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ADVANCED CONSULTANCY IN EDUCATION LIMITED

Registered Number
08535367
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

ADVANCED CONSULTANCY IN EDUCATION LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

R Short

Company Secretary

SHORT, Laura

Registered Address

3 Forest Gate
Otley
LS21 3HF

Registered Number

08535367 (England and Wales)
ADVANCED CONSULTANCY IN EDUCATION LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,4063,008
2,4063,008
Current assets
Debtors-1,152
Cash at bank and on hand610,191568,987
610,191570,139
Creditors amounts falling due within one year5(23,803)(27,296)
Net current assets (liabilities)586,388542,843
Total assets less current liabilities588,794545,851
Provisions for liabilities6(457)(572)
Net assets588,337545,279
Capital and reserves
Called up share capital11
Profit and loss account588,336545,278
Shareholders' funds588,337545,279
The financial statements were approved and authorised for issue by the Director on 12 August 2024, and are signed on its behalf by:
R Short
Director
Registered Company No. 08535367
ADVANCED CONSULTANCY IN EDUCATION LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements have been prepared on the historical cost basis. The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
Revenue from sale of goods
The revenue shown in the profit and loss account represents income receivable from education management and consultancy carried out during the period. Revenue in respect of education management and consultancy uncompleted at the year end date is recognised by reference to the state of completion.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment20
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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 235,4875,487
At 31 May 245,4875,487
Depreciation and impairment
At 01 June 232,4792,479
Charge for year602602
At 31 May 243,0813,081
Net book value
At 31 May 242,4062,406
At 31 May 233,0083,008
4.Impairment of tangible 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.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security23,20326,696
Accrued liabilities and deferred income600600
Total23,80327,296
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)457572
Total457572
7.Related party transactions
During the year the director made available a loan to the company. This loan is interest free and repayable on demand. At the year end the balance of this loan was £nil (2023 -£nil).