Registration number:
for the
Year Ended
Archaeomuse Academy Ltd
(Registration number: 12013090)
Balance Sheet as at 31 March 2021
Note |
31 March 2021 |
31 March 2020 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Archaeomuse Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The trading of the business was impacted in many ways, due to the Covid-19 pandemic, including losing several tuition clients due to cancellation of exams and discomfort with online teaching instead of in-person teaching. The overall disruption in the education sector caused our trade to only slightly increase, but would have increased much more were it not for the epidemic as Archaeomuse Academy had been increasing its number of tuition hours and clients steadily over the previous 2 years.
Judgements and key sources of estimation uncertainty
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Archaeomuse Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Archaeomuse Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
|
Cost |
||
Additions |
|
|
At 31 March 2021 |
|
|
Depreciation |
||
Charge for the period |
|
- |
At 31 March 2021 |
|
- |
Carrying amount |
||
At 31 March 2021 |
|
|
Debtors |
Note |
31 March 2021 |
31 March 2020 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
- |
|
|
|
Archaeomuse Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Note |
31 March 2021 |
31 March 2020 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Other creditors |
|
- |
|
Accrued expenses |
|
|
|
Corporation tax liability |
1,126 |
3,515 |
|
|
|
Note |
2021 |
2020 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Directors' loan account |
- |
|
|
|
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
Archaeomuse Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Related party transactions |
Summary of transactions with other related parties
At 31 March 2021, the company was owed £nil (2020: £573) by the director A Leonardis in the form of a director's loan account. The loan is unsecured, repayable on demand and no interest is payable.
At 31 March 2021, the company was owed £966 (2020: owed £1,070) by the director Mrs L Leonardis in the form of a director's loan account. The loan is unsecured, repayable on demand and no interest is payable.
At 31 March 2021, the company was owed £18,786 (2020: £5,587) by Archaeomuse Limited, a company under common control.