Academic Choice Limited Filleted accounts for Companies House (small and micro)

ACADEMIC CHOICE LIMITED - Company Information

5 false false false false false false false false false true false false false false false false No description of principal activity 2020-08-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 6971501 2020-08-01 2021-07-31 6971501 2021-07-31 6971501 2020-07-31 6971501 2019-08-01 2020-07-31 6971501 2020-07-31 6971501 core:MotorVehicles 2020-08-01 2021-07-31 6971501 bus:Director1 2020-08-01 2021-07-31 6971501 core:MotorVehicles 2020-07-31 6971501 core:MotorVehicles 2021-07-31 6971501 core:WithinOneYear 2021-07-31 6971501 core:WithinOneYear 2020-07-31 6971501 core:AfterOneYear 2021-07-31 6971501 core:AfterOneYear 2020-07-31 6971501 core:ShareCapital 2021-07-31 6971501 core:ShareCapital 2020-07-31 6971501 core:SharePremium 2021-07-31 6971501 core:SharePremium 2020-07-31 6971501 core:RetainedEarningsAccumulatedLosses 2021-07-31 6971501 core:RetainedEarningsAccumulatedLosses 2020-07-31 6971501 core:MotorVehicles 2020-07-31 6971501 bus:SmallEntities 2020-08-01 2021-07-31 6971501 bus:AuditExemptWithAccountantsReport 2020-08-01 2021-07-31 6971501 bus:FullAccounts 2020-08-01 2021-07-31 6971501 bus:SmallCompaniesRegimeForAccounts 2020-08-01 2021-07-31 6971501 bus:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 6971501 core:ComputerEquipment 2020-08-01 2021-07-31 6971501 core:ComputerEquipment 2020-07-31 6971501 core:ComputerEquipment 2021-07-31

COMPANY REGISTRATION NUMBER: 6971501

Academic Choice Limited

Filleted Unaudited Financial Statements

31 July 2021

Academic Choice Limited

Statement of Financial Position

31 July 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		21,326	13,390

Current assets

Debtors	6	70,799	64,344
Cash at bank and in hand		178,019	142,160
		---------	---------
		248,818	206,504

Creditors: amounts falling due within one year	7	150,421		133,520
		---------		---------
Net current assets			98,397	72,984
			---------	--------
Total assets less current liabilities			119,723	86,374

Creditors: amounts falling due after more than one year	8	43,441	59,037
		---------	--------
Net assets		76,282	27,337
		---------	--------

Capital and reserves

Called up share capital	200	200
Share premium account	3,900	3,900
Profit and loss account	72,182	23,237
	--------	--------
Shareholders funds	76,282	27,337
	--------	--------

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 31st July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Academic Choice Limited

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 28 February 2022 , and are signed on behalf of the board by:

Mr R L Thomas
Director

Company registration number: 6971501

Academic Choice Limited

Notes to the Financial Statements

Year ended 31st July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The First Floor, The White House, Station Road, Hagley, Stourbridge, DY9 0NU, West Midlands.

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 for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Motor vehicles	-	25% reducing balance
Website & Equipment	-	20% reducing balance

Depreciation is charged on a monthly basis in the years of acquisition and disposal.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2020: 4 ).

This excludes short term teaching staff.

5. Tangible assets

	Motor vehicles	Website & Equipment	Total
	£	£	£
Cost
At 1st August 2020	21,950	8,053	30,003
Additions	–	4,330	4,330
	--------	--------	--------
At 31st July 2021	21,950	12,383	34,333
	--------	--------	--------
Depreciation
At 1st August 2020	10,888	5,725	16,613
Charge for the year	( 4,938)	1,332	( 3,606)
	--------	--------	--------
At 31st July 2021	5,950	7,057	13,007
	--------	--------	--------
Carrying amount
At 31st July 2021	16,000	5,326	21,326
	--------	--------	--------
At 31st July 2020	11,062	2,328	13,390
	--------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	70,493	14,996
Other debtors	306	49,348
	--------	--------
	70,799	64,344
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	6,000	–
Trade creditors	4,088	1,282
Corporation tax	38,059	31,895
Social security and other taxes	100,915	86,064
Other creditors	1,359	14,279
	---------	---------
	150,421	133,520
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	43,441	50,000
Other creditors	–	9,037
	--------	--------
	43,441	59,037
	--------	--------

9. Related party transactions

Payroll services are provided by Ann Richards Payroll Services Limited, a business in which Mr N J Witts-Hewinson had an interest. Accountancy services are provided by WH Audit Limited, a business in which Mr N J Witts-Hewinson has an interest. All transactions are conducted at arms length.