Dukes Applications Ltd - Period Ending 2019-08-31

Registration number: 09408703

Prepared for the registrar

Dukes Applications Ltd

Annual Report and Financial Statements

for the Year Ended 31 August 2019

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Dukes Applications Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Dukes Applications Ltd

Company Information

Directors

A N Hassan G Hawkins J A Pickles

Registered office

5th Floor South 14-16 Waterloo Place London SW1Y 4AR

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

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Dukes Applications Ltd

(Registration number: 09408703)
Balance Sheet as at 31 August 2019

	Note	31 August 2019  £	31 August 2018  £
Fixed assets
Investments	4	6,961,934	3,310,601
Creditors: Amounts falling due within one year	5	(4,958,968)	(3,307,635)
Total assets less current liabilities		2,002,966	2,966
Creditors: Amounts falling due after more than one year	5	(2,000,000)	-
Net assets		2,966	2,966
Capital and reserves
Called up share capital		1	1
Profit and loss account		2,965	2,965
Total equity		2,966	2,966

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 January 2020 and signed on its behalf by:
 

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

J A Pickles
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
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Dukes Applications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5th Floor South
14-16 Waterloo Place
London
SW1Y 4AR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Dukes Education Holdings Limited.

The financial statements of Dukes Education Holdings Limited may be obtained from Companies House.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Dukes Education Holdings Limited, a company incorporated in England and Wales, and is included in the consolidated accounts of that company.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Dukes Applications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2019

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

During the year, the company had no employees other than its directors.

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Dukes Applications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2019

4

Investments

	2019 £	2018 £
Investments in subsidiaries	6,961,934	3,310,601

Subsidiaries	£
Cost and carrying amount
At 1 September 2018	3,310,601
Additions	3,651,333
At 31 August 2019	6,961,934

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018
Subsidiary undertakings
Dukes Education Limited		Ordinary	100%	100%
	England and Wales
Jon Tabbert and Associates Limited		Ordinary	100%	100%
	England and Wales
Apply2Uni Limited		Ordinary	100%	100%
	England and Wales
Application Research Limited		Ordinary	100%	100%
	England and Wales
Dukes Guardians Limited		Ordinary	100%	100%
	England and Wales
Okeford Education Limited		Ordinary	100%	0%
	England and Wales
Oxbridge Applications Ltd*		Ordinary	100%	100%
	England & Wales

*Investment held by Dukes Education Limited

The principal activity of Dukes Education Limited and Okeford Education Limited is the provision of education services. All of the other subsidiaries are dormant companies.

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Dukes Applications Ltd

Notes to the Financial Statements for the Year Ended 31 August 2019

5

Creditors

	31 August 2019  £	31 August 2018  £
Due within one year
Amounts owed to group undertakings	4,905,836	3,307,635
Other creditors	53,132	-
	4,958,968	3,307,635
Due after one year
Other creditors	2,000,000	-

6

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its parent undertaking at the balance sheet date, Dukes Education Group Limited. The amount guaranteed is £79,990,000 (2018 - £34,340,000).

7

Parent and ultimate parent undertaking

The company's immediate parent company is Dukes Education Group Limited, incorporated in England and Wales..

Its ultimate parent company is Grove Education Partners Holdco Limited, incorporated in Guernsey. This company is considered to have no single controlling party.

8

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 January 2020 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.

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