Collegiate AC Ltd Filleted accounts for Companies House (small and micro)

138 false false false false false false false false false true false false false false false false No description of principal activity 2019-09-01 Sage Accounts Production Advanced 2020 - FRS102_2019 30,642 263,107 293,749 30,538 73,872 104,410 189,339 104 86,872 11,392 4,164 94,100 75,026 6,598 2,145 79,479 14,621 11,846 167 166 1 1 167 xbrli:pure xbrli:shares iso4217:GBP 07619022 2019-09-01 2020-08-31 07619022 2020-08-31 07619022 2019-08-31 07619022 2018-09-01 2019-08-31 07619022 2019-08-31 07619022 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-09-01 2020-08-31 07619022 bus:OrdinaryShareClass1 2019-09-01 2020-08-31 07619022 bus:Director4 2019-09-01 2020-08-31 07619022 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-08-31 07619022 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-08-31 07619022 core:WithinOneYear 2020-08-31 07619022 core:WithinOneYear 2019-08-31 07619022 core:ShareCapital 2020-08-31 07619022 core:ShareCapital 2019-08-31 07619022 core:RetainedEarningsAccumulatedLosses 2020-08-31 07619022 core:RetainedEarningsAccumulatedLosses 2019-08-31 07619022 core:BetweenOneFiveYears 2020-08-31 07619022 core:BetweenOneFiveYears 2019-08-31 07619022 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-08-31 07619022 core:CostValuation core:Non-currentFinancialInstruments 2019-08-31 07619022 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2020-08-31 07619022 core:CostValuation core:Non-currentFinancialInstruments 2020-08-31 07619022 core:Non-currentFinancialInstruments 2020-08-31 07619022 core:Non-currentFinancialInstruments 2019-08-31 07619022 bus:SmallEntities 2019-09-01 2020-08-31 07619022 bus:AuditExemptWithAccountantsReport 2019-09-01 2020-08-31 07619022 bus:FullAccounts 2019-09-01 2020-08-31 07619022 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-08-31 07619022 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-08-31 07619022 bus:OrdinaryShareClass1 2020-08-31 07619022 bus:OrdinaryShareClass1 2019-08-31 07619022 core:OfficeEquipment 2019-09-01 2020-08-31 07619022 core:OfficeEquipment 2019-08-31 07619022 core:OfficeEquipment 2020-08-31 07619022 core:AllAssociates 2019-09-01 2020-08-31 07619022 core:AllAssociates 2020-08-31 07619022 core:AllAssociates 2019-08-31

COMPANY REGISTRATION NUMBER: 07619022

Collegiate AC Ltd

Filleted Unaudited Financial Statements

31 August 2020

Collegiate AC Ltd

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	189,339	104
Tangible assets	6	14,621	11,846
Investments	7	1	167
		---------	--------
		203,961	12,117

Current assets

Debtors	8	905,215	1,062,650
Cash at bank and in hand		415,595	33,007
		------------	------------
		1,320,810	1,095,657

Creditors: amounts falling due within one year	9	751,852		856,851
		------------		------------
Net current assets			568,958	238,806
			---------	---------
Total assets less current liabilities			772,919	250,923
			---------	---------
Net assets			772,919	250,923
			---------	---------

Capital and reserves

Called up share capital	10	200	200
Profit and loss account		772,719	250,723
		---------	---------
Shareholders funds		772,919	250,923
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Collegiate AC Ltd

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 28 May 2021 , and are signed on behalf of the board by:

Mr R B Moyle

Director

Company registration number: 07619022

Collegiate AC Ltd

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Home Farm, School Road, Ardington, Oxfordshire, OX12 8PD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website development	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 138 (2019: 149 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 September 2019	30,642
Additions	263,107
	---------
At 31 August 2020	293,749
	---------
Amortisation
At 1 September 2019	30,538
Charge for the year	73,872
	---------
At 31 August 2020	104,410
	---------
Carrying amount
At 31 August 2020	189,339
	---------
At 31 August 2019	104
	---------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 September 2019	86,872	86,872
Additions	11,392	11,392
Disposals	( 4,164)	( 4,164)
	--------	--------
At 31 August 2020	94,100	94,100
	--------	--------
Depreciation
At 1 September 2019	75,026	75,026
Charge for the year	6,598	6,598
Disposals	( 2,145)	( 2,145)
	--------	--------
At 31 August 2020	79,479	79,479
	--------	--------
Carrying amount
At 31 August 2020	14,621	14,621
	--------	--------
At 31 August 2019	11,846	11,846
	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 September 2019	167
Disposals	( 166)
	----
At 31 August 2020	1
	----
Impairment
At 1 September 2019 and 31 August 2020	–
	----

Carrying amount
At 31 August 2020	1
	----
At 31 August 2019	167
	----

8. Debtors

	2020	2019
	£	£
Trade debtors	106,125	129,135
Amounts owed by group undertakings and undertakings in which the company has a participating interest	654,765	775,812
Other debtors	144,325	157,703
	---------	------------
	905,215	1,062,650
	---------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	86,850	319,927
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	1
Corporation tax	49,870	172,750
Social security and other taxes	475,606	247,063
Other creditors	139,526	117,110
	---------	---------
	751,852	856,851
	---------	---------

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	13,254	37,048
Later than 1 year and not later than 5 years	1,447	14,700
	--------	--------
	14,701	51,748
	--------	--------

12. Related party transactions

Included within debtors is a balance of £8,037 owed to the company by former directors. Included within amounts owed by group undertakings is a balance of £ 654,765 (2019:£ 426,585 ) due from Collegiate Marketing Ltd .