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Registration number: 03197046

Academy Print & Design (UK) Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

MacMahon Leggate
Chartered Accountants
Charter House
18-20 Finsley Gate
Burnley
BB11 2HA

 
image-name
 

Academy Print & Design (UK) Ltd
Contents

Accountants' Report

1

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 Print & Design (UK) Ltd
for the Year Ended 31 July 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 Print & Design (UK) Ltd for the year ended 31 July 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Academy Print & Design (UK) Ltd, 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 Print & Design (UK) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Academy Print & Design (UK) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Academy Print & Design (UK) Ltd 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 Print & Design (UK) Ltd. You consider that Academy Print & Design (UK) Ltd 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 Print & Design (UK) Ltd. 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.

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

MacMahon Leggate
Chartered Accountants
Charter House
18-20 Finsley Gate
Burnley
Lancashire
BB11 2HA

11 January 2017

 

Academy Print & Design (UK) Ltd
(Registration number: 03197046)
Abbreviated Balance Sheet at 31 July 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Intangible fixed assets

 

   

37,000

   

43,250

 

Tangible fixed assets

 

   

221,421

   

266,488

 
   

   

258,421

   

309,738

 

Current assets

 

             

Stocks

 

   

4,000

   

3,250

 

Debtors

 

   

381,350

   

448,861

 

Cash at bank and in hand

 

   

123,920

   

93,985

 
   

   

509,270

   

546,096

 

Creditors: Amounts falling due within one year

 

   

(284,521)

   

(270,361)

 

Net current assets

 

   

224,749

   

275,735

 

Total assets less current liabilities

 

   

483,170

   

585,473

 

Creditors: Amounts falling due after more than one year

 

   

(8,833)

   

(49,734)

 

Provisions for liabilities

 

   

(45,791)

   

(55,518)

 

Net assets

 

   

428,546

   

480,221

 

Capital and reserves

 

             

Called up share capital

 

4

   

99

   

99

 

Profit and loss account

 

   

428,447

   

480,122

 

Shareholders' funds

 

   

428,546

   

480,221

 

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

 

Academy Print & Design (UK) Ltd
(Registration number: 03197046)
Abbreviated Balance Sheet at 31 July 2016
......... continued

For the year ending 31 July 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 11 January 2017 and signed on its behalf by:

.........................................
Mr S J Shread
Director

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

 

Academy Print & Design (UK) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 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

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

5% on cost

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

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Equipment

33% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Academy Print & Design (UK) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Fixed assets

 

Intangible assets
£

   

Tangible assets
£

   

Total
£

 

Cost

 

   

   

 

At 1 August 2015

 

125,000

   

1,114,862

   

1,239,862

 

Additions

 

-

   

5,052

   

5,052

 

Disposals

 

-

   

(2,500)

   

(2,500)

 

At 31 July 2016

 

125,000

   

1,117,414

   

1,242,414

 

Depreciation

 

   

   

 

At 1 August 2015

 

81,750

   

848,374

   

930,124

 

Charge for the year

 

6,250

   

48,713

   

54,963

 

Eliminated on disposals

 

-

   

(1,094)

   

(1,094)

 

At 31 July 2016

 

88,000

   

895,993

   

983,993

 

Net book value

 

   

   

 

At 31 July 2016

 

37,000

   

221,421

   

258,421

 

At 31 July 2015

 

43,250

   

266,488

   

309,738

 
 

Academy Print & Design (UK) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

 

2016
£

   

2015
£

 

 

   

 

Amounts falling due within one year

 

41,301

   

40,877

 

Amounts falling due after more than one year

 

8,833

   

49,734

 

Total secured creditors

 

50,134

   

90,611

 

4

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary A shares of £0.01 each

 

3,290

   

32.90

   

3,290

   

32.90

 

Ordinary B shares of £0.01 each

 

3,290

   

32.90

   

3,290

   

32.90

 

Ordinary C shares of £0.01 each

 

3,290

   

32.90

   

3,290

   

32.90

 

Ordinary D shares of £0.01 each

 

30

   

0.30

   

30

   

0.30

 
   

9,900

   

99

   

9,900

   

99