Company registration number 07514558 (England and Wales)
ANGLIA REGIONAL THEATRE SCHOOL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ANGLIA REGIONAL THEATRE SCHOOL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ANGLIA REGIONAL THEATRE SCHOOL LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,000
9,000
Tangible assets
4
20,465
10,203
28,465
19,203
Current assets
Stocks
7,500
2,640
Debtors
5
2,252
Cash at bank and in hand
41,030
55,861
48,530
60,753
Creditors: amounts falling due within one year
6
(13,402)
(35,937)
Net current assets
35,128
24,816
Total assets less current liabilities
63,593
44,019
Creditors: amounts falling due after more than one year
7
(3,168)
(4,801)
Net assets
60,425
39,218
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
60,423
39,216
Total equity
60,425
39,218
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 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
ANGLIA REGIONAL THEATRE SCHOOL LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 March 2024
Mrs V Winship
Director
Company registration number 07514558 (England and Wales)
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Anglia Regional Theatre School Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Anglia Region Theatre School, Ipswich Road, Newton Flotman, Norwich, England, NR15 1PN.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 and services 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.
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 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Leasehold improvements
- 0%
Plant and equipment
- 25% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
20,000
Amortisation and impairment
At 1 June 2022
11,000
Amortisation charged for the year
1,000
At 31 May 2023
12,000
Carrying amount
At 31 May 2023
8,000
At 31 May 2022
9,000
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
4,586
32,938
37,524
Additions
6,960
6,418
13,378
At 31 May 2023
11,546
39,356
50,902
Depreciation and impairment
At 1 June 2022
430
26,891
27,321
Depreciation charged in the year
3,116
3,116
At 31 May 2023
430
30,007
30,437
Carrying amount
At 31 May 2023
11,116
9,349
20,465
At 31 May 2022
4,156
6,047
10,203
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
317
Other debtors
1,935
2,252
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,400
1,167
Trade creditors
4,608
12,724
Corporation tax
6,188
1,964
Other creditors
1,206
20,082
13,402
35,937
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,168
4,801