REG - Starcrest Education - Interim Results for the six months to 30 June 2021

Starcrest Education The Belt & RoadAnnouncement

28/09/2021 10:55

RNS Number : 2240N
  
Starcrest Education The Belt & Road
  
28 September 2021
  
 

28 September 2021
 
Starcrest Education The Belt & Road Limited
 
("Starcrest" or the "Company" or the "Group")
 
Interim Results for the six months to 30 June 2021
 
Starcrest Education The Belt & Road Limited (LSE: OBOR), the international developer and operator of education services in Europe, is pleased to announce its unaudited results for the six months to 30 June 2021.
 
Highlights 
 
·    As of 30 June 2021, the Group had cash balances of £652,690 (2020: £1,920,399)
·    Post-period, on 06 August, the Company announced the signing of non-legally binding heads of terms ("Heads of Terms") for the acquisition of up to 80% of the issued share capital of National Training Company Limited ("NTC" or the "Target") (the "Proposed Transaction")
o  Simultaneously, the Company announced that it is no longer proceeding with the Company's previously stated intention to acquire 60% of the issued share capital of The London School of Science and Technology Limited ("LSST") as a result of uncertainties due to the COVID-19 pandemic
·    Loss before tax for the period of £415,827 (2020: £1,004,044), which principally covers costs relating to due diligence for acquisition targets
·    Post-period, at its Extraordinary General Meeting, held on 28 September 2021, the Company announced that its shareholders had approved its intention to change its name from "Starcrest Education The Belt & Road Limited" to "Starcrest Education Limited"
 
John McLean OBE, Non-Executive Chairman, commented:
 
"We are pleased to announce Starcrest's interim results for the six months to 30 June 2021.
 
"In response to the COVID-19 pandemic, the Company has refined its strategic focus to providing premier education services and products in the UK and Europe, having originally also included opportunities in the Chinese education sector.  
 
"Throughout the period, the Company remained proactively seeking acquisition targets that fit with its search criteria and offer attractive growth potential and returns. As a result of these efforts, we are pleased to have signed Heads of Terms for the acquisition of National Training Company Limited.
 
"We believe that the acquisition provides a valuable opportunity for Starcrest and its shareholders. The Board is progressing matters and we look forward to updating the market on our progress in due course. However, we would reiterate to shareholders that there can be no guarantee at this stage that the Proposed Transaction will complete."
 
- Ends - 
 
Enquiries:
 




Starcrest Education
John McLean OBE, Non-Executive Chairman


 
+44 (0) 7768 031454
 




Allenby Capital Limited (Financial Adviser and Broker)
John Depasquale
Vivek Bhardwaj
 


 
+44 (0) 20 3328 5657 
 




Yellow Jersey PR (Financial PR)
Sarah Hollins
Henry Wilkinson


 
+44 (0) 20 3004 9512
 




 
Notes to editors:
Starcrest is an international developer and operator of education services in Europe. The Company was established to seek acquisition opportunities in the international education sector and to provide premier education services and products in the UK and to countries in Europe.  
 
Starcrest listed on the Main Market of the London Stock Exchange on 31 January 2019 under the ticker symbol (LSE: OBOR). Further information can be found on the Company's website at https://www.starcresteducation.com.
 


Chairman's Statement
 
Introduction
 
I am very pleased to report the Company's interim results for the period ended 30 June 2021.
 
Results
 
As of 30 June 2021, the Group had cash balances of £652,690 (30 June 2020: £1,920,399). Loss before tax for the period ended 30 June 2021 was £415,827 (2020: £1,004,044).
 
Starcrest made approximately £418,219 loss for the period ended June 2021 (2020: £776,195). The majority of the losses reported in this period, representing approximately £172,000, are attributed to professional fees and associated costs relating to the due diligence cost for acquisition targets. The remaining expenditure related to Directors fees, administration and other costs. 
 
The majority of the losses reported in the comparative period to 30 June 2020, representing approximately £725,000, were attributed to professional fees and associated costs relating to the due diligence cost for acquisition targets. The remaining expenditure related to Directors fees, administration and other costs.
 
Transactions
 
As outlined in Starcrest's Final results, announced on 22 April 2021, no further progression was expected to take place until 30 June 2021 regarding the Company's previously stated intention to acquire 60% of the issued share capital of The London School of Science and Technology Limited ("LSST"), a private management school that offers an open and inclusive education experience in London and the midlands, as announced on 18 September 2019. During the period, therefore, the Company remained proactively seeking relevant acquisition opportunities that fit with the Company's search criteria and that offer attractive growth potential. 
 
Post-period, on 06 August 2021, with the uncertainties of the COVID-19 pandemic a major contributory factor, the Company decided to no longer proceed with acquiring LSST.
 
Simultaneously, we were pleased to announce that the Company had signed non-legally binding heads of terms ("Heads of Terms") for the acquisition of up to 80% of the issued share capital of National Training Company Limited ("NTC" or the "Target") (the "Proposed Transaction"). 
 
Under the Heads of Terms, the Company has agreed to put options to require it to purchase the remaining 20% of the issued share capital of the Target. The Proposed Transaction is subject to the agreement and signature by the parties to a legally binding share purchase agreement.
 
The Proposed Transaction is also subject to, amongst other things, legal and financial due diligence, therefore the Company is unable to provide further information at this stage about the terms of the Proposed Transaction. If the Proposed Transaction is successful, it will amount to a reverse takeover under the Listing Rules.
 
The Board believes that the Target provides a valuable opportunity for Starcrest and its shareholders. The Board is therefore progressing matters and will update shareholders as soon as they are able to. The Company is focused on completing the transaction with NTC, however there is no certainty that the transaction will complete which includes the raising of new monies to fund the consideration. In the event the transaction does not complete, the Company will continue to seek another potential acquisition and to ensure that the Company has sufficient funding, the Company has received a letter of support confirming that up to a further £500,000 is available from its parent company, Starcrest Education Management Company Ltd.
 
Change of Company Name and Strategy
 
At its Extraordinary General Meeting, held on 28 September 2021, the Company announced that its shareholders had approved its intention to change its name from "Starcrest Education The Belt & Road Limited" to "Starcrest Education Limited". 
 
The Company initially included a strategic focus on opportunities in the Chinese education sector, as well as opportunities in the UK and Europe. However, the Company's international strategy has been constrained by the measures imposed in response to the COVID-19 pandemic. Accordingly, the Company has revised its strategy to provide premier education services and products in the UK and Europe. The Board believes that the new name better reflects the Company's current strategic focus.
 
Notwithstanding the change in strategy, the Company believes that its principal risks and uncertainties remain unchanged from those disclosed in the 2020 annual report.
 
Board
 
With the Company's intention to move from a shell to an operating company, Starcrest hopes to strengthen its Board through the appointment of a combined Chief Financial Officer and Chief Operating Officer. More details will be provided on this in due course.
 
Summary and Outlook 
 
First and foremost, the Board's focus remains on progressing the required steps to complete the acquisition of NTC. Alongside this, however, in line with the Company's revised strategy and with its extensive experience and contacts, the Board continues to seek further acquisition targets across the education sector in the UK and Europe, which the Board believes demonstrates potential for long-term growth. 
 
We look forward to providing further updates in due course.
 
 
John McLean OBE
Non-Executive Chairman
28 September 2021
 
 
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2021
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME




 


 


 




 


 
 
 
Note


 
6 months 
ended
30/06/2021
Unaudited
£


 


 
6  months
ended
30/06/2020
Unaudited
£
 




Administrative expenses


 


(415,827)


 


(1,004,044)




Operating loss


10


(415,827)


 


(1,004,044)




 


 


 


 


 




Finance costs


 


-


 


-




Loss before taxation


 


 (415,827)


 


(1,004,044)




 


 


 


 


 




Income tax


 


-


 


-




Loss for the period


 


(415,827)


 


(1,004,044)




 
Other Comprehensive (loss)/gain
Exchange gain arising on translation to                        presentation currency


 


 
                      
    (2,391)   
                                     


 


 
                           
227,849




Total comprehensive loss attributable to equity holders of the Company for the period


 


    (418,219)


 


            (776,195)
 




 


 


 


 


 




 


 


 


 


 




Loss per share - basic and diluted (pence per share)


13


(1.93)


 


(4.66)



 
 
 
 
 
 
 
 



 
                
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION




 


 


 


 




 


              Note


As at
30/06/2021
Unaudited
£


 


 


 As at
31/12/2020
Audited
£


 




Current assets


 


 


 


 


 


 




Cash and cash equivalents
Trade and other receivables


14
15


652,690
35,271


 


 


1,454,672
16,681


 




Total current assets


 


687,961


 


 


1,471,353


 




Total assets


 


687,961


 


 


1,471,353


 




 
Equity and liabilities


 


 


 


 


 


 




Capital and reserves attributable to owners of the company 


 


 


 


 


 


 




Ordinary shares


17


215,600


 


 


215,600


 




Share premium


 


3,454,364


 


 


3,454,364


 




Retained earnings 
Foreign exchange reserves 


 


(3,359,606)
93,761


 


 


(2,943,779) 
96,153 


 




Total equity


 


404,119


 


 


822,338


 




 


 


 


 


 


 


 




Current liabilities


 


 


 


 


 


 




Trade and other payables


16


283,842


 


 


                   649,015


 




Lease liabilities


 


 


 


 


-


 




Total current liabilities


 


283,842


 


 


649,015


 




 


 


 


 


 


 


 




Total equity and liabilities


 


687,961


 


 


1,471,353


 



 
 
 
 
 
 
 
 
 



 
 




CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2021




 


 


Share capital


Share premium


Other reserves


Retained earnings


Foreign exchange


Total equity




 


 


£


£


£


£


£


£




Balance at 1 January 2021


 


215,600


3,454,364


-


(2,943,779)


96,153


822,338




Loss for the period


 


-


-


-


(415,827)


-


(415,827)




Other comprehensive loss for the financial period


 


-


-


-


-


(2,391)


(2,391)




Balance at 30 June 2021 (Unaudited)


215,600


3,454,364


-


(3,359,606)


93,761


404,119




 
FOR THE PERIOD ENDED 30 JUNE 2020




 


 


Share capital


Share premium


Other reserves


Retained earnings


Foreign exchange


Total equity




 


 


£


£


£


£


£


£




Balance at 1 January 2020


 


215,600


3,454,364


-


(1,406,444)


(113,428)


2,150,092




Loss for the period


 


-


-


-


(1,004,044)


-


(1,004,044)




Other comprehensive gain for the financial period


 


-


-


-


-


227,849


227,849




Balance at 30 June 2020 (Unaudited)


215,600


3,454,364


-


(2,410,488)


114,421


1,373,897




 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020




 


 


Share capital


Share premium


Other reserves


Retained earnings


Foreign exchange


Total equity




 


 


£


£


£


£


£


£




Balance at 1 January 2020


 


215,600


3,454,364


-


(1,406,444)


(113,428)


2,150,092




Loss for the year


 


-


-


-


(1,537,335)


 


(1,537,335)




Other comprehensive gain for the year


 


-


-


-


-


209,581


209,581




Balance at 31 December 2020 (Audited)


215,600


3,454,364


-


(2,943,779)


96,153


822,338




 




 
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
PERIOD ENDED 30 JUNE 2021




 


 


 
30/06/2021
Unaudited
 
£


 


 
30/06/2020
Unaudited
 
£


 




Cash flows from operating activities


 


 


 


 


 




Operating loss
Depreciation
Finance cost
(Increase) in receivables


 
 
 
15


  (415,827)
-
-
(18,590)


 


(1,004,044)
-
-
(66,447)


 




(Decrease) in payables


16


(365,595)


 


(95,119)


 




Net cash generated from operating activities


 


(800,012)


 


(1,165,610)


 




 


 


 


 


 


 




Cash flows from financing activities


 


 


 


 


 




Transaction costs deducted from equity


 


-


 


-


 




Principal paid on lease liabilities
Interest paid on lease liabilities


 


-
-


 


-
-


 




Net cash used in financing activities


 


-


 


-


 




 


 


 


 


 


 




Net decrease in cash, cash equivalents 


 


(800,012)


 


(1,165,610)


 




Cash, cash equivalents at beginning of the period
Exchange gains on cash and cash equivalents


 


1,454,672
 
(1,970)


 


2,787,046
 
298,963


 




Cash, cash equivalents at end of the period


14


 
652,690


 


 
1,920,399


 




 


 


 


 


 



 
 
 
 
 
 
 



 
 
 
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
 
1.    GENERAL INFORMATION
Starcrest Education The Belt & Road Limited ("the Company") was incorporated and registered in the Cayman Islands as a private company limited by shares on 23 May 2018 under the Companies Law (as revised) of The Cayman Islands, with the name Starcrest Education The Belt & Road Limited, and registered number 337619.
The subsidiaries included in these condensed consolidated financial statements were incorporated in November 2019.
The Company's registered office is located at Cricket Square, Hutchins Drive PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.
2.    PRINCIPAL ACTIVITIES
The principal activity of the Group is to seek education related acquisition opportunities in Europe.
3.    RECENT ACCOUNTING PRONOUNCEMENT  
a) New interpretations and revised standards effective for the period ended 30 June 2021
The International Accounting Standards Board (Board) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for COVID-19-related rent concessions such as rent holidays and temporary rent reductions
The Group has had no lease contract since August 2020 and therefore the Group have not recognised an asset or liability during the interim period. No lease related payments have been included in profit or loss.
b) Standards and interpretations in issue but not yet effective 
There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to 1 January 2021 (the date on which the Company's next annual financial statements will be prepared from) that the Company has decided not to adopt early. The Directors do not believe these standards and interpretations will have a material impact on the financial statements once adopted. 
4.    BASIS OF PREPARATION
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and prepared under the historic cost convention. The comparative figures as at 31 December 2020 have been extracted from the Group's Financial Statements for that financial year, but do not constitute these accounts.
The Company's functional currency is USD. The Company listed its shares on the main market of the London Stock Exchange on 31 January 2019. The directors have decided to present the consolidated interim financial information in Pounds Sterling (£), which is the Group's presentation currency, as the Company is listed in the UK.
The Directors have prepared cash flow forecasts for the business on the expectation that the proposed transaction completes. These forecasts show that the Company and the enlarged Group will be able to continue in operational existence for at least 12 months from the date of signing these accounts. The Directors have also considered the scenario under which the proposed transaction does not complete. This shows that the Group would require additional funding to be able to meet its obligations as they fall due. The Directors have received an undertaking from the Company's parent company, Starcrest Education Management Company Ltd to provide financial support in the event that the Company and Group require such support in order to be able to meet its obligations as they fall due for a period of at least one year from the date of these condensed consolidated financial statements. Having considered this undertaking, and all relevant facts and circumstances, the Directors consider it appropriate to prepare the financial statements on the going concern basis. 
5.    SIGNIFICANT ACCOUNTING POLICIES
5.1 Foreign currency translation
Transactions in currencies other than the Company's functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise.
Results at 30 June 2021 are translated into the presentation currency. Assets and liabilities are translated at the closing rate while income and expenses are translated at exchange rates at the dates of the transactions. Differences arising are recognised in Other Comprehensive Income in the period in which they arise (foreign currency translation reserve). 
5.2 Financial instruments
A financial asset or a financial liability is recognised only when the Group becomes a party to the contractual provisions of the instrument. 
Financial instruments are initially recognised at the transaction price as this represents fair value, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar instrument. 
Financial assets 
All financial assets are initially recognised at fair value, less transaction costs. Subsequent to initial recognition, they are recorded at amortised cost. 
Financial liabilities
Financial liabilities are initially recognised at fair value. Subsequent to initial recognition, they are recorded at amortised cost.
5.3  Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares or options in relation to ordinary shares are shown in equity as a deduction, net of taxation, from the proceeds.  
5.4  Cash and cash equivalents 
Cash and cash equivalents include cash in hand, deposits held on call with banks and other short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. 
5.5  Earnings per share 
Basic earnings per share is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of shares during the period plus the dilutive effect of dilutive potential ordinary shares outstanding during the year.
5.6  Leases
Where the Group enters into leases that are longer than 12 months, the Group recognises right-of-use assets measured at an amount equal to the lease liability. The lease liability is measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate at date of lease commencement. Lease modifications are accounted for at the effective date of the lease modification.
6.    ACCOUNTING ESTIMATES AND JUDGEMENTS 
Preparation of financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. 
There are no significant accounting estimates or judgements that affect reported amounts of assets, liabilities, income and expenses in this period.
7.    FINANCIAL RISK MANAGEMENT 
The Group has exposure to the liquidity risk, foreign currency risk and capital risks from its use of financial instruments. Credit, interest rate and market risks are not considered to be material to the Group. The Group is not subject to any externally imposed capital requirements. 
The Group's financial instruments consist mainly of cash and accounts receivable and payable.
a. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.
The Group's financial liabilities comprise trade payables, amounts due to the parent company and accruals.
The Group's financial assets comprise cash and cash equivalents, trade and other receivables. 
The Group has sufficient cash to meet their liabilities as they fall due. 
b. Foreign currency risk
In 2020, the board decided to convert 80% of the U.S. Dollars in Singapore's OCBC Bank to British pounds and transfer them to HSBC bank account in the UK. There was no foreign currency payment during the period. Financial risks of variations in foreign currency exchange rates have been significantly reduced as a result. 
c. Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit allowances are made for estimated losses that are anticipated to be incurred by the reporting date.
8.    CAPITAL MANAGEMENT
The Group actively manages the capital available to fund the Group, comprising equity and reserves. The Group's objectives when maintaining capital is to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders.
9.    SEGMENT REPORTING 
IFRS 8 defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Board of Directors to assess performance and determine the allocation of resources. The Board of Directors are of the opinion that under IFRS 8 the Group has only one operating segment. The Board of Directors assess the performance of the operating segment using financial information which is measured and presented in a manner consistent with that in the Financial Statements. Segmental reporting will be reviewed and considered in light of the development of the Group's business over the next reporting period. 
10.  OPERATING LOSS
The operating loss is stated after charging:
 




 


6 months ended 30 June 2021


6 months ended 30 June 2020




Lease expense                                                                                                           


-


47,206




11.  STAFF COSTS AND KEY MANAGEMENT EMOLUMENTS
 




 


 


Period ended 30 June 2021


Period ended 30 June 2020




Key management emoluments


 


 


 




Remuneration


 


177,500


136,288




 


 


 


 




Executive Directors


 


 


 




Xingchen Zhu


 


-


10,000




Xiaojun Zhang


 


55,000


15,000




Peng Luo


 


-


5,000




 


 


 


 




Non-executive Directors


 


 


 




John McLean OBE


 


17,500


17,500




Norman Cumming


 


15,000


15,000




Nicholas Petford DSc


 


15,000


15,000




 


 


102,500


77,500




Employees


 


 


 




Staff costs


 


75,000


58,788




 


 


75,000


58,788




12.  TAXATION 
The Company is incorporated in the Cayman Islands, and its activities are subject to taxation at a rate of 0%.
The Company's wholly owned subsidiaries, Starcest Education PLC and Starcest Education Management (UK) Ltd are incorporated in England and Wales, and its activities are subject to taxation at a rate of 19%. For the period to 30 June 2021 the entities have made a taxable loss. No deferred tax asset has been recognised. 
13.  EARNINGS PER SHARE 
The Company presents basic and diluted earnings per ordinary share information for its ordinary shares. Basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the reporting period.
There is no difference between the basic and diluted loss per share.
 




 


 


 


6 months ended 30/06/2021
 


6 months ended
30/06/2020




 


 


 


 


 




Loss attributable to ordinary shareholders 


 


 


(415,827)


(1,004,044)




Weighted average number of shares


 


 


21,560,000


21,560,000




Losses per share (expressed as pence per share)


 


 


(1.93)


(4.66)




 
14.  CASH AND CASH EQUIVALENTS
 




 


 


 


Unaudited
30/06/2021


 


Audited
31/12/2020




 


 


 


£


 


£




Cash and cash equivalents


 


 


652,690


 


1,454,672




 


 


 


 


 


 



 
 
 
 
 
 
 
 



Cash at bank earns interest at floating rates based on daily bank deposit rates.  
 
15.  TRADE AND OTHER RECEIVABLES
 




 


 


 


Unaudited
30/06/2021


 


Audited
31/12/2020




 


 


 


£


 


£




Trade receivables


 


 


34,860


 


-




VAT and other receivables


 


 


411


 


16,681




 


 


 


35,271


 


16,681




16.  TRADE AND OTHER PAYABLES




 


 


 


Unaudited
30/06/2021


 


Audited
31/12/2020




 


 


 


£


 


£




Trade payables


 


 


13,267


 


46,262




Amounts due to the parent company


 


 


209,538


 


209,455




Other creditors


 


 


-


 


5,817




Accruals


 


 


61,037


 


387,481




 


 


 


283,842


 


649,015




 


 


 


 


 


 




All payables are financial liabilities measured at amortised cost.
Amounts due to the parent company are unsecured, interest free and repayable on demand.
17.  SHARE CAPITAL




 


 


 


Number of shares


 


Nominal value




 


 


 


£


 


£




Authorised


 


 


 


 


 




Ordinary shares of GBP £0.01 each


 


 


1,000,000,000


 


10,000,000




 


 


 


 


 


 




Issues and fully paid


 


 


 


 


 




Issue of ordinary shares of £0.01 each


 


 


21,560,000


 


215,600




 
 


 


 


 


 


 




18.  ULTIMATE CONTROLLING PARTY
The Company's immediate parent company is Starcrest Education Management Company Ltd. The Company's ultimate parent company is Fubao Group Holdings Ltd. The ultimate controlling party is Mr Peng Luo, who is also a director of the Company.
19.  RESERVES
The following describes the nature and purpose of each reserve within equity:




Reserve


Description and purpose




 


 




Share premium


Amount subscribed for share capital in excess of nominal value.
 




Other reserve


Consideration received for shares which are not yet issued.
 




Retained earnings


All other net gains and losses and transactions not recognised elsewhere.
 




Foreign exchange reserve


Gains/losses arising on retranslation of net assets from functional to presentation currency.




 
20.  RELATED PARTY TRANSACTIONS
As at 30 June 2021, an amount of £209,538 (unaudited) (31 December 2020 (audited): £209,455) was owed to Starcrest Education Management Company Ltd. This amount mainly arose from business expenses paid on behalf of the Group by the parent company. 

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