Company registration number 12973171 (England and Wales)
MINERVA'S VIRTUAL ACADEMY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MINERVA'S VIRTUAL ACADEMY LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MINERVA'S VIRTUAL ACADEMY LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
699,069
390,961
Tangible assets
4
11,897
9,921
710,966
400,882
Current assets
Debtors
5
272,360
200,812
Cash at bank and in hand
1,069,906
185,732
1,342,266
386,544
Creditors: amounts falling due within one year
6
(662,559)
(364,673)
Net current assets
679,707
21,871
Total assets less current liabilities
1,390,673
422,753
Provisions for liabilities
(116,494)
Net assets
1,274,179
422,753
Capital and reserves
Called up share capital
4,941
4,941
Share premium account
970,144
970,144
Other reserves
34,048
25,468
Profit and loss reserves
265,046
(577,800)
Total equity
1,274,179
422,753
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
MINERVA'S VIRTUAL ACADEMY LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr H Viney
Director
Company registration number 12973171 (England and Wales)
MINERVA'S VIRTUAL ACADEMY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
4,500
495,600
-
(323,337)
176,763
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(254,463)
(254,463)
Issue of share capital
441
474,544
-
-
474,985
Equity settled share based payments
-
-
25,468
-
25,468
Balance at 30 June 2023
4,941
970,144
25,468
(577,800)
422,753
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
842,846
842,846
Equity settled share based payments
-
-
8,580
-
8,580
Balance at 30 June 2024
4,941
970,144
34,048
265,046
1,274,179
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Minerva's Virtual Academy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Space International House, Canterbury Crescent, London, SW9 7QD.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of discounts and VAT.
Tuition fees are recognised in line with the provision of teaching over the academic year. Where fees are received in advance the amount relating to future tuition is accounted for as deferred income.
Fees for other services, such as recharged exam fees, are recognised at the point the service is provided.
1.3
Research and development expenditure
Development costs are capitalised where they meet the recognition criteria in FRS102, specifically where the company can demonstrate:
the technical feasibility to complete the asset
the intention to complete the intangible asset and use it
the ability to use the intangible asset
how the intangible asset will generate future economic benefits
the availability of adequate resources to complete the development
the ability to measure the expenditure reliably
Costs that do not meet these criteria will be expensed as incurred.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets that are internally generated are recognised at the cost of the directly attributable expenditure incurred in preparing the asset for its intended use. Internally generated fixed assets represent development expenditure in line with the capitalisation policy set out in Note 1.3 and are allocated to the categories set out below.
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Amortisation 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:
Teaching materials and other content
8 year/10 year straight line
Web applications
10 year straight line
Podcast creation
8 year straight line
Trade marks
Nil
1.5
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:
Fixtures and fittings
5 year straight line
Computers
3 year 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using external valuations. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
77
33
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
3
Intangible fixed assets
Development costs
Trade marks
Total
£
£
£
Cost
At 1 July 2023
415,873
4,190
420,063
Additions
382,119
382,119
At 30 June 2024
797,992
4,190
802,182
Amortisation and impairment
At 1 July 2023
29,102
29,102
Amortisation charged for the year
74,011
74,011
At 30 June 2024
103,113
103,113
Carrying amount
At 30 June 2024
694,879
4,190
699,069
At 30 June 2023
386,771
4,190
390,961
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
15,380
Additions
7,954
At 30 June 2024
23,334
Depreciation and impairment
At 1 July 2023
5,459
Depreciation charged in the year
5,978
At 30 June 2024
11,437
Carrying amount
At 30 June 2024
11,897
At 30 June 2023
9,921
MINERVA'S VIRTUAL ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
158,774
165,741
Other debtors
113,586
35,071
272,360
200,812
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
703
Trade creditors
174,841
24,595
Taxation and social security
165,285
4,425
Other creditors
322,433
334,950
662,559
364,673