COMPANY REGISTRATION NO. 06562011 (England and Wales)
STAGE LIGHTING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2019
PAGES FOR FILING WITH REGISTRAR
STAGE LIGHTING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STAGE LIGHTING SERVICES LIMITED
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
387,769
352,207
Current assets
Stocks
87,223
174,056
Debtors
5
219,224
143,797
Cash at bank and in hand
16,618
274,127
323,065
591,980
Creditors: amounts falling due within one year
6
(60,847)
(267,729)
Net current assets
262,218
324,251
Total assets less current liabilities
649,987
676,458
Provisions for liabilities
(59,060)
(59,659)
Net assets
590,927
616,799
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
590,827
616,699
Total equity
590,927
616,799
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 30 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 by the board of directors and authorised for issue on 24 February 2020 and are signed on its behalf by:
Mr P E Hurley
Director
Company Registration No. 06562011
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2019
- 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.
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
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
.
1.4
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.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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.
1.7
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 15 (2018 - 13).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2018 and 30 May 2019
150,000
Amortisation and impairment
At 1 June 2018 and 30 May 2019
150,000
Carrying amount
At 30 May 2019
-
At 31 May 2018
-
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
- 4 -
4
Tangible fixed assets
Property improvement
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2018
30,631
1,091,154
137,116
114,180
1,373,081
Additions
-
148,276
6,027
46,709
201,012
Disposals
-
-
-
(36,150)
(36,150)
At 30 May 2019
30,631
1,239,430
143,143
124,739
1,537,943
Depreciation and impairment
At 1 June 2018
30,631
790,399
125,398
74,446
1,020,874
Depreciation charged in the year
-
138,103
4,709
22,638
165,450
Eliminated in respect of disposals
-
-
-
(36,150)
(36,150)
At 30 May 2019
30,631
928,502
130,107
60,934
1,150,174
Carrying amount
At 30 May 2019
-
310,928
13,036
63,805
387,769
At 31 May 2018
-
300,755
11,718
39,734
352,207
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
144,844
138,521
Corporation tax recoverable
12,856
-
Other debtors
61,524
5,276
219,224
143,797
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
11,141
18,404
Corporation tax
-
12,856
Other taxation and social security
44,714
32,790
Other creditors
4,992
203,679
60,847
267,729
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2019
- 5 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
8
Directors' transactions
Dividends totalling £5,000 (2018 - £2,000) were paid in the year in respect of shares held by the company's director.
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 to the director at the year end was £nil (2018: £185,850). This amount being included in creditors: amounts falling due within one year.
9
Parent company
Following the period end the company was acquired by Stage Sound Services Limited, which is wholly owned by Mr P Hurley.