Registered number
02529757
Academy Costumes Ltd
Filleted Accounts
31 October 2024
Academy Costumes Ltd
Registered number: 02529757
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 29,372 4,127
Current assets
Stocks 63,713 63,713
Debtors 4 241,659 182,355
Cash at bank and in hand 30,454 2,708
335,826 248,776
Creditors: amounts falling due within one year 5 (155,684) (150,985)
Net current assets 180,142 97,791
Total assets less current liabilities 209,514 101,918
Creditors: amounts falling due after more than one year 6 (8,954) (19,483)
Net assets 200,560 82,435
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 199,560 81,435
Shareholders' funds 200,560 82,435
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Gwillym
Director
Approved by the board on 12 February 2025
Academy Costumes Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 49,101
Additions 35,036
At 31 October 2024 84,137
Depreciation
At 1 November 2023 44,974
Charge for the year 9,791
At 31 October 2024 54,765
Net book value
At 31 October 2024 29,372
At 31 October 2023 4,127
4 Debtors 2024 2023
£ £
Trade debtors 124,399 51,934
Other debtors 117,260 130,421
241,659 182,355
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,044 9,531
Trade creditors 65,951 96,299
Taxation and social security costs 79,689 45,155
155,684 150,985
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,954 19,483
7 Related Party Disclosures
Included in other debtors are loans made by the company to a director totalling £84,913 at the year end.The loan is repayable on demand and interest is charged on the outstanding balance at rate of 2.25% p.a.
8 Other information
Academy Costumes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
78 - 82 First Floor
Brandon Street
London
SE17 1ND
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