Company registration number 07591694 (England and Wales)
ACADEMY OF LIVE TECHNOLOGY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ACADEMY OF LIVE TECHNOLOGY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
ACADEMY OF LIVE TECHNOLOGY LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,568
Tangible assets
4
8,416,278
8,567,799
Investments
5
190,402
40,691
8,616,248
8,608,490
Current assets
Debtors
6
652,665
749,165
Cash at bank and in hand
389,117
292,957
1,041,782
1,042,122
Creditors: amounts falling due within one year
7
(5,403,216)
(6,220,402)
Net current liabilities
(4,361,434)
(5,178,280)
Total assets less current liabilities
4,254,814
3,430,210
Creditors: amounts falling due after more than one year
8
(2,489,429)
(2,381,619)
Provisions for liabilities
(199,306)
(85,384)
Net assets
1,566,079
963,207
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
1,566,078
963,206
Total equity
1,566,079
963,207
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
R Nicholson
L Brooks
Director
Director
Company registration number 07591694 (England and Wales)
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Academy of Live Technology Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 53 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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 acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Development costs
20% straight line basis
1.6
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:
Freehold land and buildings
Not depreciated
Fixtures and fittings
20% straight line basis
Computer equipment
33.3% straight line basis
Other equipment
33.3% straight line basis
Office equipment
20% straight line basis
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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
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.
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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 profit or loss, 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 profit or loss, 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.
1.9
Cash and cash equivalents
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.
1.10
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.
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.11
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
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.
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.13
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
29
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
Additions
10,072
At 31 December 2024
10,072
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
504
At 31 December 2024
504
Carrying amount
At 31 December 2024
9,568
At 31 December 2023
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Other equipment
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2024
7,876,177
813,622
365,646
536,743
115,355
9,707,543
Additions
14,586
3,042
83,405
46,492
147,525
At 31 December 2024
7,890,763
816,664
449,051
583,235
115,355
9,855,068
Depreciation and impairment
At 1 January 2024
400,454
326,355
354,574
58,361
1,139,744
Depreciation charged in the year
145,574
30,032
98,436
25,004
299,046
At 31 December 2024
546,028
356,387
453,010
83,365
1,438,790
Carrying amount
At 31 December 2024
7,890,763
270,636
92,664
130,225
31,990
8,416,278
At 31 December 2023
7,876,177
413,168
39,291
182,169
56,994
8,567,799
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Investments
190,402
40,691
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2024
40,691
Additions
149,711
At 31 December 2024
190,402
Carrying amount
At 31 December 2024
190,402
At 31 December 2023
40,691
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
163,565
402,496
Corporation tax recoverable
91,533
Amounts owed by group undertakings
18,250
Other debtors
379,317
346,669
652,665
749,165
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
208,495
159,773
Amounts owed to group undertakings
4,183,336
4,663,802
Taxation and social security
34,709
35,056
Other creditors
976,676
1,361,771
5,403,216
6,220,402
Amounts due to group companies are interest free and repayable on demand.
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,489,429
2,381,619
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
746,000
749,600
Payable other than by instalments
1,445,519
1,632,019
2,191,519
2,381,619
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
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:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Neil Baldwin
Statutory Auditor:
BHP LLP
Date of audit report:
2 June 2025
ACADEMY OF LIVE TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
110,565
1,617
2,571
-
2024
2023
Amounts due to related parties
£
£
Other related parties
267
267
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
53,807
6,093
12
Controlling party
The company's ultimate parent company is Production Park Holdings Limited, a company registered in England and Wales.
The ultimate controlling parties are Mr A Brooks, Mr B Brooks and Mr L Brooks by virtue of their shareholdings in Production Park Holdings Limited.
2024-12-312024-01-01falsefalsefalse02 June 2025CCH SoftwareCCH Accounts Production 2025.200No description of principal activityM TucknottA BrooksM LocketR NicholsonL Brooks075916942024-01-012024-12-31075916942024-12-31075916942023-12-3107591694core:IntangibleAssetsOtherThanGoodwill2024-12-3107591694core:IntangibleAssetsOtherThanGoodwill2023-12-3107591694core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3107591694core:FurnitureFittings2024-12-3107591694core:ComputerEquipment2024-12-3107591694core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-12-3107591694core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-12-3107591694core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3107591694core:FurnitureFittings2023-12-3107591694core:ComputerEquipment2023-12-3107591694core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3107591694core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-3107591694core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3107591694core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107591694core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3107591694core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107591694core:CurrentFinancialInstruments2024-12-3107591694core:CurrentFinancialInstruments2023-12-3107591694core:Non-currentFinancialInstrumentscore:MoreThanFiveYears2024-12-3107591694core:Non-currentFinancialInstrumentscore:MoreThanFiveYears2023-12-3107591694core:ShareCapital2024-12-3107591694core:ShareCapital2023-12-3107591694core:RetainedEarningsAccumulatedLosses2024-12-3107591694core:RetainedEarningsAccumulatedLosses2023-12-3107591694core:ShareCapitalOrdinaryShareClass12024-12-3107591694core:ShareCapitalOrdinaryShareClass12023-12-3107591694bus:Director42024-01-012024-12-3107591694bus:Director52024-01-012024-12-3107591694core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3107591694core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-012024-12-3107591694core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3107591694core:FurnitureFittings2024-01-012024-12-3107591694core:ComputerEquipment2024-01-012024-12-3107591694core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-012024-12-3107591694core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-01-012024-12-31075916942023-01-012023-12-3107591694core:IntangibleAssetsOtherThanGoodwill2023-12-3107591694core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3107591694core:FurnitureFittings2023-12-3107591694core:ComputerEquipment2023-12-3107591694core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3107591694core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-31075916942023-12-3107591694core:WithinOneYear2024-12-3107591694core:WithinOneYear2023-12-3107591694core:Non-currentFinancialInstruments2024-12-3107591694core:Non-currentFinancialInstruments2023-12-3107591694bus:PrivateLimitedCompanyLtd2024-01-012024-12-3107591694bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3107591694bus:FRS1022024-01-012024-12-3107591694bus:Audited2024-01-012024-12-3107591694bus:Director12024-01-012024-12-3107591694bus:Director22024-01-012024-12-3107591694bus:Director32024-01-012024-12-3107591694bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP