REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 Upperton Gardens |
Eastbourne |
East Sussex |
BN21 2AH |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
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 |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Professional Lighting and Sound Association Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax. It is stated exclusive of sales of fixed assets. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Leasing and hire purchase |
Assets obtained under hire purchase and finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. The interest element of the rental payment is charged to the profit and loss account over the period of the lease. Rentals under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Pensions |
The company makes defined pension contributions for some of its employees. All contributions are charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the balance sheet date in the Share Capital of the companies includes the following: |
PLASA Media Limited |
Country of incorporation: England |
Nature of business: Publishers |
Class of shares: Ordinary £1 shares : 100% holding |
£ |
Aggregate capital and reserves | 165,550 |
Profit for the year | 105,114 |
PLASA Events Limited |
Country of incorporation: England |
Nature of business: Exhibition and Event organisers |
Class of shares: Ordinary £1 shares : 100% holding |
£ |
Aggregate capital and reserves | 401,914 |
Profit for the year | 487,670 |
PLASA Media Inc |
Country of incorporation: USA |
Nature of business: Publishers |
Class of shares: Ordinary £1 shares : 100% holding |
$ |
Aggregate capital and reserves | (49,368) |
Profit for the year | 13,663 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Amounts due from group |
undertakings | 141,185 | 100,083 |
Prepayments and accrued income |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 43,697 | - |
Other creditors |
Amounts due to group |
undertakings | 529,663 | 513,395 |
Accruals and deferred income |
8. | RELATED PARTY DISCLOSURES |
The company received £200,000 (2021 - £200,000) of management fees from its parent, the Professional Lighting and Sound Association (PLASA). The balance due from PLASA at 31 December 2022 was £10,656 (2021 - £66,566) |
PLASA Limited owns the entire share capital of PLASA Media Ltd, PLASA Events Ltd and PLASA Media Inc, the company entered into the following transactions with its subsidiaries. |
The company made sales and recharges of £67,585 (2021 - £47,608) to PLASA Media Limited, a company registered in England and Wales under common control of the Professional Lighting and Sound Association. At 31 December 2022 the company owed £127,713 to PLASA Media Ltd (2021 - £182.334). During the year a £1000,000 dividend (2021 - £50,000) was voted by PLASA Media Ltd in favour of PLASA Limited. |
The company made sales and recharges of £72,508 (2021 - £46,404) and purchases of £37,025 (2021 - £22,110) to/from PLASA Events Limited, a company registered in England and Wales and under common control of the Professional Lighting and Sound Association. At 31 December 2022 the company owed £401,950 to PLASA Events Limited (2021 - £314,494). During the year £250,000 (2021 - £100,000) dividends were voted by PLASA Events Ltd in favour of PLASA Limited. |
The company made sales and recharges of £NIL (2021 - £1,286) to PLASA Media Inc, a company registered in USA. At 31 December 2022 the company was owed £130,529 (2021 £100,083) by PLASA Media Inc. |
9. | POST BALANCE SHEET EVENTS |
PLASA Media Inc, a wholly owned subsidiary, was sold as part of a management buyout in March 2023. |
The company was sold as a going concern for the sum of $125,000 and an ongoing licence fee of $25,000 per annum is guaranteed for 4 years. |