Company Registration No. 03308803 (England and Wales)
MILLENNIUM PERFORMING ARTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
MILLENNIUM PERFORMING ARTS LTD
COMPANY INFORMATION
Directors
F G Maas
D McLennan
Company number
03308803
Registered office
29 Thomas Street
Woolwich
London
SE18 6HU
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
MILLENNIUM PERFORMING ARTS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Statement of cash flows
3
Notes to the financial statements
4 - 8
MILLENNIUM PERFORMING ARTS LTD
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,311
15,511
Current assets
Debtors
5
132,082
81,431
Cash at bank and in hand
43,576
39,345
175,658
120,776
Creditors: amounts falling due within one year
6
(224,659)
(88,025)
Net current (liabilities)/assets
(49,001)
32,751
Total assets less current liabilities
(36,690)
48,262
Capital and reserves
Called up share capital
7
15
15
Profit and loss reserves
(36,705)
48,247
Total equity
(36,690)
48,262
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 July 2019 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.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2020 and are signed on its behalf by:
F G Maas
Director
Company Registration No. 03308803
MILLENNIUM PERFORMING ARTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2017
15
46,063
46,078
Year ended 31 July 2018:
Profit and total comprehensive income for the year
-
42,184
42,184
Dividends
-
(40,000)
(40,000)
Balance at 31 July 2018
15
48,247
48,262
Year ended 31 July 2019:
Loss and total comprehensive income for the year
-
(84,952)
(84,952)
Balance at 31 July 2019
15
(36,705)
(36,690)
MILLENNIUM PERFORMING ARTS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
10
(8,148)
141,416
Income taxes paid
(9,154)
(4,362)
Net cash (outflow)/inflow from operating activities
(17,302)
137,054
Investing activities
Purchase of tangible fixed assets
(512)
(6,881)
Proceeds from other investments and loans
22,015
(22,015)
Interest received
30
618
Net cash generated from/(used in) investing activities
21,533
(28,278)
Financing activities
Dividends paid
-
(40,000)
Net cash used in financing activities
-
(40,000)
Net increase in cash and cash equivalents
4,231
68,776
Cash and cash equivalents at beginning of year
39,345
(29,431)
Cash and cash equivalents at end of year
43,576
39,345
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 4 -
1
Accounting policies
Company information
Millennium Performing Arts Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
29 Thomas Street, Woolwich, London, SE18 6HU.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
The fair value of consideration takes into account settlement discounts.
1.3
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:
Plant and machinery, etc
15% - 25% straight line
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
.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 5 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
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.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 6 -
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
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.
1.9
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
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 are included in the profit and loss account for the period.
2
Operating (loss)/profit
2019
2018
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
303
-
Audit fee
-
2,000
Depreciation of owned tangible fixed assets
5,963
5,962
Operating lease charges
233,700
299,366
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2018 - 4).
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018
241,920
Additions
511
At 31 July 2019
242,431
Depreciation and impairment
At 1 August 2018
226,409
Depreciation charged in the year
3,711
At 31 July 2019
230,120
Carrying amount
At 31 July 2019
12,311
At 31 July 2018
15,511
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
11,698
8,512
Amounts owed by group undertakings
38,032
13,607
Other debtors
82,352
59,312
132,082
81,431
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
114,316
3,656
Amounts owed to group undertakings
30,000
30,000
Corporation tax
-
11,514
Other taxation and social security
1,576
2,331
Other creditors
78,767
40,524
224,659
88,025
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary A shares of £1 each
5
5
5 Ordinary B shares of £1 each
5
5
5 Ordinary C shares of £1 each
5
5
15
15
8
Financial commitments, guarantees and contingent liabilities
On 20 May 2016, following the death of one of the shareholder/directors of the group, C shares were redesignated as non-voting. From that point a fixed accumulating dividend of £50,000 per annum was instigated by the articles of the holding company, the timing of payment of which is decided by the remaining directors of the group.
At the year-end there exists a contingent liability that the profits of the company may be required to satisfy this dividend.
9
Directors' transactions
At the balance sheet date, F G Maas owed the company £nil (2018: £22,015) which bore interest of 3.5% per annum.
10
Cash generated from operations
2019
2018
£
£
(Loss)/profit for the year after tax
(84,952)
42,184
Adjustments for:
Taxation (credited)/charged
(2,360)
10,713
Investment income
(30)
(618)
Depreciation and impairment of tangible fixed assets
3,712
5,960
Movements in working capital:
(Increase)/decrease in debtors
(72,666)
107,049
Increase/(decrease) in creditors
155,421
(9,505)
(Decrease) in deferred income
(7,273)
(14,368)
Cash (absorbed by)/generated from operations
(8,148)
141,415
Difference
-
1
Per cash flow statement page
(8,148)
141,416
2019-07-31
2018-08-01
false
17 April 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
F G Maas
D McLennan
Ms J Mitchell
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