33 29 November 2024 false false false false false false false false false false true true false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 27,370 186 27,556 11,807 3,145 14,952 12,604 15,563 xbrli:pure xbrli:shares iso4217:GBP 06789099 2023-04-01 2024-03-31 06789099 2024-03-31 06789099 2023-03-31 06789099 2022-03-01 2023-03-31 06789099 2023-03-31 06789099 2022-02-28 06789099 core:FurnitureFittings 2023-04-01 2024-03-31 06789099 bus:Director3 2023-04-01 2024-03-31 06789099 core:FurnitureFittings 2023-03-31 06789099 core:FurnitureFittings 2024-03-31 06789099 core:WithinOneYear 2024-03-31 06789099 core:WithinOneYear 2023-03-31 06789099 core:ShareCapital 2024-03-31 06789099 core:ShareCapital 2023-03-31 06789099 core:RetainedEarningsAccumulatedLosses 2024-03-31 06789099 core:RetainedEarningsAccumulatedLosses 2023-03-31 06789099 core:FurnitureFittings 2023-03-31 06789099 bus:SmallEntities 2023-04-01 2024-03-31 06789099 bus:Audited 2023-04-01 2024-03-31 06789099 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06789099 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06789099 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 06789099
Kingdom Academy Limited
Filleted Financial Statements
For the Year Ended
31 March 2024
Kingdom Academy Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
12,604
15,563
Current assets
Debtors
6
832,326
402,862
Cash at bank and in hand
140,024
64,586
---------
---------
972,350
467,448
Creditors: amounts falling due within one year
7
( 469,595)
( 193,310)
---------
---------
Net current assets
502,755
274,138
---------
---------
Total assets less current liabilities
515,359
289,701
Provisions
( 4,115)
( 4,854)
---------
---------
Net assets
511,244
284,847
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
511,144
284,747
---------
---------
Shareholders funds
511,244
284,847
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr T Barton
Director
Company registration number: 06789099
Kingdom Academy Limited
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingdom House, Woodlands Park, Ashton Road, Newton-Le-Willows, WA12 0HF.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Disclosure Exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Kingdom Services Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Determination of whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viabilities and expected future financial performance of the asset. Revenue Recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. - Apprenticeship revenue is recognised following payment from the external funding provider. - Other streams of revenue are recognised following completion of a course. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Operating Leases Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 20% reducing balance
Impairment of 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 33 ).
5. Tangible Assets
Fixtures and fittings
£
Cost
At 1 April 2023
27,370
Additions
186
--------
At 31 March 2024
27,556
--------
Depreciation
At 1 April 2023
11,807
Charge for the year
3,145
--------
At 31 March 2024
14,952
--------
Carrying amount
At 31 March 2024
12,604
--------
At 31 March 2023
15,563
--------
6. Debtors
2024
2023
£
£
Trade debtors
188,108
220,831
Amounts owed by group undertakings
630,090
150,090
Other debtors
14,128
31,941
---------
---------
832,326
402,862
---------
---------
Amounts owed from group undertakings are interest free and repayable on demand.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57,267
58,810
Corporation tax
77,862
50,938
Social security and other taxes
82,358
33,982
Other creditors
252,108
49,580
---------
---------
469,595
193,310
---------
---------
8. Summary Audit Opinion
The auditor's report dated 29 November 2024 was unqualified .
The senior statutory auditor was Iain Round BSc FCA , for and on behalf of Beever and Struthers .
9. Related Party Transactions
The company is a wholly owned subsidiary of Kingdom Services Group Limited. The company has taken advantage of the exemption in FRS102 Section 33.1A from disclosing transactions or balances with entities which form part of the group. The consolidated financial statements of Kingdom Services Group Limited within which the company is included, can be obtained from Companies House.
10. Controlling Party
The directors regard Kingdom Services Group Limited, a company incorporated in England and Wales, as the ultimate parent company. Kingdom Services Group Limited prepare consolidated accounts which are publicly available from Companies House. Kingdom Services Group Limited holds 100% of the share capital of the company. The company is controlled by Mr T Barton who is the controlling party of the parent company, Kingdom Services Group Limited.