Company Registration No. 03453788 (England and Wales)
LAINE THEATRE ARTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
PAGES FOR FILING WITH REGISTRAR
LAINE THEATRE ARTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N M Matthews
E M Jenkins
Secretary
K E E Mumford
Company number
03453788
Registered office
First Floor, Sheraton House
Lower Road
Chorleywood
Hertfordshire
WD3 5LH
Accountants
Summers Morgan
First Floor, Sheraton House
Lower Road
Chorleywood
Hertfordshire
WD3 5LH
Bankers
National Westminster Bank
PO Box 294
47 Carfax
Horsham
West Sussex
RH12 1YZ
LAINE THEATRE ARTS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LAINE THEATRE ARTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,589
-
Investment properties
4
3,000,000
2,200,000
Investments
5
100
100
3,040,689
2,200,100
Current assets
Debtors
7
153,965
108,250
Cash at bank and in hand
117,046
716,057
271,011
824,307
Creditors: amounts falling due within one year
8
(715,444)
(673,097)
Net current (liabilities)/assets
(444,433)
151,210
Total assets less current liabilities
2,596,256
2,351,310
Provisions for liabilities
(219,352)
(186,793)
Net assets
2,376,904
2,164,517
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
2,376,804
2,164,417
Total equity
2,376,904
2,164,517
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 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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 15 May 2017 and are signed on its behalf by:
E M Jenkins
Director
Company Registration No. 03453788
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
1
Accounting policies
Company information
Laine Theatre Arts Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 August 2016
are the
first
financial statements of Laine Theatre Arts Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.
1.2
Turnover
Turnover represents rents receivable during the year.
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.
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:
Motor vehicles
25% on reducing balance
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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.
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 only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at amortised cost.
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.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
The financial statements present information about the company as an individual undertaking and not
about its group. The company and its subsidiary undertaking comprise a small-sized group. The company
has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not
to prepare group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2015 - 1).
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2015
-
Additions
54,831
Disposals
(712)
At 31 August 2016
54,119
Depreciation and impairment
At 1 September 2015
-
Depreciation charged in the year
13,530
At 31 August 2016
13,530
Carrying amount
At 31 August 2016
40,589
At 31 August 2015
-
4
Investment property
2016
£
Fair value
At 1 September 2015
2,200,000
Additions
569,762
Revaluations
230,238
At 31 August 2016
3,000,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Frasier Breeth Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2016
2015
£
£
Investments
100
100
Fixed assets investments represents a 100% shareholding in Laine Theatre Arts Ltd.
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2015 & 31 August 2016
100
Carrying amount
At 31 August 2016
100
At 31 August 2015
100
6
Subsidiaries
Details of the company's subsidiaries at 31 August 2016 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Laine Theatre Arts Ltd
UK
Dance and drama college
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Laine Theatre Arts Ltd
8,489
778,751
7
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
153,965
108,250
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 6 -
8
Creditors: amounts falling due within one year
2016
2015
£
£
Amounts due to group undertakings
391,508
227,041
Corporation tax
347
9,211
Other taxation and social security
6,375
5,825
Other creditors
317,214
431,020
715,444
673,097
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions
Transactions took place during the year between the company and Laine Theatre Arts Ltd a company
controlled by Mrs E M Jenkins.
Transactions with related parties during the year were rent receivable of £230,000 (201
5
: £230,000) and
loan interest payable £
23,790
(201
5
£
33,080
). Amounts due to group and associated companies amounted
to £
391,508
(201
5
: £
227,041
), and amounts due from group and associated companies amounted to
£1
52,252
(201
5
: £
107,936
).
A
mounts due to the company's director were £
293,609
(201
5
: £
410,314
).
11
Controlling party
The Company is controlled by its director.
12
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
1 September
31 August
2014
2015
Notes
£
£
Equity as reported under previous UK GAAP
1,379,974
1,405,719
Adjustments arising from transition to FRS 102:
Freehold property reclassified as investment property
(i)
933,967
945,591
Deferred tax on investment property revaluation
(ii)
(186,793)
(186,793)
Equity reported under FRS 102
2,127,148
2,164,517
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
12
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Reconciliation of profit for the financial period
2015
Notes
£
Profit as reported under previous UK GAAP
25,745
Adjustments arising from transition to FRS 102:
Reverse depreciation on freehold property reclassified as investment property
(i)
11,624
Profit reported under FRS 102
37,369
Notes to reconciliations on adoption of FRS 102
(i) Freehold property reclassified as investment property
Under previous UK GAAP freehold properties leased to group companies were classified as fixed assets and depreciated over their useful life. Under new UK GAAP the properties are classified as investment properties and revalued. The revaluation is shown in the profit and loss reserves.
(ii) Deferred tax
Under FRS102 the deferred tax liability arising on revaluations is provided for in full.
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