REGISTERED NUMBER: 06782806 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th June 2017

for

Academy Sales Consortium Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C E Moores

SECRETARY:

Mrs E J Moores

REGISTERED OFFICE:

Darfield House

Cobbetts Lane

Yateley

Hampshire

GU46 6AT

REGISTERED NUMBER:

06782806 (England and Wales)

ACCOUNTANTS:

Whiteleys

Chartered Certified Accountants

Sovereign House

155 High Street

Aldershot

Hampshire

GU11 1TT

FIXED ASSETS

Tangible assets

5

34,189

44,343

Investments

6

18,116

18,116

52,305

62,459

CURRENT ASSETS

Debtors

7

35,684

46,498

Cash at bank

50,385

72,174

86,069

118,672

CREDITORS

Amounts falling due within one year

8

38,256

48,800

NET CURRENT ASSETS

47,813

69,872

TOTAL ASSETS LESS CURRENT LIABILITIES

100,118

132,331

PROVISIONS FOR LIABILITIES

2,834

3,729

NET ASSETS

97,284

128,602

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

96,284

127,602

SHAREHOLDERS' FUNDS

97,284

128,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30th November 2017 and were signed by:

C E Moores - Director

1.	STATUTORY INFORMATION

Academy Sales Consortium Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable and represents

amounts receivable for goods supplied and services rendered, stated net of discounts and of Value

Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is

probable that future economic benefits will flow to the entity.

Tangible fixed assets

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment

losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,

over their estimated useful lives as follows:

Short leasehold - 20% on cost

Fixtures and fittings - 20% on reducing balance

Equipment - 20% on reducing balance

On disposal, the difference between the net disposal proceeds and the carrying amount of the item

sold is recognised in profit or loss.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to

ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities

at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum

lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the

outstanding liability using the effective interest rate method. The finance charge is allocated to each

period during the lease so as to produce a constant periodic rate of interest on the remaining balance

of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If

there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset

is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate

for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial

position when there is an 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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group

of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated

and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit

or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related

assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount

that would have been determined had no impairment loss been recognised for the asset or group of

related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or

loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Equipment

Totals

£

£

£

£

COST

At 1st July 2016

and 30th June 2017

32,125

8,403

19,208

59,736

DEPRECIATION

At 1st July 2016

6,425

3,758

5,210

15,393

Charge for year

6,425

929

2,800

10,154

At 30th June 2017

12,850

4,687

8,010

25,547

NET BOOK VALUE

At 30th June 2017

19,275

3,716

11,198

34,189

At 30th June 2016

25,700

4,645

13,998

44,343

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st July 2016

and 30th June 2017

18,116

NET BOOK VALUE

At 30th June 2017

18,116

At 30th June 2016

18,116

The fixed asset investment represents a 1% share in ISFI. The director considers that the open market

value of this investment as at the year end date is not materially different to the carrying value shown

above.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

35,684

45,335

Other debtors

-

1,163

35,684

46,498

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,274

4,281

Taxation and social security

27,954

37,559

Other creditors

9,028

6,960

38,256

48,800

9.	RELATED PARTY DISCLOSURES

At the year end, the company owed it director £5,057 (2016 - £5,489).

10.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS 102.