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REGISTERED NUMBER:
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TRINITY ARTS ENTERPRISES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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REGISTERED NUMBER:
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TRINITY ARTS ENTERPRISES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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TRINITY ARTS ENTERPRISES LIMITED (REGISTERED NUMBER: 01848111) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2019 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TRINITY ARTS ENTERPRISES LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
Hilden Park House |
79 Tonbridge Road |
Hildenborough |
Tonbridge |
Kent |
TN11 9BH |
TRINITY ARTS ENTERPRISES LIMITED (REGISTERED NUMBER: 01848111) |
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ABRIDGED BALANCE SHEET |
31 March 2019 |
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31/3/19 | 31/3/18 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account | 5 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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TRINITY ARTS ENTERPRISES LIMITED (REGISTERED NUMBER: 01848111) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Trinity Arts Enterprises Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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Tangible fixed assets |
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Plant and machinery | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
TRINITY ARTS ENTERPRISES LIMITED (REGISTERED NUMBER: 01848111) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Gift aid payment to parent charity |
The company pays all its taxable profits for the reporting period to its parent charity under the |
gift aid scheme. These gift aid payments are recognised as distributions to owners in equity |
within retained earnings. |
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At the reporting date there was no legal obligation in place for the company to make this gift aid |
payment, although prior to the reporting date the board had indicated its intention to pay the |
taxable profits to the parent charity in respect of the reporting period. The payment is expected |
to be made within 9 months of the end of the reporting date. |
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The company previously recognised gift aid payments in the income statement in the year that |
the profits arose. The company has changed its accounting policy as a result of The Financial |
Reporting Council clarifying the accounting treatment for such payments in its triennial review |
of FRS 102. Therefore the prior year comparative figures have been restated to reflect this |
change. |
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There is a prior year adjustment of £10,897 reflecting the change in accounting for the gift aid |
payment for the year ended 31 March 2018. This increases the opening retained earnings |
for the year ended 31 March 2019 by this amount. |
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The change in accounting policy for gift aid payments results in the company recognising a |
taxation charge on its profits for the year. However, the application of the exception under |
paragraph 29.14A of FRS 102 provides relief in respect of the accounting for the tax charge. |
This results in an overall nil charge for tax in the income statement. This exception is only |
applicable as it is probable that the gift aid payment will be made by the company to the parent |
charity within 9 months of the reporting date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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TRINITY ARTS ENTERPRISES LIMITED (REGISTERED NUMBER: 01848111) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2019 |
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5. | RESERVES |
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As a result of the company adopting the updates of the Financial Reporting Council's Triennial review of |
FRS102 regarding gift aid distributions there are adjustments to the retained earnings of the company at 31st |
March 2019 as follows: |
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Original closing retained earnings as at 31st March 2018 - (£371) |
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Prior year adjustment to reflect change in gift aid distribution - £10,897 |
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Revised closing retained earnings as at 31st March 2018 - £10,526 |
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Profit for the year ended 31st March 2019 - £23,399 |
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Distribution to parent charity of prior year profit - (£10,897) |
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Closing retained earnings as at 31st March 2019 - £23,028 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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The company donates all profits to Trinity Theatre and Arts Centre Limited by way of a gift aid distribution. |
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At 31 March 2019 the company was owed £2,200 (2018: £10,681) by
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During the year there was a cross charge of £
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8. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary undertaking of Trinity Theatre and Arts Centre Limited, a charity |
whose registered office is Trinity Theatre and Arts Centre, Church Road, Tunbridge Wells, Kent TN1 1JP. |
Copies of the consolidated group accounts of the parent charity, which include the results of the company, can be |
obtained on request from the parent charity's registered office. |