Bell Theatre Services Limited
Unaudited Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 02129237 (England and Wales)
Bell Theatre Services Limited
Company Information
Directors
C.M. Bell
S. Downey
P. Oliver
T. Bell
Company number
02129237
Registered office
9B Chester Road
Borehamwood
Herts
WD6 1LT
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Bell Theatre Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Bell Theatre Services Limited
Balance Sheet
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
178,695
125,712
Current assets
Stock
576,058
441,375
Debtors
4
2,709,694
2,285,682
Cash at bank and in hand
3,946,635
3,738,368
7,232,387
6,465,425
Creditors: amounts falling due within one year
5
(900,513)
(410,061)
Net current assets
6,331,874
6,055,364
Total assets less current liabilities
6,510,569
6,181,076
Provisions for liabilities
(157)
Net assets
6,510,412
6,181,076
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
6,510,410
6,181,074
Total equity
6,510,412
6,181,076
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
Bell Theatre Services Limited
Balance Sheet (Continued)
As at 31 March 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 3 November 2022 and are signed on its behalf by:
C.M. Bell
Director
Company Registration No. 02129237
Bell Theatre Services Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
Bell Theatre Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9B Chester Road, Borehamwood, Herts, WD6 1LT.
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 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
Going concern
A
true
t the time of approving the financial statements
,
t
he director
s
ha
ve
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director
s
continue to adopt the going concern basis of accounting in preparing the financial statements.
The Directors have also considered the impact of the Coronavirus and measures taken in the UK. The company has a strong cash and
net asset
position at the time of approval of these financial statements. Having made enquiries, the Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of
signing
of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised upon delivery of goods or at the date the service is carried out.
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
straight line over 3 years
Plant and machinery
straight line over 2 years
Fixtures, fittings & equipment
straight line over 4 years
Motor vehicles
straight line over 4 years
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
.
Bell Theatre Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 4
1.5
Stock
Stock
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
stock
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
payments
discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. Accounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Bell Theatre Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 5
1.8
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
Bell Theatre Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 6
1.12
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.
1.13
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.
1.14
Equipment leased to customers
Equipment leased to customers has been included at cost in the fixed assets of the company. The leases are deemed to be operating leases by virtue of the majority of the useful economic life of the asset remaining with the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15
(20
2
1: 15).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
187,084
1,773,867
1,960,951
Additions
59,675
70,532
130,207
At 31 March 2022
246,759
1,844,399
2,091,158
Depreciation and impairment
At 1 April 2021
187,084
1,648,155
1,835,239
Depreciation charged in the year
4,973
72,251
77,224
At 31 March 2022
192,057
1,720,406
1,912,463
Carrying amount
At 31 March 2022
54,702
123,993
178,695
At 31 March 2021
125,712
125,712
Bell Theatre Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 7
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,051,257
434,244
Other debtors
1,178,437
1,358,034
2,229,694
1,792,278
Deferred tax asset
13,404
2,229,694
1,805,682
Amounts falling due after one year:
Other debtors
480,000
480,000
Total debtors
2,709,694
2,285,682
Debtors include an amount of £480,000
(202
1
- £
480,000
) which is due after more than one year.
The deferred tax has been recognised in the accounts because it is the directors' opinion that this timing difference will be reversed in future periods.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
609,650
289,086
Corporation tax
66,225
25,795
Other taxation and social security
172,816
63,190
Other creditors
51,822
31,990
900,513
410,061
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
Bell Theatre Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 8
7
Related party transactions
The company is owed £1,636,131 (20
2
1: £1
,
79
7,
830) by Search 4 Space Limited, a company of which S M Mitchell and C M Bell are both directors holding 15% and 85% of the share capital respectively. Interest is charged at Bank of England base rate plus 7.5%. During the year, the company charged interest of £1
3
8,300 on the loan (20
2
1: £139,
9
12). £480,000 of this loan is repayable after more than one year with the balance repayable on demand.
Bell Theatre Services Limited occupy premises owned by Search 4 Space Limited at a market rent of £168,675 (20
2
1: £137,812) per annum. The company has entered into a cross-guarantee arrangement in respect of the mortgage held by Search 4 Space Limited
.
8
Controlling party
C M Bell is the controlling party by virtue of holding 100% of the issued share capital.