Academy of Greatness Limited - Period Ending 2016-05-31

Academy of Greatness Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016

Kevin Alderton and Team
14 South Way
Newhaven
East Sussex
BN9 9LL

Academy of Greatness Limited
Contents

Accountants' Report

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Academy of Greatness Limited
for the Year Ended 31 May 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 of Greatness Limited for the year ended 31 May 2016 set out on pages 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 of Greatness Limited, as a body, in accordance with the terms of our engagement letterdated 22 September 2008. Our work has been undertaken solely to prepare for your approval the accounts of Academy of Greatness 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 of Greatness Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Academy of Greatness 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 profit of Academy of Greatness Limited. You consider that Academy of Greatness 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 of Greatness 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.

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

Kevin Alderton and Team
14 South Way
Newhaven
East Sussex
BN9 9LL

25 January 2017

Page 1

Academy of Greatness Limited
(Registration number: 07267160)
Abbreviated Balance Sheet at 31 May 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets		50,000	50,000
Tangible fixed assets		1,418	1,890
		51,418	51,890
Current assets
Debtors		492	5,067
Cash at bank and in hand		5	13,110
		497	18,177
Creditors: Amounts falling due within one year		(49,952)	(64,089)
Net current liabilities		(49,455)	(45,912)
Total assets less current liabilities		1,963	5,978
Provisions for liabilities		(283)	(378)
Net assets		1,680	5,600
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		1,678	5,598
Shareholders' funds		1,680	5,600

For the year ending 31 May 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 January 2017 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Academy of Greatness Limited
(Registration number: 07267160)
Abbreviated Balance Sheet at 31 May 2016
......... continued

.........................................
Mr Darren Eden
Director

.........................................
Mrs Joanna Eden
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Academy of Greatness Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Postitve goodwill is capitalised, classified as an asset on the balance sheet. It is reviewed for impairment at the end of the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

In accordance with FRS 10, no amortisation provision has been made in respect of purchased goodwill. The
directors do not consider that any impairment of the value of the goodwill has occurred.

Asset class	Amortisation method and rate
Goodwill	No amortisation

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Academy of Greatness Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

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	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 June 2015	50,000	5,373	55,373
At 31 May 2016	50,000	5,373	55,373
Depreciation
At 1 June 2015	-	3,483	3,483
Charge for the year	-	472	472
At 31 May 2016	-	3,955	3,955
Net book value
At 31 May 2016	50,000	1,418	51,418
At 31 May 2015	50,000	1,890	51,890

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £1 each		2	2		2	2

Page 5

Academy of Greatness Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Darren Eden
Advances made	28,253	30,550	38,167	28,221


Mrs Joanna Eden
Advances made	20,928	30,550	38,167	28,221

Page 6