Greene's Tutorial Education Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12955116 (England and Wales)

Financial Statements for the Period 15 October 2020 to 31 August 2021

for

Greene's Tutorial Education Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Gray

X Ren

M P Uffindell

C W Upton

D J S Wellings

REGISTERED OFFICE:

G16 Central Court

25 Southampton Buildings

London

WC2A 1AL

REGISTERED NUMBER:

12955116 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

2,028

2,028

CURRENT ASSETS

Debtors

6

3,540

Cash at bank

785,490

789,030

CREDITORS

Amounts falling due within one year

7

27,240

NET CURRENT ASSETS

761,790

TOTAL ASSETS LESS CURRENT LIABILITIES

763,818

CREDITORS

Amounts falling due after more than one year

8

807,475

NET LIABILITIES

(43,657

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

Share premium

314,490

Retained earnings

(359,147

)

SHAREHOLDERS' FUNDS

(43,657

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

C W Upton - Director

1.	STATUTORY INFORMATION

Greene's Tutorial Education 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company incurred a loss before tax of £359K during the year, and had a net liabilities of £43K at the year ended 31 August 2021. The major investor has confirmed to financially support the whole UK group for at least 12 months from the date of signing these financial statements. The Directors have discussed the substance and availability of that support from the intermediate parent and the major investor. Based on these, the directors have concluded 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company 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 receivables 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from group undertakings, 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.

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

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Taxation

Taxation for the period 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 period 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.

Interest expenses

Interest expense is recognised using effective interest rate method. In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability for interest expense.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

312,465

Impairments

(312,465

)

At 31 August 2021

-

NET BOOK VALUE

At 31 August 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,535

At 31 August 2021

2,535

DEPRECIATION

Charge for period

507

At 31 August 2021

507

NET BOOK VALUE

At 31 August 2021

2,028

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

3,540

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

21,240

Other creditors

6,000

27,240

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Amounts owed to group undertakings

704,612

Other creditors

102,863

807,475

Amounts owed to group undertakings were loans from the company's intermediate parent company KSI Education Limited, charged against the company's assets. The terms of the loan are that interest will be charged at the end of each financial year, on a daily basis, at a rate of 5% per annum, with a repayment date of 31 December 2030. The interest is payment in kind interest and will therefore be added to the overall borrowings until such time that the company is in a position of reporting profits. During the period interest of £19,612 was charged on the loan.

Included in other creditors, amount of £50K each from the company's directors Mr C Upton and Mr M Uffindell, are advanced to the company under facility agreements. These loans are secured by charging the company's assets, interest at 5% per annum, with a repayment date of 31 December 2025. During the period interest of £2,863 was charged on the loans.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

49,000

Ordinary share A

£0.01

490

51,000

Ordinary share B

£0.01

510

1,000

49,000 Ordinary share A shares of £0.01 each were allotted and fully paid for cash at par during the period.

51,000 Ordinary share B shares of £0.01 each were allotted as fully paid at a premium of £6.16 per share during the period.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Zhuge Wilson (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company's directors Mr M Uffindell and Mr C Upton entered facility agreements and loaned to company £50K each, please see note 10.

12.	ULTIMATE CONTROLLING PARTY

The intermediate parent company is KSI Education Limited. The immediate parent company is KSI School Group Limited, both companies incorporated in England and Wales.

The ultimate controlling party is Shawn Sea.