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Registration number: 05907778

Andrew Price Academy Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Andrew Price Academy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Andrew Price Academy Ltd

Company Information

Director

Mr A Price

Registered office

46 High Street
Narberth
SA67 7AS

 

Andrew Price Academy Ltd

(Registration number: 05907778)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

6

3,006

3,537

Current assets

 

Stocks

7

2,911

2,846

Debtors

8

81,460

144,704

Cash at bank and in hand

 

1,452

1,425

 

85,823

148,975

Creditors: Amounts falling due within one year

9

(16,768)

(32,352)

Net current assets

 

69,055

116,623

Total assets less current liabilities

 

72,061

120,160

Creditors: Amounts falling due after more than one year

9

(1,000)

(7,000)

Net assets

 

71,061

113,160

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

71,058

113,157

Total equity

 

71,061

113,160

 

Andrew Price Academy Ltd

(Registration number: 05907778)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 June 2025
 

.........................................
Mr A Price
Director

   
     
 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
46 High Street
Narberth
SA67 7AS

The principal place of business is:
46 High Street
Narberth
SA67 7AS

These financial statements were authorised for issue by the director on 9 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

over 50 years

Leasehold land and buildings

over lease term

Plant and machinery

15% reducing balance

Fixtures, fittings, tools and equipment

15% reducing balance

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 15 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2024 - 3).

4

Loss before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

531

506

 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

70,000

70,000

At 31 March 2025

70,000

70,000

Amortisation

At 1 April 2024

70,000

70,000

At 31 March 2025

70,000

70,000

Carrying amount

At 31 March 2025

-

-

Revalued assets for the period ended 31 March 2024

6

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

16,733

15,985

32,718

At 31 March 2025

16,733

15,985

32,718

Depreciation

At 1 April 2024

13,196

15,985

29,181

Charge for the year

531

-

531

At 31 March 2025

13,727

15,985

29,712

Carrying amount

At 31 March 2025

3,006

-

3,006

At 31 March 2024

3,537

-

3,537

7

Stocks

2025
£

2024
£

Other inventories

2,911

2,846

 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Debtors

2025
£

2024
£

Trade debtors

2,086

4,267

Other debtors

79,374

140,437

81,460

144,704

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

11

6,284

7,186

Trade creditors

 

3,041

1,615

Taxation and social security

 

213

338

Directors' loan accounts

12

6,098

6,098

Outstanding defined contribution pension costs

 

184

228

Other creditors

 

948

16,887

 

16,768

32,352

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

11

1,000

7,000

10

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary Shares of £1 each

3

3

3

3

         
 

Andrew Price Academy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Loans and borrowings

2025
£

2024
£

Non-current loans and borrowings

Bank borrowings

1,000

7,000

2025
£

2024
£

Current loans and borrowings

Bank borrowings

6,000

6,000

Bank overdrafts

284

210

HP and finance lease liabilities

-

976

6,284

7,186

12

Related party transactions

Transactions with directors

2025

At 1 April 2024
£

At 31 March 2025
£

Mr A Price

Interest free loan repayable on demand

6,098

6,098

     
   

 

2024

At 1 June 2023
£

Advances to director
£

At 31 March 2024
£

Mr A Price

Interest free loan repayable on demand

9,257

(3,159)

6,098