Anglian Academy Limited - Period Ending 2015-07-31

Registration number: 06721116

Anglian Academy Limited

Abbreviated Accounts

for the Year Ended 31 July 2015
 

Anglian Academy Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Anglian Academy Limited
(Registration number: 06721116)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					81,645			88,589
Tangible fixed assets					83,615			83,971
					165,260			172,560
Current assets
Stocks					8,135			7,950
Debtors		3			138,228			58,863
Cash at bank and in hand					114			8,977
					146,477			75,790
Creditors: Amounts falling due within one year					(84,588)			(70,867)
Net current assets					61,889			4,923
Total assets less current liabilities					227,149			177,483
Creditors: Amounts falling due after more than one year					(117,440)			(83,495)
Provisions for liabilities					(10,294)			(10,882)
Net assets					99,415			83,106
Capital and reserves
Called up share capital		5			100			100
Profit and loss account					99,315			83,006
Shareholders' funds					99,415			83,106

For the year ending 31 July 2015 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 director acknowledges her 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 director on 23 September 2015

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Anglian Academy Limited
(Registration number: 06721116)
Abbreviated Balance Sheet at 31 July 2015
......... continued

.........................................
Mrs Karen Elizabeth Pymer
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Anglian Academy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... 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).

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% straight line basis

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
Freehold land and buildings	Nil
Fixtures and fittings	15% reducing balance
Office equipment	25% straight line
Motor vehicles	25% 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.

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.

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Anglian Academy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2014		138,882			166,426			305,308
Additions		-			17,492			17,492
Disposals		-			(3,092)			(3,092)
At 31 July 2015		138,882			180,826			319,708
Depreciation
At 1 August 2014		50,293			82,455			132,748
Charge for the year		6,944			14,853			21,797
Eliminated on disposals		-			(97)			(97)
At 31 July 2015		57,237			97,211			154,448
Net book value
At 31 July 2015		81,645			83,615			165,260
At 31 July 2014		88,589			83,971			172,560

3

Debtors

Debtors includes £91,735 (2014 - £nil) receivable after more than one year.

 

Page 4

Anglian Academy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

4

Creditors

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

		2015 £			2014 £
Amounts falling due within one year		9,463			9,415
Amounts falling due after more than one year		49,270			58,751
Total secured creditors		58,733			68,166

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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