REGISTERED NUMBER: 03960194 (England and Wales)

ACADEMY SYSTEMS (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

Mrs L S Girling

SECRETARY:

Mrs L S Girling

REGISTERED OFFICE:

42 Albert Street

Newark

Nottinghamshire

NG24 4BQ

REGISTERED NUMBER:

03960194 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

3,009

3,218

3,009

3,218

CURRENT ASSETS

Inventories

3,834

3,438

Debtors

6

9,613

25,172

Cash at bank

13,254

-

26,701

28,610

CREDITORS

Amounts falling due within one year

7

27,323

28,631

NET CURRENT LIABILITIES

(622

)

(21

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,387

3,197

PROVISIONS FOR LIABILITIES

512

644

NET ASSETS

1,875

2,553

CAPITAL AND RESERVES

Called up share capital

8

90

90

Retained earnings

1,785

2,463

SHAREHOLDERS' FUNDS

1,875

2,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 19 December 2017 and were signed by:

Mrs L S Girling - Director

1.	STATUTORY INFORMATION

Academy Systems (UK) 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Revenue

Revenue represents net invoiced sales of goods,excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making allowance for

obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

2,000

AMORTISATION

At 1 April 2016

and 31 March 2017

2,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2016

19,837

Additions

796

At 31 March 2017

20,633

DEPRECIATION

At 1 April 2016

16,619

Charge for year

1,005

At 31 March 2017

17,624

NET BOOK VALUE

At 31 March 2017

3,009

At 31 March 2016

3,218

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

9,613

15,508

Other debtors

-

9,664

9,613

25,172

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

-

5,798

Trade creditors

16,255

9,776

Taxation and social security

9,421

3,676

Other creditors

1,647

9,381

27,323

28,631

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

90

Ordinary

£1

90

90

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and 31 March 2016:

31.3.17

31.3.16

£

£

Mrs L S Girling

Balance outstanding at start of year

5,853

6,053

Amounts advanced

-

1,420

Amounts repaid

(5,853

)

(1,620

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

5,853

10.	FIRST YEAR ADOPTION

There were no adjustments required on transition to FRS 102.