Company Registration No. 06514511 (England and Wales)
ACADEMY NETWORK SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ACADEMY NETWORK SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ACADEMY NETWORK SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,706
199
Current assets
Debtors
5
4,955
1,001
Cash at bank and in hand
4,141
20
9,096
1,021
Creditors: amounts falling due within one year
6
(12,097)
(13,108)
Net current liabilities
(3,001)
(12,087)
Total assets less current liabilities
3,705
(11,888)
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
3,695
(11,898)
Total equity
3,705
(11,888)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 July 2019
Ms Emma Burnett
Director
Company Registration No. 06514511
ACADEMY NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Academy Network Services Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Equinox House, Clifton Park Avenue, Shipton Road, York, YO30 5PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20 % Reducing Balance
Computer equipment
20 % Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ACADEMY NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
10,475
Amortisation and impairment
At 1 April 2018 and 31 March 2019
10,475
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
ACADEMY NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
1,450
Additions
6,547
At 31 March 2019
7,997
Depreciation and impairment
At 1 April 2018
1,251
Depreciation charged in the year
40
At 31 March 2019
1,291
Carrying amount
At 31 March 2019
6,706
At 31 March 2018
199
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
4,955
1,001
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
780
780
Corporation tax
7,475
-
Other taxation and social security
152
59
Other creditors
3,690
12,269
12,097
13,108
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary of £1 each
10
10