Academy Class Limited
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Notes to the Accounts |
for the year ended 31 December 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
33% on cost |
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Fixtures, fittings, tools and equipment |
20% on cost |
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2 |
Intangible fixed assets |
£ |
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Cost |
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Additions |
45,892 |
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At 31 December 2017 |
45,892 |
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Amortisation |
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Provided during the year |
15,297 |
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At 31 December 2017 |
15,297 |
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Net book value |
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At 31 December 2017 |
30,595 |
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Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of three years. |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 January 2017 |
17,213 |
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Additions |
6,079 |
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At 31 December 2017 |
23,292 |
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Depreciation |
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At 1 January 2017 |
17,213 |
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Charge for the year |
(3,893) |
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At 31 December 2017 |
13,320 |
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Net book value |
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At 31 December 2017 |
9,972 |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
44,792 |
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16,134 |
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Advance paid to suppliers |
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41,847 |
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49,457 |
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Deferred tax asset |
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25,283 |
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25,283 |
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Other debtors |
3,132 |
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212,091 |
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115,054 |
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302,965 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Deferred income |
319,092 |
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- |
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Bank loans and overdrafts |
16,609 |
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226,236 |
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Credit cards |
6,162 |
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7,428 |
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Trade creditors |
145,996 |
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119,479 |
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Accruals |
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8,791 |
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12,535 |
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Other taxes and social security costs |
85,753 |
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24,564 |
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Other creditors |
400,118 |
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389,367 |
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982,521 |
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779,609 |
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6 |
Other information |
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Academy Class Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Elizabeth House |
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York Road |
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London |
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SE1 7NQ |