COMPANY REGISTRATION NO. 06562011 (England and Wales)
STAGE LIGHTING SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
STAGE LIGHTING SERVICES LIMITED
COMPANY INFORMATION
Director
Mr A P Blakoe
Secretary
Mrs J Hurley
Company number
06562011
Registered office
Unit A
Avenue Park Industrial Estate
Croescadarn Close, Pentwyn
Cardiff
United Kingdom
CF23 8HE
Accountants
UHY Hacker Young
Lanyon House
Mission Court
Newport
South Wales
United Kingdom
NP20 2DW
Bankers
National Westminster Bank PLC
South West RCSC
740 Waterside Drive
Aztec West
Bristol
BS99 5BD
STAGE LIGHTING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STAGE LIGHTING SERVICES LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
15,000
30,000
Tangible assets
4
310,385
316,760
Current assets
Stocks
122,059
124,148
Debtors
5
62,908
147,583
Cash at bank and in hand
402,337
239,702
587,304
511,433
Creditors: amounts falling due within one year
6
(324,212)
(306,134)
Net current assets
263,092
205,299
Total assets less current liabilities
588,477
552,059
Provisions for liabilities
(49,293)
(48,025)
Net assets
539,184
504,034
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
539,084
503,934
Total equity
539,184
504,034
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 27 February 2018
Mr A P Blakoe
Director
Company Registration No. 06562011
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information
Stage Lighting Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit A, Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, United Kingdom, CF23 8HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Stage Lighting Services Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
rented or sold
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvement
Straight line over 5 years
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 11).
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2016 and 31 May 2017
150,000
Amortisation and impairment
At 1 June 2016
120,000
Amortisation charged for the year
15,000
At 31 May 2017
135,000
Carrying amount
At 31 May 2017
15,000
At 31 May 2016
30,000
4
Tangible fixed assets
Property improvement
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2016
30,631
824,537
128,908
54,923
1,038,999
Additions
-
97,625
-
59,257
156,882
Disposals
-
(18,618)
-
-
(18,618)
At 31 May 2017
30,631
903,544
128,908
114,180
1,177,263
Depreciation and impairment
At 1 June 2016
20,930
546,841
99,545
54,923
722,239
Depreciation charged in the year
6,126
131,125
21,297
4,709
163,257
Eliminated in respect of disposals
-
(18,618)
-
-
(18,618)
At 31 May 2017
27,056
659,348
120,842
59,632
866,878
Carrying amount
At 31 May 2017
3,575
244,196
8,066
54,548
310,385
At 31 May 2016
9,701
277,696
29,363
-
316,760
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
58,577
144,622
Other debtors
4,331
2,961
62,908
147,583
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
15,181
15,812
Corporation tax
11,316
13,494
Other taxation and social security
25,483
36,691
Other creditors
272,232
240,137
324,212
306,134
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Directors' transactions
The director operates a current loan account which is credited with payments made by the director and any cash introduced and debited with private expenses and cash drawn. The amount outstanding due to the director at the year end was £225,170 (2016: £221,506). This amount being included in creditors: amounts falling due within one year.