Company Registration No. 09758142 (England and Wales)
CHORAL STUDIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
CHORAL STUDIO LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
CHORAL STUDIO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
6,161
4,181
Current assets
Trade and other receivables
4
2,940
2,133
Cash and cash equivalents
168,174
161,414
171,114
163,547
Current liabilities
5
(27,964)
(30,953)
Net current assets
143,150
132,594
Total assets less current liabilities
149,311
136,775
Equity
Called up share capital
6
3
3
Retained earnings
149,308
136,772
Total equity
149,311
136,775
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2020 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 16 March 2021 and are signed on its behalf by:
Mr A L Hilton
Director
Company Registration No. 09758142
CHORAL STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 2 -
1
Accounting policies
Company information
Choral Studio Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First House, 1 Sutton Street, Birmingham, B1 1PE.
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 and the principal accounting policies adopted are set out below.
1.2
Going concern
As a result of the spread of COVID-19 coronavirus, economic uncertainties have arisen which may negatively affect the financial position, results of operations and cash flows of the company. The duration of these financial uncertainties and the ultimate financial effect are difficult to reasonably estimate at this time.
true
The directors have reviewed the cash flow forecasts for the company and believe that operations will continue to generate positive inflows. Given the projected inflows and existing cash reserves it is appropriate to continue to use the going concern basis for preparing the financial statements
.
1.3
Revenue
Revenue 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.
1.4
Property, plant and equipment
Property, plant and equipment
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:
Fixtures and fittings
10% straight line
Computers
10% 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
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
CHORAL STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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
trade debtors, other debtors
and cash and bank balances, are initially measured at transaction price are subsequently carried at amortised cost
less impairment. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
trade creditors, other creditors and other taxation and social security
are
initially recognised at transaction price
and
subsequently carried at amortised cost
.
1.8
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 income statement 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.
1.9
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
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.
CHORAL STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
5
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 September 2019
5,002
Additions
2,536
At 31 August 2020
7,538
Depreciation and impairment
At 1 September 2019
821
Depreciation charged in the year
556
At 31 August 2020
1,377
Carrying amount
At 31 August 2020
6,161
At 31 August 2019
4,181
4
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Other receivables
2,940
2,133
CHORAL STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 5 -
5
Current liabilities
2020
2019
£
£
Trade payables
706
-
Corporation tax
5,865
4,382
Other taxation and social security
1,297
504
Other payables
20,096
26,067
27,964
30,953
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3