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COMPANY REGISTRATION NUMBER: 13214023
Demetae Academy Ltd
Filleted Unaudited Financial Statements
31 August 2023
Demetae Academy Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Demetae Academy Ltd
Balance Sheet
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
88,596
28,631
Current assets
Debtors
6
183,528
49,705
Cash at bank and in hand
76,495
26,780
---------
--------
260,023
76,485
Creditors: amounts falling due within one year
7
310,176
139,790
---------
---------
Net current liabilities
50,153
63,305
--------
--------
Total assets less current liabilities
38,443
( 34,674)
Creditors: amounts falling due after more than one year
8
32,865
10,537
Provisions
5,472
--------
--------
Net assets/(liabilities)
106
( 45,211)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6
( 45,311)
----
--------
Shareholders funds/(deficit)
106
( 45,211)
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Demetae Academy Ltd
Balance Sheet (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
Mr M Davies
Director
Company registration number: 13214023
Demetae Academy Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU. The company registration number is 13214023 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. School fees are invoiced termly for autumn, spring and summer and revenue is recognised on the first day of the relevant term.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible amounts carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2022
825
8,003
21,990
5,366
36,184
Additions
5,148
73,110
6,392
84,650
Disposals
( 2,106)
( 2,106)
----
--------
--------
-------
---------
At 31 August 2023
825
13,151
95,100
9,652
118,728
----
--------
--------
-------
---------
Depreciation
At 1 September 2022
165
1,201
4,398
1,789
7,553
Charge for the year
132
1,792
18,140
3,217
23,281
Disposals
( 702)
( 702)
----
--------
--------
-------
---------
At 31 August 2023
297
2,993
22,538
4,304
30,132
----
--------
--------
-------
---------
Carrying amount
At 31 August 2023
528
10,158
72,562
5,348
88,596
----
--------
--------
-------
---------
At 31 August 2022
660
6,802
17,592
3,577
28,631
----
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
141,533
49,167
Other debtors
41,995
538
---------
--------
183,528
49,705
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,886
88
Corporation tax
2,621
Social security and other taxes
6,781
825
Other creditors
297,888
138,877
---------
---------
310,176
139,790
---------
---------
Hire purchase liabilities of £11,612 (2022 - £2,863) are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
32,865
10,537
--------
--------
Hire purchase liabilities of £32,865 (2022 - £10,537) are secured against the assets to which they relate.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
16,000
16,000
Later than 1 year and not later than 5 years
64,000
64,000
Later than 5 years
44,000
60,000
---------
---------
124,000
140,000
---------
---------
10. Directors' advances, credits and guarantees
During the year, a director maintained a current account with the company. The balance at the start of the year totalled £16,289 (2022: £Nil) and was included within other creditors (2022: other creditors). Total advances during the year were £85,013 (2022: £42,427). Total repayments during the year were £32,000 (2022: £58,716). The balance at the end of the year totalled £36,724 (2022: £16,289) and is included within other debtors (2022: other creditors). All advances were made on an interest free basis.