ACADEMICALLY LTD Filleted Accounts Cover
ACADEMICALLY LTD
Company No. 12313638
Information for Filing with The Registrar
30 November 2023
ACADEMICALLY LTD Balance Sheet Registrar
at
30 November 2023
Company No.
12313638
Notes
2023
2022
£
£
Fixed assets
Intangible assets
4
3,2406,480
Tangible assets
5
7,8293,227
11,0699,707
Current assets
Debtors
6
2832,228
Cash at bank and in hand
11,87134,202
12,15436,430
Creditors: Amount falling due within one year
7
(114,939)
(63,721)
Net current liabilities
(102,785)
(27,291)
Total assets less current liabilities
(91,716)
(17,584)
Creditors: Amounts falling due after more than one year
8
(12,117)
(17,517)
Net liabilities
(103,833)
(35,101)
Capital and reserves
Called up share capital
100100
Profit and loss account
9
(103,933)
(35,201)
Total equity
(103,833)
(35,101)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 November 2023 the company was entitled to exemption from audit 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 05 August 2024 and signed on its behalf by:
Z. Du
Director
05 August 2024
ACADEMICALLY LTD Notes to the Accounts Registrar
for the year ended 30 November 2023
1
General information
ACADEMICALLY LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 12313638
Its registered office is:
54 Nuns Moor Road
Newcastle Upon Tyne
NE4 9AY
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
20% reducing balance
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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 liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
33
4
Intangible fixed assets
Develop-ment costs
Total
£
£
Cost
At 1 December 2022
16,20016,200
At 30 November 2023
16,20016,200
Amortisation and impairment
At 1 December 2022
9,7209,720
Charge for the year
3,2403,240
At 30 November 2023
12,96012,960
Net book values
At 30 November 2023
3,2403,240
At 30 November 2022
6,4806,480
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 December 2022
4,2954,295
Additions
6,5596,559
At 30 November 2023
10,85410,854
Depreciation
At 1 December 2022
1,0681,068
Charge for the year
1,9571,957
At 30 November 2023
3,0253,025
Net book values
At 30 November 2023
7,8297,829
At 30 November 2022
3,227
3,227
6
Debtors
2023
2022
£
£
VAT recoverable
2831,009
Prepayments and accrued income
-1,219
2832,228
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Taxes and social security
-
277
Loans from directors
114,36461,594
Other creditors
-1,850
Accruals and deferred income
575-
114,93963,721
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Other loans
12,11717,517
12,11717,517
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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