Company registration number 02616022 (England and Wales)
THE CANONBURY ACADEMY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
THE CANONBURY ACADEMY LIMITED
COMPANY INFORMATION
Director
The Most Honourable Marquess of Northampton
Company number
02616022
Registered office
Compton Estate Office
Estate Office
Northampton
NN7 1LQ
THE CANONBURY ACADEMY LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
THE CANONBURY ACADEMY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 1 -
The director presents his annual report and financial statements for the year ended 28 February 2022.
Principal activities
The principal activity of the company continued to be that of
the holding and letting of leasehold properties.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The Most Honourable Marquess of Northampton
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
The Most Honourable Marquess of Northampton
Director
20 September 2022
THE CANONBURY ACADEMY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
2022
2021
£
£
Turnover
144,720
144,570
Administrative expenses
(88,629)
(88,341)
Profit before taxation
56,091
56,229
Tax on profit
(10,657)
(10,684)
Profit for the financial year
45,434
45,545
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE CANONBURY ACADEMY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
Current assets
Debtors
5
187,046
189,080
Cash at bank and in hand
265,550
210,946
452,596
400,026
Creditors: amounts falling due within one year
6
(49,706)
(42,570)
Net current assets
402,890
357,456
Capital and reserves
Called up share capital
3
3
Share premium account
569,999
569,999
Profit and loss reserves
(167,112)
(212,546)
Total equity
402,890
357,456
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 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 20 September 2022
The Most Honourable Marquess of Northampton
Director
Company Registration No. 02616022
THE CANONBURY ACADEMY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 29 February 2020
3
569,999
(258,091)
311,911
Year ended 28 February 2021:
Profit and total comprehensive income for the year
-
-
45,545
45,545
Balance at 28 February 2021
3
569,999
(212,546)
357,456
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
45,434
45,434
Balance at 28 February 2022
3
569,999
(167,112)
402,890
THE CANONBURY ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
1
Accounting policies
Company information
The Canonbury Academy Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Compton Estate Office, Estate Office, Northampton, NN7 1LQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts
chargeable by the Company in respect of the year to its tenants exclusive of value added tax and rent free periods.
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:
Leasehold improvements
over 4 years
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
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE CANONBURY ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
THE CANONBURY ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 7 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
THE CANONBURY ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 8 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2021 and 28 February 2022
1,775,821
Depreciation and impairment
At 1 March 2021 and 28 February 2022
1,775,821
Carrying amount
At 28 February 2022
At 28 February 2021
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
157,435
157,312
Deferred tax asset
1,982
2,157
159,417
159,469
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
27,629
29,611
Total debtors
187,046
189,080
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
18,635
Corporation tax
8,500
8,330
Other taxation and social security
7,404
7,404
Other creditors
15,167
26,836
49,706
42,570
THE CANONBURY ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 9 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
78,165
78,165
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2022
2021
£
£
138,165
138,165
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Other related parties
150,000
150,000
The amount lent to the related entity is interest free and repayable on demand.
9
Controlling party
The director considers that Lord Northampton is the company's ultimate controller based on his ownership of the company's entire issued share capital.
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