Company registration number 05992037 (England and Wales)
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 2 JULY 2024
PAGES FOR FILING WITH REGISTRAR
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
2 JULY 2024
02 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
863,458
1,004,186
Current assets
Work in progress
5
140,966
497,561
Debtors
6
2,879,496
321,847
Cash at bank and in hand
1,213,649
515,708
4,234,111
1,335,116
Creditors: amounts falling due within one year
7
(2,928,340)
(951,878)
Net current assets
1,305,771
383,238
Total assets less current liabilities
2,169,229
1,387,424
Creditors: amounts falling due after more than one year
8
-
0
(77,804)
Net assets
2,169,229
1,309,620
Reserves
Called up share capital
9
-
0
-
0
Income and expenditure account
2,169,229
1,309,620
Members' funds
2,169,229
1,309,620

The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 3 April 2025
G Gherscovic
Director
Company Registration No. 05992037
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED ENDED 2 JULY 2024
- 2 -
Income and expenditure
£
Balance at 1 July 2022
868,169
Year ended 30 June 2023:
Surplus and total comprehensive income
441,451
Balance at 30 June 2023
1,309,620
Period ended 2 July 2024:
Surplus and total comprehensive income
859,609
Balance at 2 July 2024
2,169,229
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 2 JULY 2024
- 3 -
1
Accounting policies
Company information

British Academy of Jewellery Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o 75 Maygrove Road, West Hampstead, London, NW6 2EG.

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.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. As per note 11, a sum of £2.8M is receivable from the parent company Free to Learn Limited. Free to Learn Limited is currently in administration and there is a material uncertainty regarding the recoverability of this balance. The director has reviewed the situation and believe that this debtor will be recovered through sale of Free to Learn assets and Free to Learn should be able to meet its obligations.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
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:

Leasehold improvements
15 years straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance

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 surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 2 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 2 JULY 2024
1
Accounting policies
(Continued)
- 5 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 2 JULY 2024
- 6 -
3
Employees

The average monthly number of persons (including director) employed by the company during the Period ended was:

2024
2023
Number
Number
63
46

During the year one of the employees received a basic salary between £120,000 - £125,000.

4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
645,016
179,764
441,928
186,340
1,453,048
Additions
-
0
-
0
3,754
-
0
3,754
At 2 July 2024
645,016
179,764
445,682
186,340
1,456,802
Depreciation and impairment
At 1 July 2023
43,001
115,791
193,754
96,316
448,862
Depreciation charged in the Period ended
43,001
15,993
62,982
22,506
144,482
At 2 July 2024
86,002
131,784
256,736
118,822
593,344
Carrying amount
At 2 July 2024
559,014
47,980
188,946
67,518
863,458
At 30 June 2023
602,015
63,973
248,174
90,024
1,004,186
5
Stocks
2024
2023
£
£
Work in progress
140,966
497,561
BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 2 JULY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
88,056
Amounts due from group undertakings
2,813,226
172,264
Other debtors
2,823
6,902
Prepayments and accrued income
63,447
54,625
2,879,496
321,847
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
24,865
-
0
Obligations under finance leases
27,918
-
0
Trade creditors
1,225,594
823,310
Corporation tax
378,398
75,013
Other taxation and social security
168,524
36,313
Other creditors
-
0
1,792
Accruals and deferred income
1,103,041
15,450
2,928,340
951,878
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
-
0
77,804
9
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

BRITISH ACADEMY OF JEWELLERY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 2 JULY 2024
10
Audit report information
(Continued)
- 8 -
Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Anthony Epton
Statutory Auditor:
Goldwins Limited
Date of audit report:
9 April 2025
11
Related party transactions

As at the period end the company was owed a sum of £2,813,227 from parent company Free to Learn Limited. (2023: a sum of £172,264).

 

During the year rent of £360,000 was paid to Eighty Four Camden Limited, a company under common control.

12
Ultimate controlling party

British Academy of Jewellery Limited is a wholly owned subsidiary of Free to Learn Limited, a company registered in England and Wales with the registered office address of 75 Maygrove Road, West Hampstead, London NW6 2EG.

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