Billy Elliot Academy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Edelman House, 1238 High Road, Whetstone, London, N20 0LH.
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.
These financial statements for the year ended 31 August 2016 are the first financial statements of Billy Elliot Academy 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. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
In accordance with the transitional exemption in section 35 of FRS 102, Billy Elliot Academy Limited has elected to retain its accounting policies for reported assets, liabilities and equity before the date of transition to FRS 102.
These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the support of certain related creditors. Assurance has been received from the ultimate parent company that it will provide financial support for the foreseeable future. If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for further liabilities that might arise.
Basic financial assets, which include debtors , 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.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The company has taken advantage of the exemption available under FRS 102 section 1A whereby it has not disclosed any transactions or balances with any wholly owned group companies.
The immediate and ultimate parent company is The Old Vic Theatre Trust 2000, a company registered in England and Wales.
The Old Vic Theatre Trust 2000 prepares group financial statements and copies can be obtained from Companies House.