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Registered number: 10053315
Ink Academy Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10053315
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 198 266
198 266
CURRENT ASSETS
Debtors 5 - 431
Cash at bank and in hand 2,683 2,108
2,683 2,539
Creditors: Amounts Falling Due Within One Year 6 (102,866 ) (85,040 )
NET CURRENT ASSETS (LIABILITIES) (100,183 ) (82,501 )
TOTAL ASSETS LESS CURRENT LIABILITIES (99,985 ) (82,235 )
NET LIABILITIES (99,985 ) (82,235 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (100,085 ) (82,335 )
SHAREHOLDERS' FUNDS (99,985) (82,235)
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For the year ending 31 March 2024 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 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
Ms Claudia Medlam
Director
Ms Marina Kemp
Director
22nd October 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ink Academy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10053315 . The registered office is Castle House, Castle Street, Guildford, Surrey, GU1 3UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents and licences. It is amortised to the profit and loss account over its estimated economic life of 10 years.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 April 2023 686
As at 31 March 2024 686
Amortisation
As at 1 April 2023 420
Provided during the period 68
As at 31 March 2024 488
Net Book Value
As at 31 March 2024 198
As at 1 April 2023 266
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 431
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 102,866 85,040
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Going Concern
As at the balance sheet date the company has net liabilities. These financial statements have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to support the company for the foreseeable future.
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