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Company No: 7621257 (England and Wales)

# NEWLYN SCHOOL OF ART

### (A company limited by guarantee)

### Unaudited Financial Statements
For the financial year ended 30 November 2025
Pages for filing with the registrar

NEWLYN SCHOOL OF ART

## Unaudited Financial Statements

For the financial year ended 30 November 2025

Contents

NEWLYN SCHOOL OF ART

## BALANCE SHEET

As at 30 November 2025
NEWLYN SCHOOL OF ART

## BALANCE SHEET (continued)

As at 30 November 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 48,383 |  | 64,156
|  | 48,383 |  | 64,156
Current assets |  |  |  |
Stocks |  | 37,700 |  | 40,179
Debtors | 5 | 45,099 |  | 427
Cash at bank and in hand |  | 228,964 |  | 187,631
|  | 311,763 |  | 228,237
Creditors: amounts falling due within one year | 6 | ( 158,396) |  | ( 101,044)
Net current assets |  | 153,367 |  | 127,193
Total assets less current liabilities |  | 201,750 |  | 191,349
Creditors: amounts falling due after more than one year | 7 | ( 82,426) |  | ( 25,483)
Provision for liabilities |  | ( 4,581) |  | ( 7,824)
Net assets |  | 114,743 |  | 158,042
Reserves |  |  |  |
Profit and loss account |  | 114,743 |  | 158,042
Total reserves |  | 114,743 |  | 158,042

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Newlyn School of Art (registered number: 7621257) were approved and authorised for issue by the Board of Directors on 04 August 2026. They were signed on its behalf by:

Mr Henry Garfit Director |

NEWLYN SCHOOL OF ART

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2025
NEWLYN SCHOOL OF ART

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Newlyn School of Art (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Board School Chywoone Hill, Newlyn, Penzance, Cornwall, TR18 5AW, PENZANCE, United Kingdom.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council 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 presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### 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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Long courses are not deferred and instead are accounted for in the year in which the course begins, as payment is non-refundable following commencement of the course.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 10 years straight line
Plant and machinery etc. | 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the Company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Limited by guarantee

The company is limited by guarantee without share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of it being wound up, such amount as may be required up to a maximum of £1 per member.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 12 |  | 11

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 December 2024 | 56,899 |  | 117,451 |  | 174,350
Additions | 5,215 |  | 1,460 |  | 6,675
At 30 November 2025 | 62,113 |  | 118,911 |  | 181,024
Accumulated depreciation |  |  |  |  |
At 01 December 2024 | 34,299 |  | 75,895 |  | 110,194
Charge for the financial year | 4,473 |  | 17,582 |  | 22,055
At 30 November 2025 | 39,164 |  | 93,477 |  | 132,641
Net book value |  |  |  |  |
At 30 November 2025 | 22,949 |  | 25,434 |  | 48,383
At 30 November 2024 | 22,600 |  | 41,556 |  | 64,156

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 5,705 |  | 115
Other debtors | 39,394 |  | 312
| 45,099 |  | 427

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 14,869 |  | 6,214
Trade creditors | 38,103 |  | 26,111
Taxation and social security | 25,329 |  | 19,760
Other creditors | 80,095 |  | 48,959
| 158,396 |  | 101,044

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 82,426 |  | 25,483

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Liability of members

The members of the Newlyn School of Art have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.