Company Registration No. 02784148 (England and Wales)
EUROPEAN ARTS COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
EUROPEAN ARTS COMPANY LTD
COMPANY INFORMATION
Directors
Mr J O'Connor
Ms R J Orme
Company number
02784148
Registered office
Hazlitt Theatre
Earl Street
Maidstone
Kent
ME14 1PL
Accountants
Theataccounts Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EUROPEAN ARTS COMPANY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
EUROPEAN ARTS COMPANY LTD
ENTERTAINMENT ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EUROPEAN ARTS COMPANY LTD FOR THE YEAR ENDED 5 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of European Arts Company Ltd for the year ended 5 April 2023 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that European Arts Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of European Arts Company Ltd. You consider that European Arts Company Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of European Arts Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Theataccounts Limited
28 November 2023
Entertainment Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EUROPEAN ARTS COMPANY LTD
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
549
Current assets
Debtors
4
5,117
Cash at bank and in hand
11,101
5,117
11,101
Creditors: amounts falling due within one year
5
(10,636)
(16,421)
Net current liabilities
(5,519)
(5,320)
Total assets less current liabilities
(4,970)
(5,320)
Creditors: amounts falling due after more than one year
6
(10,894)
(14,894)
Net liabilities
(15,864)
(20,214)
Reserves
Income and expenditure account
(15,864)
(20,214)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 5 April 2023 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.
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.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr J O'Connor
Director
Company Registration No. 02784148
EUROPEAN ARTS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Company information
European Arts Company Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Hazlitt Theatre, Earl Street, Maidstone, Kent, ME14 1PL.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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:
Computers
33% on cost
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
EUROPEAN ARTS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022
Additions
819
At 5 April 2023
819
Depreciation and impairment
At 6 April 2022
Depreciation charged in the year
270
At 5 April 2023
270
Carrying amount
At 5 April 2023
549
At 5 April 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
5,117
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,383
4,000
Corporation tax
794
Other taxation and social security
2,608
Other creditors
1,851
12,421
10,636
16,421
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,894
14,894
EUROPEAN ARTS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 5 -
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
1,383
Bank loans
14,894
18,894
16,277
18,894
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Ultimate controlling party
There is no ultimate controlling party.