Aspire Education Consultants UK Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07772771 (England and Wales)

Financial Statements

for the Year Ended 31 July 2022

for

Aspire Education Consultants UK Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Nitin Gupta

REGISTERED OFFICE:

30 Holborn

Buchanan House

London

EC1N 2HS

REGISTERED NUMBER:

07772771 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeffrey Bor

AUDITORS:

SCB (Accountants) Limited

31 Sackville street

Manchester

M1 3LZ

CURRENT ASSETS

Debtors

5

91,141

114,829

CREDITORS

Amounts falling due within one year

6

(844,567

)

(857,399

)

NET CURRENT LIABILITIES

(753,426

)

(742,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(753,426

)

(742,570

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(753,526

)

(742,670

)

SHAREHOLDERS' FUNDS

(753,426

)

(742,570

)

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 Profit and loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 December 2023 and were signed by:

Nitin Gupta - Director

1.	STATUTORY INFORMATION

Aspire Education Consultants UK Ltd 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

1. Section 4 ' Statement of Financial Position': Reconciliation of the opening and closing member of shares;

2. Section 7 'Statement of Cash Flows': Presentation of a statement of cashflow and related notes and disclosures;

3. Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

4. Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

5. Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Academic Bridge B.V., a company incorporated in the Netherlands. The consolidated financial statements are available from its registered office, Passeerdersgracht 23, 1016XG, Amsterdam, The Netherland.

GOING CONCERN

A letter of support has been obtained from Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust to confirm financial support for Aspire Education Consultants Uk Ltd, so that it can discharge its liabilities for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed the cashflow requirements

of the company for the next 12 months ended 31 December 2024 and are satisfied that the company has sufficient resources to continue trading. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, 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.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FOREIGN EXCHANGE

Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

CASH AND CASH EQUIVALENT

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 in the company's balance sheet 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 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.

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 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.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the director is 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	AUDITORS' REMUNERATION

2022

2021

(As

restated)

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,250

6,250

Total audit fees

6,250

6,250

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

(As

restated)

£

£

Amounts owed by group undertakings

91,141

66,711

Other debtors

-

48,118

91,141

114,829

Amounts owed by group undertakings are unsecured and no interest receivable on the above stated balance.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

(As

restated)

£

£

Bank loans and overdrafts

5

5

Trade creditors

3,714

15,546

Amounts owed to group undertakings

834,598

834,598

Other creditors

6,250

7,250

844,567

857,399

Amounts owed by group undertakings are unsecured and no interest payable on the above stated balance. No demand for repayment of amounts owed to group undertakings will be made without giving 12 months notice that repayment is to be demanded.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

1

100

100

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

The Report of the Auditors was unqualified.

We draw attention to note 2 of the financial statements, which describes the going concern basis on which the accounts are prepared.The company's losses for the year totalled to £10,855 and and net liabilities of £753,426 (2021: £742,570). The company relies on the financial support of the Global University Systems Holding B.V, a group member company also wholly owned by The Heritage Trust. The directors have reviewed the cashflow requirements of the company for the next 12 months ended 31 December 2024 and are satisfied that the company has sufficient resources to continue trading. We have examined the assumptions underlying the projections and are satisfied that those assumptions are reasonable.Our opinion is not qualified in this respect.

Jeffrey Bor (Senior Statutory Auditor)

for and on behalf of SCB (Accountants) Limited

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in FRS 102 section 33.1 a whereby it has not disclosed transactions with wholly owned subsidiary undertakings in the group.

10.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Aspire Skills Academy Lmited, a company incorporated in the UK. The address of its registered office is 30 Holborn, Buchanan House, London, England, EC1N 2HS.

The smallest and largest group into which the entity is consolidated is Academic Bridge B.V, a company registered in the Netherlands.The registered address is Passeerdersgracht 23, 1016XG, Amsterdam, The Netherlands.

The ultimate controlling company is The Heritage Trust, a company registered in Gurensey.

11.	PRIOR YEAR ADJUSTMENT

The director identified an error in the prior period in relation to the amounts of £228,916 owed to group undertakings incorrectly treated as VAT liability. The adjustment in the prior year to rectify this error is to reclassify the amount of VAT liability to the amounts owed to group undertakings under the creditors (see note 6 above). Balance of VAT receivable reclassified as other debtors (see note 5 above). No impact to the profit and loss reserves in prior year due to this reclassification adjustment.