NEW WAVE AC C.I.C.

Company Registration Number:
09641424 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

NEW WAVE AC C.I.C.

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

NEW WAVE AC C.I.C.

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

The company's principal activity during the year continued to be of Martial Art Training.



Directors

The director shown below has held office during the whole of the period from
1 April 2022 to 31 March 2023

Claudius Edwin


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
4 October 2023

And signed on behalf of the board by:
Name: Claudius Edwin
Status: Director

NEW WAVE AC C.I.C.

Profit And Loss Account

for the Period Ended 31 March 2023

2023 2022


£

£
Turnover: 36,023 37,516
Cost of sales: ( 8,644 ) ( 9,123 )
Gross profit(or loss): 27,379 28,393
Administrative expenses: ( 10,132 ) ( 12,045 )
Operating profit(or loss): 17,247 16,348
Interest receivable and similar income: 2
Profit(or loss) before tax: 17,249 16,348
Tax: ( 3,277 ) ( 3,106 )
Profit(or loss) for the financial year: 13,972 13,242

NEW WAVE AC C.I.C.

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 140 0
Cash at bank and in hand: 3,743 4,926
Total current assets: 3,883 4,926
Creditors: amounts falling due within one year: 4 ( 3,365 ) ( 4,379 )
Net current assets (liabilities): 518 547
Total assets less current liabilities: 518 547
Provision for liabilities: ( 15 ) ( 15 )
Total net assets (liabilities): 503 532
Capital and reserves
Called up share capital: 10 10
Profit and loss account: 493 522
Total Shareholders' funds: 503 532

The notes form part of these financial statements

NEW WAVE AC C.I.C.

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 4 October 2023
and signed on behalf of the board by:

Name: Claudius Edwin
Status: Director

The notes form part of these financial statements

NEW WAVE AC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Other accounting policies

    DebtorsShort 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.CreditorsShort 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.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

NEW WAVE AC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

NEW WAVE AC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Debtors

2023 2022
£ £
Trade debtors 140 0
Total 140 0

NEW WAVE AC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 0 1,025
Taxation and social security 3,277 3,106
Other creditors 88 248
Total 3,365 4,379

COMMUNITY INTEREST ANNUAL REPORT

NEW WAVE AC C.I.C.

Company Number: 09641424 (England and Wales)

Year Ending: 31 March 2023

Company activities and impact

Continue the provision of Martial Art training, in rented venues, but also review potential rental properties which could form a more permanent base for the academy.Maintain student numbers by ensuring that students receive regular feedback on progress; developing areas of weakness to encourage growth and development.Increase student numbers through advertising, Taekwondo demonstrations and handing out flyers.Currently, we are working with several local primary schools providing Taekwondo instruction to assist with fitness, discipline and concentration. We also provided confidence boosting classes for year six students to help with transition into secondary education.Due to the success, of our school’s program, we have been asked to provide Taekwondo training during the summer and other school holidays. We provide this in the form of Taekwondo Camps, where students from schools and local community centres, can participate in Taekwondo for an extended period over 3 – 4 days.We are in the process of training Assistant Instructors and quality Instructors, which will enable us to grow and outreach further into the community.We will also be striving to secure funding to help us to provide our quality Taekwondo Training and classes on a full-time basis on permanent premises.

Consultation with stakeholders

Avadesh Das & Claudius Edwin are Trustees/Directors of New Wave AC CIC. Our love of martial arts and our belief in the positive impact Taekwondo and Hapkido can have on people, young and old, lead us to establish New Wave AC CIC.The Academy has two main aims:1. To produce stronger, more focused individuals through the practice of Tae Kwon Do and Hap Ki Do2. To help nurture young role models and leaders of the future.With the assistance of Avadesh Das, we now provide Taekwondo training within two local community centres in the Nunhead area.Feedback from parents and members of the community have been positive and the uptake of places has been good.Parents have noticed a difference in their children’s, fitness, behaviour and concentration, as they have progressed through their training. Some have commented on how Taekwondo has had a positive impact on their child’s school work.We have taken part in fun days, where student have demonstrated the benefits and positive impact of Taekwondo training.Where parents suffer from financial hardship, we allow their children to do a free taster month or attend regular classes at a heavily subsidised rate, this enabled such members of the community access Taekwondo, giving their young children a place to go, learn and enjoy which benefits them overall.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
4 October 2023

And signed on behalf of the board by:
Name: Claudius Edwin
Status: Director