Company registration number 09063403 (England and Wales)
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
720,301
693,730
Current assets
Debtors
5
311,782
261,062
Cash at bank and in hand
46,507
14,986
358,289
276,048
Creditors: amounts falling due within one year
6
(622,466)
(547,877)
Net current liabilities
(264,177)
(271,829)
Total assets less current liabilities
456,124
421,901
Provisions for liabilities
(7,121)
Net assets
449,003
421,901
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
448,903
421,801
Total equity
449,003
421,901
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 December 2024
Mr Damien Walters
Director
Company registration number 09063403 (England and Wales)
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
The Derby Academy (City Road) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oak Cottage, Dale Road, Derby, DE21 7DN. The company registration number is 09063403.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2024 are the first financial statements of The Derby Academy (City Road) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
15% reducing balance
Computer equipment
33% straight line
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
THE DERBY ACADEMY (CITY ROAD) LIMITED
(FORMERLY DAMIEN WALTERS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
658,421
93,737
752,158
Additions
32,546
884
33,430
At 31 May 2024
690,967
94,621
785,588
Depreciation and impairment
At 1 June 2023
58,428
58,428
Depreciation charged in the year
6,859
6,859
At 31 May 2024
65,287
65,287
Carrying amount
At 31 May 2024
690,967
29,334
720,301
At 31 May 2023
658,421
35,309
693,730
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
309,950
259,549
Other debtors
1,832
1,513
311,782
261,062
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,831
146,115
Corporation tax
53,871
8,951
Other taxation and social security
7,249
Other creditors
500,515
392,811
622,466
547,877