Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-3172022-08-01falseproviding higher education training for mucial theatre and dance teacher training6falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11414596 2022-08-01 2023-07-31 11414596 2021-08-01 2022-07-31 11414596 2023-07-31 11414596 2022-07-31 11414596 c:Director1 2022-08-01 2023-07-31 11414596 d:OfficeEquipment 2022-08-01 2023-07-31 11414596 d:OfficeEquipment 2023-07-31 11414596 d:OfficeEquipment 2022-07-31 11414596 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11414596 d:ComputerEquipment 2022-08-01 2023-07-31 11414596 d:ComputerEquipment 2023-07-31 11414596 d:ComputerEquipment 2022-07-31 11414596 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11414596 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11414596 d:CurrentFinancialInstruments 2023-07-31 11414596 d:CurrentFinancialInstruments 2022-07-31 11414596 d:Non-currentFinancialInstruments 2023-07-31 11414596 d:Non-currentFinancialInstruments 2022-07-31 11414596 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11414596 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 11414596 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 11414596 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 11414596 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 11414596 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 11414596 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 11414596 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 11414596 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 11414596 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 11414596 d:ShareCapital 2023-07-31 11414596 d:ShareCapital 2022-07-31 11414596 d:RetainedEarningsAccumulatedLosses 2023-07-31 11414596 d:RetainedEarningsAccumulatedLosses 2022-07-31 11414596 c:FRS102 2022-08-01 2023-07-31 11414596 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 11414596 c:FullAccounts 2022-08-01 2023-07-31 11414596 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11414596 2 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
Registered number: 11414596






MOMENTUM PERFORMING ARTS ACADEMY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










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MOMENTUM PERFORMING ARTS ACADEMY LIMITED
REGISTERED NUMBER:11414596

BALANCE SHEET
AS AT 31 JULY 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
372
874

  
372
874

Current assets
  

Debtors: amounts falling due within one year
 5 
10,918
26,693

Cash at bank and in hand
 6 
17,704
68

  
28,622
26,761

Creditors: amounts falling due within one year
 7 
(148,154)
(131,824)

Net current liabilities
  
 
 
(119,532)
 
 
(105,063)

Total assets less current liabilities
  
(119,160)
(104,189)

Creditors: amounts falling due after more than one year
 8 
(36,582)
(39,465)

Provisions for liabilities
  

Deferred tax
  
-
(166)

  
 
 
-
 
 
(166)

Net liabilities
  
(155,742)
(143,820)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(155,743)
(143,821)

  
(155,742)
(143,820)


Page 1

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
REGISTERED NUMBER:11414596
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B J Darmanin
Director

Date: 29 January 2024

Page 2

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Momentum Performing Arts Academy 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 principal activitiy of the company continued to be that of providing higher education training for musical theatre and dance teacher training. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The financial statements have also been prepared in accordance with the Statement of Recommended Practice: Accounting for Further and Higher Education 2019 (the 2019 FE HE SORP) and the associated College Accounts Direction for 2019 to 2020.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis, notwithstanding the net liabilities in the balance sheet.  The company is dependent upon the continued support of the director and shareholder, and this support is expected to continue for a period of at least 12 months from the date of approval of these accounts.

 
2.3

Recognition of income

Revenue grant funding
Recurrent grants from Funding Councils and other bodies are recognised in line with the latest estimates of the grant receivable for an academic year. Non-recurrent grants from Funding Councils or other bodies received in respect of the acquisition or construction of fixed assets are treated as deferred capital grants and amortised in line with depreciation over the life of the assets. Nonrecurrent grants from Funding Councils or other bodies received in respect of revenue expenditure are recognised in the same period that the expenditure is incurred. Grants received before the expenditure has been incurred are shown in creditors.
Fee income and bursaries
Tuition Fees and Education Contracts represent amounts receivable from students, parents, Local Education Authorities and Sponsors in respect of tuition fees for the year under consideration. The cost of providing bursaries and funding from the Company's own funds is excluded from tuition fees. Bursaries met by other parties are included as Tuition Fees.
Agency arrangements
The College acts as an agent in the collection and payment of certain discretionary support funds and
any other arrangements. Related payments received from the funding bodies and subsequent
disbursements to students are excluded from the income and expenditure of The College.

Page 3

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

  
2.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is accounted for under the accruals concept with the addition of Value Added Tax as the Company is not registered for Value Added Tax.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 6

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 -6).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
3,334
1,118
4,452



At 31 July 2023

3,334
1,118
4,452



Depreciation


At 1 August 2022
2,705
873
3,578


Charge for the year on owned assets
296
206
502



At 31 July 2023

3,001
1,079
4,080



Net book value



At 31 July 2023
333
39
372



At 31 July 2022
629
245
874

Page 7

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
9,208
25,452

Other debtors
35
-

Prepayments and accrued income
1,675
1,241

10,918
26,693



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
17,704
68

Less: bank overdrafts
-
(2,691)

17,704
(2,623)



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
-
2,691

Bank loans
5,279
5,099

Trade creditors
23,845
31,490

Other taxation and social security
3,172
8,591

Other creditors
111,797
54,912

Accruals and deferred income
4,061
29,041

148,154
131,824



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,582
39,465

36,582
39,465


Page 8

 
MOMENTUM PERFORMING ARTS ACADEMY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,279
5,099

Amounts falling due 1-2 years

Bank loans
5,423
5,279

Amounts falling due 2-5 years

Bank loans
17,135
16,703

Amounts falling due after more than 5 years

Bank loans
14,023
17,483

41,860
44,564



10.


Prior year adjustment

A prior year adjustment of £26,128 has been made to full time fees revenue in respect of income that was required for deferring. 

Page 9