Acorah Software Products - Accounts Production 15.0.500 false true true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 08248636 Mr Adrian Mowl Adrian Mowl false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08248636 2022-10-31 08248636 2023-10-31 08248636 2022-11-01 2023-10-31 08248636 frs-core:CurrentFinancialInstruments 2023-10-31 08248636 frs-core:Non-currentFinancialInstruments 2023-10-31 08248636 frs-core:ComputerEquipment 2023-10-31 08248636 frs-core:ComputerEquipment 2022-11-01 2023-10-31 08248636 frs-core:ComputerEquipment 2022-10-31 08248636 frs-core:FurnitureFittings 2023-10-31 08248636 frs-core:FurnitureFittings 2022-11-01 2023-10-31 08248636 frs-core:FurnitureFittings 2022-10-31 08248636 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-10-31 08248636 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 08248636 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-10-31 08248636 frs-core:PlantMachinery 2023-10-31 08248636 frs-core:PlantMachinery 2022-11-01 2023-10-31 08248636 frs-core:PlantMachinery 2022-10-31 08248636 frs-core:ShareCapital 2023-10-31 08248636 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08248636 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08248636 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 08248636 frs-bus:SmallEntities 2022-11-01 2023-10-31 08248636 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08248636 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08248636 1 2022-11-01 2023-10-31 08248636 frs-bus:Director1 2022-11-01 2023-10-31 08248636 frs-bus:Director1 2022-10-31 08248636 frs-bus:Director1 2023-10-31 08248636 frs-countries:EnglandWales 2022-11-01 2023-10-31 08248636 2021-10-31 08248636 2022-10-31 08248636 2021-11-01 2022-10-31 08248636 frs-core:CurrentFinancialInstruments 2022-10-31 08248636 frs-core:Non-currentFinancialInstruments 2022-10-31 08248636 frs-core:ShareCapital 2022-10-31 08248636 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31 08248636 frs-core:ProvisionsDeferredTax 2022-10-31
Registered number: 08248636
AM Academy Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08248636
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 17,843 18,738
17,843 18,738
CURRENT ASSETS
Stocks 4 6,144 6,557
Debtors 5 26,530 52,355
Cash at bank and in hand 102,033 127,635
134,707 186,547
Creditors: Amounts Falling Due Within One Year 6 (90,941 ) (66,366 )
NET CURRENT ASSETS (LIABILITIES) 43,766 120,181
TOTAL ASSETS LESS CURRENT LIABILITIES 61,609 138,919
Creditors: Amounts Falling Due After More Than One Year 7 (16,514 ) (39,150 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 - (1,166 )
NET ASSETS 45,095 98,603
CAPITAL AND RESERVES
Called up share capital 9 101 100
Profit and Loss Account 44,994 98,503
SHAREHOLDERS' FUNDS 45,095 98,603
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adrian Mowl
Director
17th July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover is measured at the recognised value of restaurant sales exclusive of value added tax at the prevailing rate.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Assets which are deemed to lose their full value in the first year, are depreciated fully in their first year of acquisition.
Leasehold depreciated over the lifetime of the lease
Plant & Machinery 33% diminishing balance
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
Assets depreciated over the lifetime of the buildings lease, currently are being depreciated at such a rate, that their value would be NIL as at the date of the lease expiry on the building.
1.5. Leasing and Hire Purchase Contracts
Hire purchase contracts and finance leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
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1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
1.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 15 (2022: 11)
15 11
3. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 5,121 75,856 19,609 6,444 107,030
Additions - 2,653 2,615 330 5,598
As at 31 October 2023 5,121 78,509 22,224 6,774 112,628
Depreciation
As at 1 November 2022 5,121 61,051 16,639 5,481 88,292
Provided during the period - 5,161 1,168 164 6,493
As at 31 October 2023 5,121 66,212 17,807 5,645 94,785
Net Book Value
As at 31 October 2023 - 12,297 4,417 1,129 17,843
As at 1 November 2022 - 14,805 2,970 963 18,738
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4. Stocks
2023 2022
£ £
Stock - Food 1,392 1,004
Stock - Beverages 4,752 5,553
6,144 6,557
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 26,530 52,355
26,530 52,355
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,200 7,723
Bank loans and overdrafts 22,263 21,039
Other creditors 17,924 10,890
Taxation and social security 45,554 26,714
90,941 66,366
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 16,514 39,150
16,514 39,150
8. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
Deferred taxation is recognised at each valuation period based on measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
During the Governments budget of the 3rd March 2021, a rise to the main rate of Corporation tax was announced for the Financial Year commencing 1st April 2022. The Directors have adjusted Deferred taxation accordingly to match the expected taxable rate.
2023 2022
£ £
Deferred Tax - 1,166
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 101 100
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10. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of 2023 - £140 (2022 - £131) were due to the fund. They are included in Other Creditors.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Adrian Mowl 4,587 27,003 31,590 - -
The above loan is unsecured, repayable on demand and interest is charged at an interest rate of 3% each financial year end based on the average balance of the Directors Loan during the financial year. The highest amount outstanding at any point in the year was 2023 - £21,768 (2022 - £58,490) Interest charged for the financial year was 2023 - £318 (2022 - £878).
12. Related Party Transactions
During the financial year, the Company made a loan to a family member of a key member of the board. The total amount outstanding at any point in the year was 2023 - £45,000 (2022- £45,000) and the amount outstanding at year end was 2023 - £26,350 (2022 - £45,000). Interest is charged on this loan at a rate of 3% which is deemed to be market rate. During the year interest was charged of 2023 - £1,350 (2022 - £nil).
13. Controlling Party
The company's controlling party is Adrian Mowl by virtue of his ownership of 99% of the issued share capital in the company.
14. General Information
AM Academy Limited Registered number 08248636 is a limited by shares company incorporated in England & Wales. The Registered Office is 15 Fairlight Avenue, Ramsgate, Kent, CT12 6EH.
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