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Registered number: 03960194
Academy Systems (UK) Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2024
Access Accounts Services Ltd
Office 11 Navigation Business Centre
Mill Gate
Newark
Nottinghamshire
NG24 4TS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03960194
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 497 665
497 665
CURRENT ASSETS
Stocks 6 3,050 3,050
Debtors 7 6,656 6,207
Cash at bank and in hand 8,695 16,076
18,401 25,333
Creditors: Amounts Falling Due Within One Year 8 (15,929 ) (17,901 )
NET CURRENT ASSETS (LIABILITIES) 2,472 7,432
TOTAL ASSETS LESS CURRENT LIABILITIES 2,969 8,097
Creditors: Amounts Falling Due After More Than One Year 9 (3,770 ) (6,749 )
NET (LIABILITIES)/ASSETS (801 ) 1,348
CAPITAL AND RESERVES
Called up share capital 10 90 90
Profit and Loss Account (891 ) 1,258
SHAREHOLDERS' FUNDS (801) 1,348
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Louise Girling
Director
29 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Academy Systems (UK) Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03960194 . The registered office is 42 Albert Street, Newark, Nottinghamshire, NG24 4BQ.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 2 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 2,000
As at 31 March 2024 2,000
Amortisation
As at 1 April 2023 2,000
As at 31 March 2024 2,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 14,207 6,845 21,052
As at 31 March 2024 14,207 6,845 21,052
Depreciation
As at 1 April 2023 13,927 6,460 20,387
Provided during the period 72 96 168
As at 31 March 2024 13,999 6,556 20,555
Net Book Value
As at 31 March 2024 208 289 497
As at 1 April 2023 280 385 665
6. Stocks
2024 2023
£ £
Stock 3,050 3,050
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,441 4,432
Other debtors 2,215 1,775
6,656 6,207
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 112 724
Bank loans and overdrafts 3,000 3,000
Other creditors 3,372 2,445
Taxation and social security 9,445 11,732
15,929 17,901
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,770 6,749
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 90 90
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Louise Girling - 1,795 - - 1,795
The above loan is unsecured, interest free and repayable on demand.
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