REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ACADEMIC APPOINTMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ACADEMIC APPOINTMENTS LTD |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ACADEMIC APPOINTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Kerry Street |
Horsforth |
Leeds |
West Yorkshire |
LS18 4AW |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Academic Appointments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Share-based payments |
Equity settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using a directors valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period based on the estimated shares that will eventually vest. A corresponding adjustment is made to equity. |
Cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
AMORTISATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Goodwill represents the purchase of 100% of the share capital of Reach Education Ltd on 20 December 2022. |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 75,762 | 57,516 |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
10. | SECURED DEBTS |
The company is party to a cross-company guarantee with its parent company Academic Appointments 2017 Limited in respect of bank and non-bank borrowings existing in the parent company. |
Long term debentures are secured by a fixed and floating charge over the assets of the company to SME Lending Limited. At the balance sheet date Academic Appointments 2017 Limited owed SME Lending Limited £830,000 (2022: £953,904). |
Further long term debentures are secured by a fixed and floating charge over the assets of the company to Solingen Private Equity Limited. At the balance sheet date Academic Appointments 2017 Limited owed Solingen Private Equity Limited £1,180,000 (2022: £1,180,000). |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
ACADEMIC APPOINTMENTS LTD (REGISTERED NUMBER: 05208779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | RELATED PARTY DISCLOSURES |
The company is a wholly owned subsidiary of Academic Appointments 2017 Limited. |
During the year Academic Appointments 2017 Limited invoiced the company £19,800 (2022: £19,800) in respect of management charges. At the balance sheet date Academic Appointments 2017 Limited owed the company £2,460,174 (2022: £2,112,706). |
Reach Education Ltd is a wholly owned subsidiary of the company. |
Reach Education Ltd was hived up to the company in the year. Included in income from shares in group undertakings of £43,713 is dividend income on hive up of £373,320 less impairment of investment on hive up of £329,607. |
At the balance sheet date the company owed Reach Education Ltd £100 (2022: £234,838). |
On 23 February 2018, 164,750 options over the parent company's C ordinary shares were granted to one of the company's directors. These options are exercisable on exit. The market value of these options are £0.025 each based on a director's valuation. |