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Registered number: 08895252
City Academy (IP) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08895252
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 54,279 -
Tangible Assets 5 60,911 72,922
Investments 6 80,400 80,400
195,590 153,322
CURRENT ASSETS
Debtors 7 159,846 279,369
Cash at bank and in hand 2,187 19,096
162,033 298,465
Creditors: Amounts Falling Due Within One Year 8 (395,647 ) (427,186 )
NET CURRENT ASSETS (LIABILITIES) (233,614 ) (128,721 )
TOTAL ASSETS LESS CURRENT LIABILITIES (38,024 ) 24,601
Creditors: Amounts Falling Due After More Than One Year 9 (34,093 ) (42,092 )
NET LIABILITIES (72,117 ) (17,491 )
CAPITAL AND RESERVES
Called up share capital 10 260 260
Share premium account 102,985 102,985
Profit and Loss Account (175,362 ) (120,736 )
SHAREHOLDERS' FUNDS (72,117) (17,491)
Page 1
Page 2
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
Mr Michael Ward
Director
Ms Susan Young
Director
25/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
City Academy (IP) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08895252 . The registered office is 10 Herbal Hill, Clerkenwell, London, EC1R 5EG.
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 - Other Intangible
Other intangible assets are websites development. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Fixtures & Fittings 25% reducing balance method
Computer Equipment 25% reducing balance method
3. Average Number of Employees
Average number of employees, including directors, during the year was  4 (2023: 5)
4 5
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 5,262 - 5,262
Additions - 60,310 60,310
As at 31 March 2024 5,262 60,310 65,572
Amortisation
As at 1 April 2023 5,262 - 5,262
Provided during the period - 6,031 6,031
As at 31 March 2024 5,262 6,031 11,293
Net Book Value
As at 31 March 2024 - 54,279 54,279
As at 1 April 2023 - - -
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Page 4
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 78,081 445,838 523,919
Additions 5,884 2,408 8,292
As at 31 March 2024 83,965 448,246 532,211
Depreciation
As at 1 April 2023 76,144 374,853 450,997
Provided during the period 1,955 18,348 20,303
As at 31 March 2024 78,099 393,201 471,300
Net Book Value
As at 31 March 2024 5,866 55,045 60,911
As at 1 April 2023 1,937 70,985 72,922
6. Investments
Other
£
Cost
As at 1 April 2023 80,400
As at 31 March 2024 80,400
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 80,400
As at 1 April 2023 80,400
7. Debtors
2024 2023
£ £
Due within one year
Net wages - 6,204
Amounts owed by subsidiaries 159,846 273,165
159,846 279,369
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 46,744 59,997
Other taxes and social security 4,203 4,148
Pension Payable 2,103 490
Accruals and deferred income 216,680 229,000
Amounts owed to subsidiaries 10,007 7,888
Amounts owed to associates 115,910 125,663
395,647 427,186
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loan 34,093 42,092
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 260 260
11. Related Party Transactions
As at Year Ending 31 March 2024 City Academy (IP) Limited owed £159,846 (2023 : £273,165) to City Academy (Arts) Limited (wholly owned subsidiary).
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