Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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91,683 | 103,460 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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428,311 | 281,227 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 111,360 | 86,408 | ||
Total assets less current liabilities | 203,043 | 189,868 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Pottery Academy Ltd (registered number:
Ms L C Attwood
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Pottery Academy Ltd (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 29 Eccleston Place, London, SW1W 9NF, England, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The directors of the company will not seek repayment of their loan balances to the detriment of the company's ability to continue trading. The directors are therefore of the opinion that the financial statements should be prepared on the going concern basis for the foreseeable future.
Revenue from contracts for the provision of professional services is recognised by reference to the time apportionment lapsed and remaining on the specific membership length purchased.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Other intangible assets |
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Leasehold improvements |
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Plant and machinery |
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Fixtures and fittings |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, being 4% of turnover for the period to 30 May 2023 and 5% of gross turnover for the period from 01 June 2023 to 30 November 2023. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated amortisation | |||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 December 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||||||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||||||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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440,001.00 | 440,001.00 |
Other financial commitments
Rent is payable by the company as a percentage of annual turnover and is calculated on an annual basis after the company submits a turnover certificate to the lessor. The agreement is in place to 20 May 2024. Rent is payable at a rate of 5% of gross turnover for the period to 20 May 2023 and 6% of gross turnover for the final period to 20 May 2024.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
10,000 | 10,000 |
The loan creditor is a shareholder of the company and as such the remaining balance meets definition 11. 13A (FRS 102) and is therefore carried at cost.