board, Examination Board and the Executive Committee.
The Boards and committees and control processes include external members or reviewers and provide the company with assurance on, amongst other things, the effectiveness of its systems, internal controls, academic oversight both for the development of new programmes and student progression. These committees provide feedback to the board of directors and allow concerns and issues to be addressed effectively. All staff have access to the Quality Manual and the process to raise issues with the relevant Board or committee.
The Academic Board is the main board responsible for ensuring compliance with the Office for Students ongoing conditions of registration. The Academic Board meets at least four times a year with extraordinary meetings as required and reports back to the board of directors. The Executive Committee will normally meet on a 2 weekly basis and is a forum for reporting and communicating between all departments as well as identifying areas of improvement. The Examination Board will meet at least once a term. The board of directors feel that the system of reporting is appropriate for the size and complexity of the business allowing it to identify risk areas, ensure internal controls are in place and to ensure academic standards are maintained and checked.
Those risks and related controls are summarised in the principal risks and uncertainties section of this strategic report.
The board of directors do not consider that the size and complexity of the group warrants the establishment of an internal audit function. However, the board of directors do consider the internal control findings that arise from the external audit process and will take action to address any weaknesses that are identified. No significant control weaknesses were reported by the external auditor in relation to their audit of these financial statements.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £2,032,401 (2024: £1,044,366)
The directors do not recommend the payment of a dividend (2024: nil)
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the group will be put at a General Meeting.
Student booking numbers demonstrate a continued demand for culinary education in the UK. As mentioned above the increase burden of costs imposed on students by the UK government and the stated desire by UK government to reduce migration numbers could impact the desirability of the UK as a location for international students.
The Group reported a loss for the year of £2,032,401 (2024: £1,044,366) and had net liabilities of £6,248,217 at the balance sheet date (2024: £4,215,816). The Company’s results and net asset position were stronger than those of the Group. The directors have therefore considered the going concern position of both entities, while also taking into account the Group’s access to ongoing financial support from the ultimate parent company.
Based on current forecasts, continued accreditation of courses and alongside an undertaking of continued financial support received from the ultimate parent company, the directors are of the opinion that the group and company will be able to continue as a going concern for the foreseeable future, being a period of at least twelve months from the date of approving these financial statements.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Le Cordon Bleu Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:
- the nature of the industry and sector, including the whether the financial results of our client differed from the industry trends;
- the legal and regulatory framework that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements;
- the matters discussed among the audit engagement team during the planning process regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
Audit procedures performed included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
- discussions with the directors on their own assessment of the risks that irregularities may occur either as a result of fraud or error, their assessment of compliance with laws and regulations and whether they were aware of any instances of non-compliance, including any potential litigation or claims
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias
- inspection of relevant legal correspondence and board minutes; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
As a result of our assessment, it is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. However, laws and regulations considered to have a direct effect on the financial statements included the UK Companies Act, Employment Laws, Tax and Pensions legislation and Health & Safety legislation and the requirements of the OfS.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Opinion on other matters required by the Office for Students ("OfS")
In our opinion, in all material respects:
Funds from whatever source administered by the parent company for the specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation; and
The requirements of the OfS Accounts Direction (OfS 2019.41) have been met.
We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you, if, in our opinion:
The parent company's grant and fee income, as disclosed in the note to the accounts, has been materially misstated.
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 auditor's 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,627 (2024: £172,603 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Le Cordon Bleu Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is given on the Company Information page and the nature of the group's and parent company's operations and their principal activities are disclosed in the Directors' Report.
The group consists of Le Cordon Bleu Limited and its subsidiary and associate.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Parent company disclosure exemption
In preparing the separate financial statements of the parent company, advantage has been taken of the following exemptions available to qualifying entities:
No cash flow statement, net debt reconciliation or financial instrument disclosures have been presented for the parent company; and
No disclosure has 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 group as a whole.
The consolidated financial statements present the results of the company and its subsidiary ("the group") as if they form a single entity. lntercompany 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 Group 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 Group Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated financial statements, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate. The Group Statement of Comprehensive Income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the group has no obligations to make payments on behalf of the associate, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal the unrecognised losses. In the Group Statement of Financial Position, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the group and the associate are eliminated to the extent of the group's interest in the associate.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Group reported a loss for the year of £2,032,401 (2024: loss of £1,044,366) and had net liabilities of £6,248,217 at the balance sheet date (2024: net liabilities of £4,215,816). The Company’s results and net asset position were stronger than those of the Group. The directors have therefore considered the going concern position of both entities, while also taking into account the Group’s access to ongoing financial support from the ultimate parent company.
Based on current forecasts, continued accreditation of courses and alongside an undertaking of continued financial support received from the ultimate parent company, the directors are of the opinion that the group and company will be able to continue as a going concern for the foreseeable future, being a period of at least twelve months from the date of approving these financial statements.
Turnover comprises invoiced tuition fees and the value of merchandise, café and restaurant sales net of value added tax and discounts. Fees are credited to profit or loss when the fees are earned, which in the case of tuition fees is when courses are delivered. Fees for services not provided in the financial year are credited to deferred income. Merchandise, café, and restaurant sales are recognised when the goods are transferred to the customer.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
In the company's individual accounts, investments in subsidiaries and associates are measured a cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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. The assets of the plan are held separately from the company in independently administered funds.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at an average rate of exchange. Exchange differences are taken into account in arriving at the operating result.
On consolidation, the results of the overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations a actual rate are recognised in other comprehensive income.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
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.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Costs incurred in the production of an encyclopedia have been capitalised to prepayments. These costs relate to staff costs for staff solely responsible for this project, as well as writing and photography costs. This balance meets the definition of an asset. These costs will be released in the future against the income received for the sale of the book.
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:
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives, as set out in the group's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten, then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly.
Courses are paid for by students upfront and included within deferred income. The balance is then released from deferred income into revenue when the student course takes place. The deferred revenue is reclassified as long term as it cannot be determined with certainty when the students will take the course. There is a low degree of subjectivity in allocating revenue to the correct period and as a result there is limited estimation uncertainty.
All turnover arose within the United Kingdom.
Other operating income comprises non-refundable deposits on cancelled courses.
The only source of grant and fee income relate to fee income from courses of £7,801,262 (2024: £8,086,855).
There have been no grant income from OfS or any other bodies.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
There are 3 employees (2024: 1) with a full-time equivalent basic salary of over £100,000 per annum, split as follows:
2025 2024
£100,000 - £104,999: 1 employee None
£105,000 - £109,999: 1 employee None
£110,000 - £114,999: None 1 employee
£115,000 - £119,999: None None
£120,000 - £124,999: None None
£125,000 - £129,999: 1 employee None
The remuneration package of the lead of the provider is set by the board of directors with reference to commercial rates of pay within the group's sector. The group operates within the independent higher education sector. The remuneration has external review to ensure it is consistent with the industry rates and reflects the performance of the company.
The board of directors feel that the overall remuneration is justified given the financial performance of the company.
The head of the provider's basic salary is 2.55 (2024: 2.56) the median basic salary of staff, where the median total remuneration is calculated on a full-time basis.
The head of the provider's total remuneration is 2.55 (2024: 2.56) the median total remuneration of staff, where the median total remuneration is calculated on a full-time basis.
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
The group recognised a share of losses of £87,580 (2024: profit of £87,580). The group has not recognised a further share of losses of £41,032 (2024: £NIL) on the basis that it does not have any legal or constructive obligations to make payments on behalf of the associate.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Details of associates at 31 December 2025 are as follows:
There has been no impairment applied to stock.
The balance included within amounts owed by group undertakings remaining on consolidation relates only to entities in the wider group that are not consolidated within these financial statements.
The balance included within amounts owed to group undertakings remaining on consolidation relates only to entities in the wider group that are not consolidated within these financial statements.
The balance included within loans from group undertakings remaining on consolidation relates only to entities in the wider group that are not consolidated within these financial statements.
The loan from group undertaking attracts interest at a rate of SONIA +5% per annum and is repayable in quarterly instalments of £55,167. It is due to be fully repaid in 25 years from the date of drawdown, which falls due more than 4 years after 31 December 2025.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £27,680 (2024: £26,395) were payable to the fund at the reporting date.
The ordinary shares each carry one voting right and rank pari passu in respect of dividends and return of capital upon winding up.
This represents the nominal value of shares issued.
The group's reserves are as follows:
Share premium account
The share premium account includes the premium on issue of equity shares, net of any issue costs.
Profit and loss account
The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year, the parent company was charged rent of £885,599 (2024: £862,354) by ProVision Pacifico Limited, a company controlled by the ultimate controlling party. For both 2025 and 2024, there was no balance owing to ProVision Pacifico Limited at the year end.
At 31 December 2025, the parent company owed £10,845 (2024: £NIL) to Le Cordon Bleu Blue Ribbon International.
At 31 December 2025, the parent company owed £26,806 (2024: £NIL) to Le Cordon Bleu Blue Ribbon France.
During the preparation of the financial statements, management identified that a material balance of deferred income had been incorrectly classified in the prior year. Deferred income amounting to £4,588,847, which was expected to be released to the profit and loss account within 12 months of the prior year-end, was incorrectly presented within 'Creditors: amounts falling due after more than one year'.
This prior period error has been corrected retrospectively by restating the comparative figures for the year ended 31 December 2024.
This reclassification is purely presentational and has no impact on the company's previously reported net assets or reserves, nor does it impact the profit for the prior financial year.