ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number: 09060548
AUDITED
DIRECTORS' REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018 |
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GCP EDUCATION 1 LIMITED
COMPANY INFORMATION
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GCP EDUCATION 1 LIMITED
CONTENTS
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GCP EDUCATION 1 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
Going concern The Company is in a net liability position at the year end but has been profitable. The Company is part of a financing structure, the underlying loans structured to ensure that actual cash inflows from the loan debtor exceed the Company's cash outflows to service the loan creditor and overheads over the loan term. The directors are therefore satisfied that the Company can meet its liabilities as they fall due. Accordingly, the directors consider that the accounts should be prepared on a going concern basis.
The Company's profit for the financial year is £113,209 (2017 - £114,091).
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GCP EDUCATION 1 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
This report was approved by the board on
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GCP EDUCATION 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GCP EDUCATION 1 LIMITED
We have audited the financial statements of GCP Education 1 Limited (the 'Company') for the year ended 31 March 2018, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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:
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 United Kingdom, including the Financial Reporting Council'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.
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 an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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.
The Directors are responsible for the other information. The other information comprises the information included in the Directors Report, other than the financial statements and our Auditors' Report 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.
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GCP EDUCATION 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GCP EDUCATION 1 LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement on page 1, 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 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.
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GCP EDUCATION 1 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GCP EDUCATION 1 LIMITED (CONTINUED)
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 an Auditors' Report 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 Auditors' Report.
for and on behalf of
Chartered Accountants
Statutory Auditors
Munro House
Portsmouth Road
Surrey
KT11 1PP
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GCP EDUCATION 1 LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2018
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GCP EDUCATION 1 LIMITED
REGISTERED NUMBER: 09060548
BALANCE SHEET
AS AT 31 MARCH 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 8 to 12 form part of these financial statements.
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GCP EDUCATION 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
GCP Education 1 Limited is a private company, limited by shares, incorporated in England and Wales, registered number
The principal place of business is 24 Savile Row, London, W1S 2ES. The Company's principal activity during the year continued to be that of providing finance.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.
The Company is in a net liability position at the year end but has been profitable. The Company is part of a financing structure, the underlying loans structured to ensure that actual cash inflows from the loan debtor exceed the Company's cash outflows to service the loan creditor and overheads over the loan term. The directors are therefore satisfied that the Company can meet its liabilities as they fall due. Accordingly, the directors consider that the accounts should be prepared on a going concern basis.
Interest receivable is recognised over the loan period using the effective interest method, which takes into account related fees and transaction costs.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at the amount of cash advanced, net of transaction costs charged and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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GCP EDUCATION 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Loans payable to third parties are measured initially at the amount of cash received less transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Interest payable is recognised using the effective interest method, which takes into account related fees and transaction costs. Interest payable is included within cost of sales as it is directly attributable to the interest receivable included in revenue.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Estimates and judgements are continually evaluated and are based on historical experience, independent forecasts and other factors that are believed to be reasonable under the circumstances.
The loan interest receivable and payable calculations and the amortised cost balances for other loans receivable and payable assume that all future loan capital and interest receipts and payments will be in accordance with the current loan agreements for the remaining loan term.
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GCP EDUCATION 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
The average monthly number of employees, including directors, during the year was 3 (2017 - 3).
There is no tax charge or liability, in either the current or prior period, against taxable profits where they have arisen as a result of group relief obtained from the offset of group losses.
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GCP EDUCATION 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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GCP EDUCATION 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
The profit and loss account represents cumulative profits and losses net of all adjustments.
The Company's immediate parent undertaking is GCP Intermediary Holdings Limited. The smallest and largest group of undertakings for which group accounts are drawn up and of which the Company is a member is GCP Intermediary Holdings Limited. The consolidated financial statements of GCP Intermediary Holdings Limited may be obtained from Companies House or from Munro House, Portsmouth Road, Cobham, KT11 1PP.
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