Company Registration No. 05350919 (England and Wales)
ACADEMICI LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
ACADEMICI LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ACADEMICI LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2016
28 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
9
9
Tangible assets
2
7,650
10,184
7,659
10,193
Current assets
Debtors
179
704
Cash at bank and in hand
623
1,064
802
1,768
Creditors: amounts falling due within one year
(608,220)
(610,385)
Net current liabilities
(607,418)
(608,617)
Total assets less current liabilities
(599,759)
(598,424)
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
(600,759)
(599,424)
Shareholders' funds
(599,759)
(598,424)
For the financial year ended 28 February 2016 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 November 2016
Mr M Vinzent
Director
Company Registration No. 05350919
ACADEMICI LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The accounts have been prepared on the basis that the company is able to continue to trade. This is dependent on the continued support of the directors. The directors have prepared financial forecasts for the period ended 28 February 2017 that demonstrate that the company is able to continue to trade.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Licences
Licences are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 March 2015 & at 28 February 2016
196,794
178,582
375,376
Depreciation
At 1 March 2015
196,785
168,399
365,184
Charge for the year
-
2,533
2,533
At 28 February 2016
196,785
170,932
367,717
Net book value
At 28 February 2016
9
7,650
7,659
At 28 February 2015
9
10,184
10,193
ACADEMICI LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
4
Related party relationships and transactions
Other transactions
Included in trade creditors is an amount of £578,537 (2015 - £578,537) due to Avvail (BVI), a business owned by Cyril Vinzent, who is the son of Marcus Vincent, and Taj Heer.
Management charges of £18,000 (2015- £18,000) are paid to a business wholly owned by Markus Vinzent.