|
|
2024 |
|
2022 |
|
|
£ |
£ |
|
£ |
£ |
Fixed assets |
|
|
11,518 |
|
|
18,691 |
Current assets |
|
269,226 |
|
|
202,916 |
|
Creditors: amount falling due within one year |
|
(175,935) |
|
|
(111,359) |
|
Net current assets
|
|
|
93,291
|
|
|
91,557
|
Total assets less current liabilities
|
|
|
104,809 |
|
|
110,248 |
Net assets
|
|
|
104,809 |
|
|
110,248 |
|
|
|
|
|
|
|
Capital and reserves
|
|
|
104,809 |
|
|
110,248 |
|
NOTES TO THE ACCOUNTS
General Information
Art Academy East Ltd is a private company, limited by shares, registered in England and Wales, registration number 10274259, registration address 3 Brickfields Business Park, Old Stowmarket Road, Woolpit, Bury St Edmunds, IP30 9QS.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery |
20% Reducing Balance
|
Computer Equipment |
20% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
2. |
Intangible fixed assets
Cost |
Goodwill |
|
Total |
|
£ |
|
£ |
At 01 August 2022 |
10,000 |
|
10,000 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 31 January 2024 |
10,000 |
|
10,000 |
Amortisation |
At 01 August 2022 |
6,000 |
|
6,000 |
Charge for period |
2,000 |
|
2,000 |
On disposals |
- |
|
- |
At 31 January 2024 |
8,000 |
|
8,000 |
Net book values |
At 31 January 2024 |
2,000 |
|
2,000 |
At 31 July 2022 |
4,000 |
|
4,000 |
|
3. |
Tangible fixed assets
Cost or valuation |
Plant and Machinery |
|
Computer Equipment |
|
Total |
|
£ |
|
£ |
|
£ |
At 01 August 2022 |
11,565 |
|
12,092 |
|
23,657 |
Additions |
400 |
|
317 |
|
717 |
Disposals |
- |
|
- |
|
- |
At 31 January 2024 |
11,965 |
|
12,409 |
|
24,374 |
Depreciation |
At 01 August 2022 |
4,236 |
|
4,730 |
|
8,966 |
Charge for period |
2,945 |
|
2,945 |
|
5,890 |
On disposals |
- |
|
- |
|
- |
At 31 January 2024 |
7,181 |
|
7,675 |
|
14,856 |
Net book values |
Closing balance as at 31 January 2024 |
4,784 |
|
4,734 |
|
9,518 |
Opening balance as at 01 August 2022 |
7,329 |
|
7,362 |
|
14,691 |
|
4. |
Average number of employees
Average number of employees during the period was 5 (2022 : 5).
|
5. |
Related parties
During the year the company entered into the following transactions with related parties: | Amount due from/to related party | | Provision for doubtful debt from the related party |
---|
| 2024 £ | | 2022 £ | | 2024 £ | | 2022 £ |
---|
Smith & James Property Ltd | 113,979 | | - | | - | | - | Norwich Pottery Studio Ltd | (59,981) | | - | | - | | - | Haleo Properties Ltd | 40,000 | | - | | - | | - |
A loan has been made to Smith & James Property Ltd An amount is outstanding in relation to costs recharged from Norwich Pottery Studios Ltd
|
For the period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' Responsibilities: The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 17 January 2025 and were signed on its behalf by: -------------------------------- Esther James Director |
2
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