COMPANY REGISTRATION NO. 06562011 (England and Wales)
STAGE LIGHTING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
STAGE LIGHTING SERVICES LIMITED
CONTENTS
Page
Notes to the financial statements
2 - 8
STAGE LIGHTING SERVICES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
262,746
346,407
Current assets
Stocks
82,733
70,359
Debtors
6
213,552
249,628
Cash at bank and in hand
36,961
88,995
333,246
408,982
Creditors: amounts falling due within one year
7
(82,131)
(105,772)
Net current assets
251,115
303,210
Total assets less current liabilities
513,861
649,617
Provisions for liabilities
(39,233)
(52,805)
Net assets
474,628
596,812
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
474,528
596,712
Total equity
474,628
596,812
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 20 October 2021
Mr P E Hurley
Director
Company Registration No. 06562011
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 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.
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
.
T
he company has
therefore
taken advantage of
e
xemptions 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, c/o UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW
.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
The majority of Stage
true
Lighting
Services customers are theatre productions
therefore t
rading over
the past 18
months has been significantly impacted by COVID-19. With the enforced closures of theatres at the end of March 2020, overnight the turnover of the company was reduced.
All appropriate measures were put in place to reduce the impact on the company, including cost reduction and the postponement of any major capital expenditure projects and use of the government furlough scheme and other grants.
Whilst the company did see an increase in turnover when theatres were able to reopen with social distancing measures in place during May 2021, there was a lot of hesitation in the industry, with “freedom day” (19
th
July 2021) brought more productions re-opening, but some also closing temporarily due to the track & trace of cast & crew.
Since the relaxation of the trace & trace, along with the change in rules for isolation if a person has been fully vaccinated, this has seen a large number of shows re-open, and also new shows take to the road.
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.
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.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
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.
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.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
16
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2020 and 30 April 2021
150,000
Amortisation and impairment
At 1 May 2020 and 30 April 2021
150,000
Carrying amount
At 30 April 2021
At 30 April 2020
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
5
Tangible fixed assets
Property improvement
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2020
30,631
1,293,793
145,311
124,739
1,594,474
Additions
4,390
4,390
At 30 April 2021
30,631
1,298,183
145,311
124,739
1,598,864
Depreciation and impairment
At 1 May 2020
30,631
997,996
134,222
85,218
1,248,067
Depreciation charged in the year
61,383
4,101
22,567
88,051
At 30 April 2021
30,631
1,059,379
138,323
107,785
1,336,118
Carrying amount
At 30 April 2021
238,804
6,988
16,954
262,746
At 30 April 2020
295,797
11,089
39,521
346,407
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
33,331
64,316
Corporation tax recoverable
14,928
Amounts owed by group undertakings
147,019
134,790
Other debtors
18,274
50,522
213,552
249,628
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
10,975
21,634
Corporation tax
3,783
Other taxation and social security
43,778
74,181
Other creditors
27,378
6,174
82,131
105,772
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
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.
The senior statutory auditor was Mr John Griffiths.
The auditor was UHY Hacker Young.
10
Events after the reporting date
Whilst the
company
did see an increase in turnover when theatres were able to reopen with social distancing measures in place during May 2021, there was a lot of hesitation in the industry
.
W
ith “
F
reedom
D
ay” (19th July 2021)
enabled
more productions
to
re-open,
however
some
were forced to close again
temporarily due to the track & trace of cast & crew.
Since the relaxation of the trac
k
& trace, along with the change in rules for isolation if a person has been fully vaccinated, this has seen a large number of shows re-open, and also new shows take to the road.
The
company
utili
s
ed the government furlough scheme to ensure as many jobs were preserved as possible in readiness for the industry to re-open. The flexibility of this scheme has enabled the
company
to service it's array of clients as soon as they were ready to re-open, with nearly all staff off the scheme by the end of August 2021.
11
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
£147,019
(2020:
£
134,790) being included
in debtors amounts falling due within one year.
STAGE LIGHTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 8 -
12
Parent company
The ultimate parent company of Stage Lighting Services Limited 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 which prepares group accounts. It has included the company in its group accounts, copies of which are available from its registered office Unit A, Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, United Kingdom, CF23 8HE.
The company is ultimately controlled by Mr P E Hurley by virtue of his shareholding in Stage Lighting Services Limited.
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 the company's registered office.
The ultimate controlling party is Mr
P E Hurley
.
13
Directors' transactions
Dividends totalling £0 (2020 - £0) were paid in the year in respect of shares held by the company's director.