Ingliston Academy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC353673 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

INGLISTON ACADEMY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

Mr P F Fraser

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC353673 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

BANKERS:

Handelsbanken

Suite A

3rd Floor

133 Finnieston Street

Glasgow

G3 8HB

FIXED ASSETS

Tangible assets

4

2,076,632

2,121,015

CURRENT ASSETS

Stocks

5

3,000

3,000

Debtors

6

848

318,278

Cash at bank

20,250

626

24,098

321,904

CREDITORS

Amounts falling due within one year

7

56,405

220,161

NET CURRENT (LIABILITIES)/ASSETS

(32,307

)

101,743

TOTAL ASSETS LESS CURRENT LIABILITIES

2,044,325

2,222,758

PROVISIONS FOR LIABILITIES

8

4,077

2,384

CAPITAL AND RESERVES

Called up share capital

9

2,690,002

2,690,002

Retained earnings

10

(649,754

)

(469,628

)

SHAREHOLDERS' FUNDS

2,040,248

2,220,374

2,044,325

2,222,758

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 May 2021 and were signed by:

Mr P F Fraser - Director

1.	STATUTORY INFORMATION

Ingliston Academy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Livestock

-

15% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than it's carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation surplus.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Livestock

property

machinery

£

£

£

COST

At 1 January 2020

29,733

2,656,099

139,284

Additions

-

-

-

Disposals

(8,500

)

-

-

At 31 December 2020

21,233

2,656,099

139,284

DEPRECIATION

At 1 January 2020

28,955

548,411

130,212

Charge for year

172

53,122

2,268

Eliminated on disposal

(8,500

)

-

-

At 31 December 2020

20,627

601,533

132,480

NET BOOK VALUE

At 31 December 2020

606

2,054,566

6,804

At 31 December 2019

778

2,107,688

9,072

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

29,605

8,028

2,862,749

Additions

16,064

-

16,064

Disposals

-

-

(8,500

)

At 31 December 2020

45,669

8,028

2,870,313

DEPRECIATION

At 1 January 2020

26,128

8,028

741,734

Charge for year

4,885

-

60,447

Eliminated on disposal

-

-

(8,500

)

At 31 December 2020

31,013

8,028

793,681

NET BOOK VALUE

At 31 December 2020

14,656

-

2,076,632

At 31 December 2019

3,477

-

2,121,015

5.

STOCKS

31.12.20

31.12.19

£

£

Stocks

3,000

3,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

848

6,101

Other debtors

-

1,168

Amounts due by associated companies

-

311,009

848

318,278

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

4,264

3,939

Tax

25,833

18,866

Social security and other taxes

654

541

VAT

-

7,205

Other creditors

21,065

24,876

Amounts due to associated companies

-

160,148

Accrued expenses

4,589

4,586

56,405

220,161

8.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

4,077

2,384

Deferred

tax

£

Balance at 1 January 2020

2,384

Charge to Income Statement during year

1,693

Balance at 31 December 2020

4,077

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1,975,002

Ordinary Shares

£1

1,975,002

1,975,002

700,000

Ordinary C Class

1

700,000

700,000

15,000

Ordinary B Class

1

15,000

15,000

2,690,002

2,690,002

10.

RESERVES

Retained

earnings

£

At 1 January 2020

(469,628

)

Deficit for the year

(180,126

)

At 31 December 2020

(649,754

)

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ingliston Academy Limited for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Ingliston Academy Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ingliston Academy Limited and state those matters that we have agreed to state to the director of Ingliston Academy Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Ingliston Academy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ingliston Academy Limited. You consider that Ingliston Academy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ingliston Academy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

17 May 2021