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Registered number: 12446310










THE S&A TRANSFORM ACADEMY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
THE S&A TRANSFORM ACADEMY LIMITED
REGISTERED NUMBER: 12446310

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
16,843
9,020

Cash at bank and in hand
 5 
4,305
38,313

  
21,148
47,333

Creditors: amounts falling due within one year
 6 
(1,781,804)
(160,885)

Net current liabilities
  
 
 
(1,760,656)
 
 
(113,552)

Total assets less current liabilities
  
(1,760,656)
(113,552)

  

Net liabilities
  
(1,760,656)
(113,552)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(1,761,656)
(114,552)

  
(1,760,656)
(113,552)


Page 1

 
THE S&A TRANSFORM ACADEMY LIMITED
REGISTERED NUMBER: 12446310
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Coomer
Director

Date: 26 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
THE S&A TRANSFORM ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The S&A Transform Academy Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is 6th floor, 2 London Wall Place,London, United Kingdom, EC2Y 5AU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company had net liabilities of £1,760,656 (2023: net liabilities of £113,552) at the balance sheet date.
The directors have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assessment for a period of at least one year from the date of the approval of these financial statements. The directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The directors, therefore, continue to adopt the going concern basis in preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
THE S&A TRANSFORM ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Exceptional items

During the financial year, the company assumed a loan from another party through a novation agreement, resulting in a significant loss. This loss has been classified as exceptional due to its size and non-recurring nature. The loss on novation is calculated as the difference between the fair value of the loan liability assumed and the carrying amount of the consideration given.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 4

 
THE S&A TRANSFORM ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


3.


Employees

2024
2023
£
£

Wages and salaries
582,308
83,174

Social security costs
63,209
8,826

Pension costs
10,504
-

656,021
92,000


The average monthly number of employees, including directors, during the year was 16 (2023 - 2).

Page 5

 
THE S&A TRANSFORM ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Debtors

2024
2023
£
£


Trade debtors
-
5,517

Other debtors
16,843
3,503

16,843
9,020



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,305
38,313

4,305
38,313



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
40,335
22,878

Amounts owed to group undertakings
1,688,936
106,000

Other taxation and social security
44,021
28,738

Other creditors
5,512
269

Accruals and deferred income
3,000
3,000

1,781,804
160,885



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,504 (2023 - £nil) . Contributions totalling £2,288 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 6

 
THE S&A TRANSFORM ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Parent entity and controlling party

The company is a wholly owned subsidiary of Moorfield Holdings Limited, a company incorporated on 18 August 2017, with company registered number of 10921696. 
Moorfield Holdings Limited was under the joint control of Mr D Coomer and Mrs C Coomer throughout the current period.


9.


Related party transactions

Included within creditors due within one year at the balance sheet date, specifically within amounts owed to group companies, is an amount owed to The S&A Transform Group Limited of £1,688,935 (2023: £106,000) in the form of a loan. The S&A Transform Group Limited is also a wholly owned subsidiary of Moorfield Holdings Limited and a fellow subsidiary of The S&A Transform Academy Ltd. The loan is unsecured, interest free and repayable on demand.

 
Page 7