Company registration number 06562011 (England and Wales)
STAGE LIGHTING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
STAGE LIGHTING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STAGE LIGHTING SERVICES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
558,366
336,771
Current assets
Stocks
80,189
67,615
Debtors
5
293,576
362,387
Cash at bank and in hand
52,909
64,968
426,674
494,970
Creditors: amounts falling due within one year
6
(129,049)
(172,437)
Net current assets
297,625
322,533
Total assets less current liabilities
855,991
659,304
Provisions for liabilities
(64,495)
(49,459)
Net assets
791,496
609,845
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
791,396
609,745
Total equity
791,496
609,845
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 13 September 2023
Mr P E Hurley
Director
Company Registration No. 06562011
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 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 amounts 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Stage Sound Services Ltd. These consolidated financial statements are available from its registered office, Unit A, Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, CF23 8HE.
1.2
Going concern
The unpredictability of the supply chain continues into 2023 with some manufacturers' lead-times being 4-6 weeks whilst others are as long as 52 weeks for some products. With the company’s large asset base being continually invested in year on year, the business is in a strong position to offer alternative solutions to customers, should their first choice equipment option not be available.true
The theatre industry is also seeing some large new shows that are due to open in early 2024. Whilst the initial equipment investment will be large, a lot of the equipment has already been purchased in anticipation of these shows and also in an effort to avoid encountering any supply chain issues.
Based on all the above factors and the updated forecasts prepared the director is confident that the company will be able to meet its debts as they fall due for at least the next twelve months from the date of approval of these financial statements. Based on these indications the director believes that it remains appropriate to prepare the financial statements on a going concern basis.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.3
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.
1.4
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
12.5% 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.
1.5
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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
14
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
150,000
Amortisation and impairment
At 1 May 2022 and 30 April 2023
150,000
Carrying amount
At 30 April 2023
At 30 April 2022
4
Tangible fixed assets
Property improvement
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
30,631
1,336,241
145,311
124,739
1,636,922
Additions
288,825
35,356
324,181
Disposals
(164,176)
(164,176)
At 30 April 2023
30,631
1,460,890
145,311
160,095
1,796,927
Depreciation and impairment
At 1 May 2022
30,631
1,007,184
142,424
119,912
1,300,151
Depreciation charged in the year
85,413
2,220
7,772
95,405
Eliminated in respect of disposals
(156,995)
(156,995)
At 30 April 2023
30,631
935,602
144,644
127,684
1,238,561
Carrying amount
At 30 April 2023
525,288
667
32,411
558,366
At 30 April 2022
329,057
2,887
4,827
336,771
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
92,768
79,427
Amounts owed by group undertakings
200,808
282,960
293,576
362,387
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29,313
44,491
Corporation tax
30,707
36,061
Other taxation and social security
38,682
42,318
Other creditors
30,347
49,567
129,049
172,437
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
9
Related party transactions
Transactions with related parties
Other information
The company has taken advantage of the exemption, under the terms of FRS 102 section 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the group.
At the year end the amount due from Stage Sound Services Ltd, its parent company, was £200,808 (2022: £282,960) being included in debtors amounts falling due within one year.
10
Parent company
The immediate and ultimate parent company is Stage Sound Services Ltd, a company incorporated in England and Wales.
Stage Sound Services Ltd is the parent of the smallest and largest group of which the company is a member and for which consolidated accounts are prepared. Copies of the Stage Sound Services Ltd accounts can be obtained from its registered office, Unit A, Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, CF23 8HE.
The ultimate controlling party is Mr P E Hurley by virtue of his shareholding in Stage Sound Services Limited.