Company Registration No. 07033166 (England and Wales)
Academy of Science Technology and Management Ltd.
Unaudited accounts
for the period from 1 June 2021 to 31 March 2022
Academy of Science Technology and Management Ltd.
Statement of financial position
as at
31 March 2022
Cash at bank and in hand
201,913
953,243
Creditors: amounts falling due within one year
(68,173)
(425,657)
Net current assets
615,748
1,167,969
Total assets less current liabilities
615,748
1,167,969
Creditors: amounts falling due after more than one year
(209,986)
(250,000)
Net assets
405,762
917,969
Called up share capital
103,000
103,000
Profit and loss account
302,762
814,969
Shareholders' funds
405,762
917,969
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by
Ambrish Shashikant Joijode
Director
Company Registration No. 07033166
Academy of Science Technology and Management Ltd.
Notes to the Accounts
for the period from 1 June 2021 to 31 March 2022
Academy of Science Technology and Management Ltd. is a private company, limited by shares, registered in England and Wales, registration number 07033166. The registered office is ARCHWAY HOUSE, BRIDGE STREET, OLDHAM, OL1 1ED, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Academy of Science Technology and Management Limited.
Report of the Director’s to the Shareholders
During the year under review the business was adversely affected by COVID-19 pandemic and the turnover declined from 2.87 million to 1.08 million.
The company lost its partnership contract during the year which was the only source of income. We were asked to a freeze on student recruitment since August 2021, however the formal termination was much later in 2022. This resulted in our inability to downsize at the right time.
Due to the pandemic, schools in UK and India were closed until January 2022 and hence the online courses developed by the 100% subsidiary company STEM-ASTM Limited could not take off as anticipated. However, the development of 4 online courses under our brand name CiriBloom is now complete and the marketing of these courses has gathered momentum and your directors are confident of major break-through shortly.
To regain the lost revenue, we have secured a marketing contract by a reputed UK university as well for progression of the students for BA top-up degrees. We are also in the process of finalising a new partnership with another college.
Directors sincerely regret their ability to declare a dividend for this year.
Ambrish Joijode
Director
Dated: 08/08/2022
Academy of Science Technology and Management Ltd.
Notes to the Accounts
for the period from 1 June 2021 to 31 March 2022
4
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
56,599
-
Other debtors
35,369
97,641
Debtors: amounts falling due after more than one year
Other debtors
390,040
198,735
5
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
(124,102)
75,942
Other creditors
57,690
55,697
Loans from directors
9,380
14,018
6
Creditors: amounts falling due after more than one year
2022
2021
Other creditors
209,986
250,000
7
Average number of employees
During the period the average number of employees was 18 (2021: 19).