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Academy Arts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2016
 

 

Academy Arts Limited
Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6 to 8

 

Academy Arts Limited
Company Information

Director

N Jones

Company secretary

N Jones

Registered office

8 The Shrubberies
George Lane
South Woodford
London
E18 1BD

Registered number

05580596

Accountants

Mark Smith & Co
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD

Page 1

 

Academy Arts Limited
Director's Report for the Year Ended 31 March 2016

The director presents her report and the unaudited financial statements for the year ended 31 March 2016.

Director of the company

The director who held office during the year was as follows:

N Jones

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 23 December 2016 and signed on its behalf by:

.........................................
N Jones
Director

Page 2

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Academy Arts Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Academy Arts Limited for the year ended 31 March 2016 set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Academy Arts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Academy Arts Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Academy Arts Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Academy Arts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Academy Arts Limited. You consider that Academy Arts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Academy Arts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Mark Smith & Co
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD

23 December 2016

Page 3

 

Academy Arts Limited
Profit and Loss Account for the Year Ended 31 March 2016

   

Note

    

2016
£

    

2015
£

  

Turnover

  

   

86,823

   

87,103

 

Cost of sales

  

   

(42,930)

   

(41,480)

 

Gross profit

  

   

43,893

   

45,623

 

Administrative expenses

  

   

(47,548)

   

(37,990)

 

Operating (loss)/profit

  

2

   

(3,655)

   

7,633

 

Other interest receivable and similar income

  

   

11

   

18

 

(Loss)/profit on ordinary activities before taxation

  

   

(3,644)

   

7,651

 

Tax on (loss)/profit on ordinary activities

  

4

   

-

    

(817)

 

(Loss)/profit for the financial year

  

10

   

(3,644)

   

6,834

 

The notes on pages 6 to 8 form an integral part of these financial statements.
Page 4

 

Academy Arts Limited
(Registration number: 05580596)
Balance Sheet at 31 March 2016

   

Note

    

2016
£

    

2015
£

  

Fixed assets

  

             

Tangible fixed assets

  

5

   

1,123

   

1,497

 

Current assets

  

             

Debtors

  

6

   

1,000

   

1,000

 

Cash at bank and in hand

  

   

5,581

   

11,309

 
   

   

6,581

   

12,309

 

Creditors: Amounts falling due within one year

  

7

   

(10,828)

   

(13,286)

 

Net current liabilities

  

   

(4,247)

   

(977)

 

Net (liabilities)/assets

  

   

(3,124)

   

520

 

Capital and reserves

  

             

Called up share capital

 

8

   

2

   

2

 

Profit and loss account

  

10

   

(3,126)

   

518

 

Shareholders' (deficit)/funds

  

   

(3,124)

   

520

 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

Approved and authorised for issue by the director on 23 December 2016

.........................................
N Jones
Director

The notes on pages 6 to 8 form an integral part of these financial statements.
Page 5

 

Academy Arts Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

1

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Equipment

25% per annum on reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Operating (loss)/profit

Operating (loss)/profit is stated after charging:

 

2016
£

    

2015
£

  

 

   

 

Depreciation of tangible fixed assets

  

374

   

499

 

3

Director's remuneration

The director's remuneration for the year was as follows:

 

2016
£

    

2015
£

  

 

   

 

Remuneration

  

8,040

   

7,956

 

Page 6

 

Academy Arts Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

4

Taxation

Tax on (loss)/profit on ordinary activities

   

2016
£

    

2015
£

  

Current tax

            

Corporation tax charge

  

-

    

817

 

5

Tangible fixed assets

   

Plant and machinery
£

    

Total
£

  

Cost or valuation

            

At 1 April 2015

  

7,208

   

7,208

 

Depreciation

            

At 1 April 2015

  

5,711

   

5,711

 

Charge for the year

  

374

   

374

 

At 31 March 2016

  

6,085

   

6,085

 

Net book value

            

At 31 March 2016

  

1,123

   

1,123

 

At 31 March 2015

  

1,497

   

1,497

 

6

Debtors

   

2016
£

    

2015
£

  
             

Trade debtors

  

1,000

   

1,000

 

7

Creditors: Amounts falling due within one year

   

2016
£

    

2015
£

  
             

Corporation tax

  

-

    

818

 

Other creditors

  

10,828

   

12,468

 
   

10,828

   

13,286

 

Page 7

 

Academy Arts Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

8

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

2

   

2

   

2

   

2

 
                         

9

Dividends

 

2016
£

    

2015
£

  

Dividends paid

  

   

 

Current year interim dividend paid

  

-

    

5,000

 

10

Reserves

   

Profit and loss account
£

    

Total
£

  
             

At 1 April 2015

  

518

    

518

  
             

Loss for the year

  

(3,644)

   

(3,644)

 

At 31 March 2016

  

(3,126)

   

(3,126)

 

11

Control

The company is controlled by the director who owns 100% of the called up share capital.

Page 8