Company Registration No. 07514558 (England and Wales)
ANGLIA REGIONAL THEATRE SCHOOL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
ANGLIA REGIONAL THEATRE SCHOOL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ANGLIA REGIONAL THEATRE SCHOOL LTD
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,000
11,000
Tangible assets
4
9,888
11,829
19,888
22,829
Current assets
Stocks
2,640
3,650
Debtors
5
7,635
5,674
Cash at bank and in hand
52,802
41,164
63,077
50,488
Creditors: amounts falling due within one year
6
(46,105)
(42,079)
Net current assets
16,972
8,409
Total assets less current liabilities
36,860
31,238
Provisions for liabilities
(1,532)
Net assets
36,860
29,706
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
36,858
29,704
Total equity
36,860
29,706
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
ANGLIA REGIONAL THEATRE SCHOOL LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2022
Mrs V Winship
Director
Company Registration No. 07514558
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Anglia Regional Theatre School Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 3 Bergen Way, North Lynn Industrial Estate, Kings Lynn, Norfolk, England, PE30 2JG.
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, 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is
20 years
.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Leasehold improvements
- 0%
Plant and equipment
- 25% reducing balance
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2020 and 31 May 2021
20,000
Amortisation and impairment
At 1 June 2020
9,000
Amortisation charged for the year
1,000
At 31 May 2021
10,000
Carrying amount
At 31 May 2021
10,000
At 31 May 2020
11,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2020
3,262
31,514
34,776
Additions
413
413
At 31 May 2021
3,262
31,927
35,189
Depreciation and impairment
At 1 June 2020
430
22,517
22,947
Depreciation charged in the year
2,354
2,354
At 31 May 2021
430
24,871
25,301
Carrying amount
At 31 May 2021
2,832
7,056
9,888
At 31 May 2020
2,832
8,997
11,829
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
409
Other debtors
7,226
5,674
7,635
5,674
ANGLIA REGIONAL THEATRE SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
14,850
9,022
Corporation tax
3,840
4,830
Other creditors
27,415
28,227
46,105
42,079