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Registration number: 02868027

The College Of Integrated Chinese Medicine
Financial Statements
for the Year Ended 30 November 2024

The College Of Integrated Chinese Medicine

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 7

The College Of Integrated Chinese Medicine

Company Information

Directors | Ms P Martin Ms J M Rochford Ms R D Stewart Ms S J Lacey

Registered office | 19 Castle Street Reading RG1 7SB

Auditors | Vale & West Accountancy Services Limited Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

The College Of Integrated Chinese Medicine

(Registration number: 02868027)
Balance Sheet as at 30 November 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 854,932 | 866,873
Current assets |  |  |
Debtors | 5 | 570,494 | 600,118
Cash at bank and in hand |  | 384,816 | 429,592
|  | 955,310 | 1,029,710
Creditors: Amounts falling due within one year | 6 | (1,025,591) | (1,042,121)
Net current liabilities |  | (70,281) | (12,411)
Total assets less current liabilities |  | 784,651 | 854,462
Provisions for liabilities |  | - | (2,659)
Net assets |  | 784,651 | 851,803
Capital and reserves |  |  |
Retained earnings |  | 784,651 | 851,803
Shareholders' funds |  | 784,651 | 851,803

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:

Ms P Martin Director
Ms J M Rochford Director

The College Of Integrated Chinese Medicine

Notes the Financial Statements for the Year Ended 30 November 2024

1 | General information

The College Of Integrated Chinese Medicine is a private company, limited by guarantee, registered in England and Wales.

The address of its registered office is:
19 Castle Street
Reading
RG1 7SB

2 | Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 24 March 2025 was Lee Gardner FCA, who signed for and on behalf of Vale & West Accountancy Services Limited.

.........................................

Revenue recognition

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.
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 courses 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 the teaching days provided to date as a proportion of total teaching days. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The College Of Integrated Chinese Medicine

Notes the Financial Statements for the Year Ended 30 November 2024 (continued)

2 | Accounting policies (continued)

Rental income

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery - 33% on reducing balance and 20% on cost

The College Of Integrated Chinese Medicine

Notes the Financial Statements for the Year Ended 30 November 2024 (continued)

2 | Accounting policies (continued)

Trade 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.

Trade 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.

Leases

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 during the year, was 23 (2023 - 25).

The College Of Integrated Chinese Medicine

Notes the Financial Statements for the Year Ended 30 November 2024 (continued)

4 | Tangible assets

| Land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 December 2023 | 1,112,604 | 162,506 | 1,275,110
Additions | - | 5,867 | 5,867
At 30 November 2024 | 1,112,604 | 168,373 | 1,280,977
Depreciation
At 1 December 2023 | 257,263 | 150,974 | 408,237
Charge for the year | 12,976 | 4,832 | 17,808
At 30 November 2024 | 270,239 | 155,806 | 426,045
Carrying amount
At 30 November 2024 | 842,365 | 12,567 | 854,932
At 30 November 2023 | 855,341 | 11,532 | 866,873

5 | Debtors

The College Of Integrated Chinese Medicine

Notes the Financial Statements for the Year Ended 30 November 2024 (continued)

5 | Debtors (continued)

Current | 2024 £ | 2023 £
Trade debtors | 510,012 | 537,316
Other debtors | 60,482 | 62,802
| 570,494 | 600,118

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 127,783 | 116,805
Taxation and social security | 7,655 | 17,770
Accruals and deferred income | 887,751 | 905,064
Other creditors | 2,402 | 2,482
| 1,025,591 | 1,042,121

7 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 2,610 | 2,529
Later than one year and not later than five years | 5,261 | 6,087
| 7,871 | 8,616

8 | Disclosure under section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified and signed by Lee Gardner FCA (Senior Statutory Auditor) for and on behalf of Vale & West Accountancy Services Limited

9 | Limited by guarantee

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 £5.