International School of London (Surrey) - Limited company accounts 20.1

REGISTERED NUMBER: 01226711 (England and Wales)

Report of the Directors and

Audited Financial Statements for the Year Ended 31 August 2020

for

International School of London (Surrey)

Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

Mr N A Makarem

Mr A N Makarem

SECRETARY:

Mr A N Makarem

REGISTERED OFFICE:

139 Gunnersbury Avenue

London

W3 8LG

REGISTERED NUMBER:

01226711 (England and Wales)

AUDITORS:

Rawi & Co Associates Ltd

128 Ebury Street

London

SW1W 9QQ

The directors present their report with the financial statements of the company for the year ended 31 August 2020.

PRINCIPAL ACTIVITY

The company has not traded during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2019 to the date of this report.

Mr N A Makarem

Mr A N Makarem

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Rawi & Co Associates Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A N Makarem - Director

27 May 2021

Opinion

We have audited the financial statements of International School of London (Surrey) Limited (the 'company') for the year ended 31 August 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 company's affairs as at 31 August 2020 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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

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

-	the 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 Report of the Auditors.

Use of our report

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

Rajnikant Chhotabhai Patel (Senior Statutory Auditor)

for and on behalf of Rawi & Co Associates Ltd

128 Ebury Street

London

SW1W 9QQ

27 May 2021

TURNOVER

-

1,004,007

Cost of sales

-

(1,175,985

)

GROSS LOSS

-

(171,978

)

Administrative expenses

(4,375

)

(904,334

)

(4,375

)

(1,076,312

)

Other operating income

25,955

49,747

OPERATING PROFIT/(LOSS)

21,580

(1,026,565

)

Exceptional items

4

10,793,285

(124,231

)

PROFIT/(LOSS) BEFORE TAXATION

5

10,814,865

(1,150,796

)

Tax on profit/(loss)

6

(4,100

)

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

10,810,765

(1,150,796

)

CURRENT ASSETS

Debtors

7

-

10,420

Cash at bank

54,119

93,590

54,119

104,010

CREDITORS

Amounts falling due within one year

8

(133,588

)

(10,994,244

)

NET CURRENT LIABILITIES

(79,469

)

(10,890,234

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(79,469

)

(10,890,234

)

CAPITAL AND RESERVES

Called up share capital

1,760,000

Retained losses

9

(1,839,469

)

(12,650,234

)

SHAREHOLDERS' FUNDS

(79,469

)

(10,890,234

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2021 and were signed on its behalf by:

Mr A N Makarem - Director

Called up

share

Retained

Total

capital

losses

equity

£

Balance at 1 September 2018

1,760,000

(11,499,438

)

(9,739,438

)

Changes in equity

Total comprehensive income

-

(1,150,796

)

(1,150,796

)

Balance at 31 August 2019

1,760,000

(12,650,234

)

(10,890,234

)

Changes in equity

Total comprehensive income

-

10,810,765

Balance at 31 August 2020

1,760,000

(1,839,469

)

(79,469

)

1.	STATUTORY INFORMATION

International School of London (Surrey) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provision of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared on a break up basis at the year end.

Going concern

The directors have indicated that it is resonable to rely on the continuation into the foreseeable future of financial support of its immediate parent undertaking. On the basis of this information and the conduct of its financial affairs subsequent to the balance sheet date, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 43 ).

4.	EXCEPTIONAL ITEMS

The company discloses as exceptional items those items of income or expense which possess a high degree of abnormality or arise from events or transactions that fall outside the ordinary activities of the company and which are not expected to recur.

The directors apply judgements in assessing the particular items, which by virtue of their scale and nature, should be classified as exceptional items.The directors consider that seperate disclosure of these items is relevant to an understanding of the company's financial performance.

31.08.20

31.08.18

£

Amount waived by parent company

10,793,285

Impairment losses for stock and other debtors

124,231

Total

10,793,285

124,231

5.	PROFIT/(LOSS) BEFORE TAXATION

The profit (2019 - loss) is stated after charging:

31.8.20

31.8.19

£

Other operating leases

-

330,750

Audit fees

3,766

20,508

Pension costs

-

57,196

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.8.20

31.8.19

£

Current tax:

UK corporation tax

4,100

-

Tax on profit/(loss)

4,100

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

Trade debtors

-

1,860

Prepayments and accrued income

-

8,560

-

10,420

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

Trade creditors

-

57

Other creditors < 1 year

129,488

181,153

Amounts owed to group undertakings

-

10,793,285

Tax

4,100

-

Social security and other taxes

-

19,749

133,588

10,994,244

9.

RESERVES

Retained

losses

£

At 1 September 2019

(12,650,234

)

Profit for the year

10,810,765

At 31 August 2020

(1,839,469

)

10.	ULTIMATE PARENT COMPANY

In the opinion of the directors the ultimate holding company is Educational Associates Limited, a company incorporated in the British Virgin Islands.

11.	PRESENTATION CURRENCY

The financial statements are presented in Sterling.