Chichester Music Academy Ltd - Period Ending 2014-08-31

Registration number: 07759373

Chichester Music Academy Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Chichester Music Academy Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chichester Music Academy Ltd
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chichester Music Academy Ltd for the year ended 31 August 2014 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 Chichester Music Academy 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 Chichester Music Academy 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 Chichester Music Academy Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chichester Music Academy 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 loss of Chichester Music Academy Ltd. You consider that Chichester Music Academy 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 Chichester Music Academy 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.

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

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

27 May 2015

Page 1

Chichester Music Academy Ltd
(Registration number: 07759373)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					5,178			5,147
Current assets
Debtors					-			1,658
Cash at bank and in hand					3,025			5,110
					3,025			6,768
Creditors: Amounts falling due within one year					(30,138)			(23,661)
Net current liabilities					(27,113)			(16,893)
Net liabilities					(21,935)			(11,746)
Capital and reserves
Called up share capital		3			200			5
Profit and loss account					(22,135)			(11,751)
Shareholders' deficit					(21,935)			(11,746)

For the year ending 31 August 2014 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 27 May 2015 and signed on its behalf by:

.........................................
Mr Nicholas Davidson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Chichester Music Academy Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... 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 April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts received in respect of musical tuition 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
Musical Instruments	20% straight line

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

		Tangible assets £			Total £
Cost
At 1 September 2013		6,844			6,844
Additions		1,750			1,750
At 31 August 2014		8,594			8,594
Depreciation
At 1 September 2013		1,697			1,697
Charge for the year		1,719			1,719
At 31 August 2014		3,416			3,416
Net book value
At 31 August 2014		5,178			5,178
At 31 August 2013		5,147			5,147

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		200			200			5			5

Page 3

Chichester Music Academy Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

New shares allotted

During the year 195 Ordinary shares having an aggregate nominal value of £195 were allotted for an aggregate consideration of £195.

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Nicholas Davidson
Amount due to director	4,326	-	2,640	-

5

Control

The company is controlled by the directors.

Page 4