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2021-04-01
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1
2021-04-01
2022-03-31
Company registration number:
11025894
Hornsey Town Hall Arts Centre Limited
Financial statements
31 March 2022
Hornsey Town Hall Arts Centre Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Hornsey Town Hall Arts Centre Limited
Directors and other information
|
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Directors |
Mr D Chiu |
|
|
Mr J J Connolly |
|
|
Mr C T Hoong |
|
|
Mr P D Read |
|
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|
|
|
Company number |
11025894 |
|
|
|
|
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|
|
Registered office |
40 - 41 Furnival Street |
|
|
London |
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|
EC4A 1JQ |
|
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|
Business address |
Hornsey Town Hall Arts Centre |
|
|
The Broadway |
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|
LONDON |
|
|
N8 9BQ |
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|
|
|
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|
Auditor |
Leftley Rowe & Company |
|
|
Second Floor |
|
|
87 Kenton Road |
|
|
Harrow |
|
|
Middlesex |
|
|
HA3 0AH |
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|
|
Hornsey Town Hall Arts Centre Limited
Directors report
Year ended 31 March 2022
The directors present their report and the financial statements of the company for the year ended 31 March 2022.
Principal activity
The company is a joint venture between Far East Consortium International Limited and The Time + Space Co. Limited with the principal activity of operating the community area of the Hornsey Town Hall. The Hornsey Town Hall is part of the Hornsey Town Hall development situated around Crouch End, London, and which is being developed by Crouch End (FEC) London, the parent company of Hornsey Town Hall Arts Centre Limited.
Directors
The directors who served the company during the year were as follows:
|
Mr D Chiu |
Mr J J Connolly |
Mr C T Hoong |
Mr P D Read |
|
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
26 July 2023
and signed on behalf of the board by:
Mr J J Connolly
Director
Hornsey Town Hall Arts Centre Limited
Independent auditor's report to the members of
Hornsey Town Hall Arts Centre Limited
Year ended 31 March 2022
Opinion
We have audited the financial statements of Hornsey Town Hall Arts Centre Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to but not limited to, Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates. Audit procedures performed included: - Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. - Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. - Reviewing the financial statements for compliance with the Companies Act 2006. - Evaluating and challenging the reasonableness of accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Andrews
(Senior Statutory Auditor)
For and on behalf of
Leftley Rowe & Company
Statutory Auditor
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
28 September 2023
Hornsey Town Hall Arts Centre Limited
Statement of income and retained earnings
Year ended 31 March 2022
|
|
|
|
2022 |
|
2021 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
9,700 |
|
(
4,728) |
|
|
Cost of sales |
|
|
|
- |
|
(
875) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit/(loss) |
|
|
|
9,700 |
|
(
5,603) |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
332,341) |
|
(
159,392) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating loss |
|
5 |
|
(
322,641) |
|
(
164,995) |
|
|
|
|
|
|
|
|
|
|
|
Interest payable and similar expenses |
|
7 |
|
- |
|
(
1) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Loss before taxation |
|
|
|
(
322,641) |
|
(
164,996) |
|
|
|
|
|
|
|
|
|
|
|
Tax on loss |
|
|
|
- |
|
- |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Loss for the financial year and total comprehensive income |
|
|
|
(
322,641) |
|
(
164,996) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
(
579,853) |
|
(
414,857) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
(
902,494) |
|
(
579,853) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Hornsey Town Hall Arts Centre Limited
Statement of financial position
31 March 2022
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2022 |
|
|
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2021 |
|
|
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
8 |
29,638 |
|
|
|
1,044 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
29,638 |
|
|
|
1,044 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
9 |
26,720 |
|
|
|
53,138 |
|
|
Cash at bank and in hand |
|
|
9,100 |
|
|
|
48,702 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
35,820 |
|
|
|
101,840 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
11 |
(
967,852) |
|
|
|
(
682,637) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
932,032) |
|
|
|
(
580,797) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
902,394) |
|
|
|
(
579,753) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
902,394) |
|
|
|
(
579,753) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
(
902,494) |
|
|
|
(
579,853) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
902,394) |
|
|
|
(
579,753) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
26 July 2023
, and are signed on behalf of the board by:
Mr J J Connolly
Mr P D Read
Director
Director
Company registration number:
11025894
Hornsey Town Hall Arts Centre Limited
Statement of cash flows
Year ended 31 March 2022
|
|
|
2022 |
|
2021 |
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Loss for the financial year |
|
|
(
322,641) |
|
(
164,996) |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
|
7,583 |
|
348 |
Interest payable and similar expenses |
|
|
- |
|
1 |
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Trade and other debtors |
|
|
26,418 |
|
4,999 |
Trade and other creditors |
|
|
(
78,836) |
|
(
25,758) |
|
|
|
_______ |
|
_______ |
Cash generated from operations |
|
|
(
367,476) |
|
(
185,406) |
|
|
|
|
|
|
Interest paid |
|
|
- |
|
(
1) |
|
|
|
_______ |
|
_______ |
Net cash used in operating activities |
|
|
(
367,476) |
|
(
185,407) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
|
(
36,177) |
|
- |
|
|
|
_______ |
|
_______ |
Net cash (used in)/from investing activities |
|
|
(
36,177) |
|
- |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from loans from group undertakings |
|
|
321,221 |
|
226,144 |
Proceeds from loans from participating interests |
|
|
42,830 |
|
3,894 |
|
|
|
_______ |
|
_______ |
Net cash from financing activities |
|
|
364,051 |
|
230,038 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
(
39,602) |
|
44,631 |
Cash and cash equivalents at beginning of year |
10 |
|
48,702 |
|
4,071 |
|
|
|
_______ |
|
_______ |
Cash and cash equivalents at end of year |
10 |
|
9,100 |
|
48,702 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Hornsey Town Hall Arts Centre Limited
Notes to the financial statements
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 40 - 41 Furnival Street, London, EC4A 1JQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.The company has made a loss for the financial year and has net liabilities. It receives support from the ultimate parent undertaking and other related companies to assist with working capital requirements. The ultimate parent company, Far East Consortium International Limited, has confirmed its continued support for working capital requirements for a period of at least twelve months from the date of approval of these financial statements. The directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating loss
Operating loss is stated after charging/(crediting):
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
7,583 |
348 |
|
Fees payable for the audit of the financial statements |
|
|
5,750 |
5,750 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
7.
Interest payable and similar expenses
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
- |
1 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
8.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2021 |
1,740 |
1,740 |
|
|
|
|
|
|
Additions |
36,177 |
36,177 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2022 |
37,917 |
37,917 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2021 |
696 |
696 |
|
|
|
|
|
|
Charge for the year |
7,583 |
7,583 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2022 |
8,279 |
8,279 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2022 |
29,638 |
29,638 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2021 |
1,044 |
1,044 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
- |
150 |
|
Prepayments and accrued income |
|
- |
13,000 |
|
Other debtors |
|
26,720 |
39,988 |
|
|
|
_______ |
_______ |
|
|
|
26,720 |
53,138 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Cash and cash equivalents
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
9,100 |
48,702 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
16,519 |
62,980 |
|
Amounts owed to group undertakings |
|
847,525 |
526,304 |
|
Amounts owed to undertakings in which the company has a participating interest |
|
94,450 |
51,620 |
|
Accruals and deferred income |
|
9,358 |
5,000 |
|
Social security and other taxes |
|
- |
20,196 |
|
Director loan accounts |
|
- |
1,704 |
|
Other creditors |
|
- |
14,833 |
|
|
|
_______ |
_______ |
|
|
|
967,852 |
682,637 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Related party transactions
Hornsey Town Hall Arts Centre Limited
("the company") is a joint venture organization between Far East Consortium International Limited and The Time + Space Co. Limited for the operation of the community area of the Hornsey Town Hall. The Hornsey Town Hall is part of the Hornsey Town Hall development situated around Crouch End, London, and which is being developed by Crouch End (FEC) London, the parent company of Hornsey Town Hall Arts Centre Limited
and a member of the Far East Consortium International Limited group. The Time + Space Co. Limited is a significant shareholder of the company.During the year the company paid management fees of £nil (2021: £18,750) to The Time + Space Co. Limited.During the period the company paid management fees of £60,535 (2021: £37,500) to Adventures in Time + Space Limited, a company with a common significant shareholder to The Time + Space Co. Limited. The company was also recharged Central Staffing costs of £111,892 (2021: £46.992) by Adventures in Time + Space Limited.The company's working capital requirements are funded by the two significant shareholders and joint venture partners. At the Balance Sheet date the amounts owed to Far East Consortium International Limited group companies and The Time + Space Co. Limited respectively were £847,525 (2021: £526,304) and £94,450 (2021: £51,620). These amounts are included within note 11.At the Balance Sheet date the company also owed an amount of £nil (2021: £42,489) to Adventures in Time + Space Limited. These balances are included within note 11.At the Balance Sheet date the company also owed an amount of £nil (2021: £12,010) to The Time + Workspace Group Limited, a company with a common significant shareholder to The Time + Space Co. Limited. These balances are included within note 11.At the Balance Sheet date the company was owed an amount of £nil (2021: £10,777) by The Creative District Improvement Company Limited, a company with a common significant shareholder to The Time + Space Co. Limited. These balances are included within note 9.
14.
Controlling party
The immediate parent undertaking is Crouch End (FEC) Limited, a company incorporated in England & Wales. The ultimate parent undertaking is Far East Consortium International Limited, a company incorporated in Cayman Islands.
15.
Covid-19
In March 2020 the World Health Organisation declared a global pandemic in respect of the Covid- 19 Coronavirus outbreak. There has been a severe impact on both the UK and global economies as a result. Significant social restrictions were in place in the UK, including full national lockdowns from March 2020 to June 2020, November 2020 and January 2021 to March 2021. The UK successfully rolled out a vaccination programme during 2021; however the rapid spread of the Omicron variant of Covid-19 in late 2021 led to restrictions being re-implemented to protect the NHS during the winter months. In January 2022 the UK Government announced the end of Plan B of its Winter Covid-19 plan, which eased certain restrictions. From 24 February 2022 all remaining Coronavirus restrictions were lifted in England. The impact of the pandemic has been to delay the completion of the Hornsey Town Hall development in Crouch End. The turnover of the company has also been severely adversely impacted because of the delayed practical completion of Hornsey Town Hall. The company continues to receive the support of group companies to assist with its working capital requirements during this time.