Company Registration No. 03308803 (England and Wales)
MILLENNIUM PERFORMING ARTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
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 - 2
Notes to the financial statements
3 - 8
MILLENNIUM PERFORMING ARTS LTD
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,300
9,495
Current assets
Debtors
4
48,679
59,179
Cash at bank and in hand
864
18,166
49,543
77,345
Creditors: amounts falling due within one year
5
(294,948)
(243,693)
Net current liabilities
(245,405)
(166,348)
Total assets less current liabilities
(238,105)
(156,853)
Creditors: amounts falling due after more than one year
6
(45,000)
(50,000)
Net liabilities
(283,105)
(206,853)
Capital and reserves
Called up share capital
7
15
15
Profit and loss reserves
(283,120)
(206,868)
Total equity
(283,105)
(206,853)
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 2021 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.
MILLENNIUM PERFORMING ARTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2022 and are signed on its behalf by:
F G Maas
Director
Company Registration No. 03308803
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
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
Going concern
At the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £
true
283,105
(2020: £206,853) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
for
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised as the service is provided, regardless of when cash is received or invoices are raised.
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:
Plant and machinery, etc
15% 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
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand and deposits held at call with banks.
Where applicable, bank overdrafts are shown within current liabilities.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Basic financial assets
Basic financial assets, which include
loans to fellow group companies,
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
and
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
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
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 2021
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
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.
1.12
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2020
242,790
Additions
995
At 31 July 2021
243,785
Depreciation and impairment
At 1 August 2020
233,295
Depreciation charged in the year
3,190
At 31 July 2021
236,485
Carrying amount
At 31 July 2021
7,300
At 31 July 2020
9,495
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
4,308
5,850
Corporation tax recoverable
225
Amounts owed by group undertakings
39,755
46,652
Other debtors
4,616
6,452
48,679
59,179
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
17,900
Trade creditors
126,240
133,506
Amounts owed to group undertakings
63,721
30,000
Taxation and social security
2,582
Other creditors
87,087
77,605
294,948
243,693
Within bank loans and overdrafts are amounts relating to a Bounce Back Loan totalling £5,000 that is 100% backed by the government, but not secured on the company's assets. The amount is repayable by equal monthly instalments over 5 years
with the final payment expected in January 2027. Interest is charged at
2.5%
per annum.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
45,000
50,000
The bank loan is a Bounce Back Loan that is 100% backed by the government, but not secured on the company's assets. The amount is repayable by equal monthly instalments over 5 years
with the final payment expected in January 2027. Interest is charged at
2.5%
per annum.
7
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
5
5
Ordinary B shares of £1 each
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.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 8 -
9
Related party transactions
As permitted under FRS102 s33.1A, the financial statements do not disclose transactions with the parent undertaking and fellow subsidiaries.
At the balance sheet date the company owed £55,721 (2020: £36,875) to The Dancers' Development Fund. Rent amounting to £80,000 (2020: £127,406) was charged by The Dancers' Development Fund to the company in the year in the year.
Included within other creditors is an amount due to the directors of £
Nil
(2020: £3,552).
Both of the above balances are unsecured, interest free and repayable on demand.