The Academy for Chief Executives Limited
The Academy for Chief Executives Limited
Registered number: 05349424
Unaudited Financial Statements
For The Year Ended
31 March 2021
The Academy for Chief Executives Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
The Academy for Chief Executives Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
05349424
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges 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.
31 March 2021 | 31 March 2020 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 3 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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NET LIABILITIES |
( |
( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (39,079) | (22,030) | |||
The Academy for Chief Executives Limited
Balance Sheet (continued)
As at
31 March 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
The Academy for Chief Executives Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The Academy for Chief Executives Limited
Registered number
05349424
is a limited by shares company incorporated in England & Wales. The Registered Office is Vanbrugh House, Grange Drive, Hedge End, Hampshire, SO30 2AF.
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. This directors consider this basis to be appropriate despite the fact that the balance sheet shows net liabilities and net current liabilities at 31 March 2021. The directors have confirmed financial support will be given by the Parent company for at least the next 12 months from the date theses accoutns were approved.
1.3.
Turnover
Turnover represents the total invoice value, excluding value added tax, for the provision of training and seminars for senior executives.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
The Academy for Chief Executives Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.5.
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2020: 2)
3.
Debtors
31 March 2021 | 31 March 2020 | ||
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Due within one year | |||
Trade debtors |
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4.
Creditors: Amounts Falling Due Within One Year
31 March 2021 | 31 March 2020 | ||
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£ | £ | ||
Trade creditors |
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Other taxes and social security |
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Other creditors |
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Amounts owed to group undertakings |
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The Academy for Chief Executives Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
6.
Related Party Transactions
Under section 33.1A of FRS 102, the company has taken the exemption not to disclose any transactions entered into between two or moremembers of a group, provided that any subsidiary which is a party to the transaction
is wholly owned by such a member.
The directors have taken the exemption to disclose related party transactions on the basis that they have been concluded under normal market conditions.
7.
Ultimate Controlling Party
The company's immediate parent company is The Academy for Chief Executives (Holdings) Limited, a company incorporated in the United Kingdom. The company's ultimate parent company is Vistage Group Worldwide Limited. There is no overall controlling party.