Orion Cinemas Limited
|
Registered number: |
03035321
|
Abridged Balance Sheet |
as at 31 May 2020
|
|
Notes |
|
|
2020 |
|
|
2019 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
- |
|
|
- |
Tangible assets |
4 |
|
|
71,961 |
|
|
78,023 |
|
|
|
|
71,961 |
|
|
78,023 |
|
Current assets |
Stocks |
|
|
4,342 |
|
|
4,308 |
Debtors |
|
|
49,394 |
|
|
61,417 |
Cash at bank and in hand |
|
|
158,145 |
|
|
118,954 |
|
|
|
211,881 |
|
|
184,679 |
|
Creditors: amounts falling due within one year |
|
|
(34,115) |
|
|
(66,518) |
|
Net current assets |
|
|
|
177,766 |
|
|
118,161 |
|
Total assets less current liabilities |
|
|
|
249,727 |
|
|
196,184 |
|
Creditors: amounts falling due after more than one year |
|
|
|
(48,958) |
|
|
- |
|
Provisions for liabilities |
|
|
|
(13,335) |
|
|
(11,604) |
|
|
Net assets |
|
|
|
187,434 |
|
|
184,580 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
6 |
|
|
150,000 |
|
|
150,000 |
Share premium |
|
|
|
20,000 |
|
|
20,000 |
Profit and loss account |
|
|
|
17,434 |
|
|
14,580 |
|
Shareholders' funds |
|
|
|
187,434 |
|
|
184,580 |
|
|
|
|
|
|
|
|
Continued |
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
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|
|
|
|
L G Allwood |
Director |
Approved by the board on 25 May 2021
|
|
Orion Cinemas Limited
|
Notes to the Abridged Accounts |
for the year ended 31 May 2020
|
|
|
1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The abridged accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 206 (as applicable to companies subject to the small company regime). The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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|
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services and is recognised as follows: Box office revenue - on the date of film showing Concessions and takeaway catering sales - at point of sale Advertising - over the period the advert is shown in the cinemas.
|
|
|
Intangible fixed assets - goodwill |
|
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. The company took advantage of the exemption available under FRS 102 section 35.10(a) to not apply the separation of identifiable assets to business combinations that were effective before the date of transition to FRS 102.
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|
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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|
|
Leasehold property |
over the period of the lease |
|
Plant and machinery |
10% - 20 % of net book value per annum |
|
Motor vehicles |
20 % of net book value per annum |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
|
|
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
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|
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
|
|
|
Leased assets |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
|
|
|
Government and other grants |
|
Government revenue grants are accounted using the accrual method and are recognised in income on a systematic basis over the period in which the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support, with no future related costs, are recognised in income in the period in which it becomes receivable. Other grants received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to profit and loss over the expected useful life of the asset.
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|
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Employee benefits |
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When employees have rendered service to the company, short term employees benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
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|
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Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
|
2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
10 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 June 2019 |
64,000 |
|
At 31 May 2020 |
64,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2019 |
64,000 |
|
At 31 May 2020 |
64,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Total |
£ |
|
Cost |
|
At 1 June 2019 |
273,615 |
|
Additions |
3,599 |
|
Disposals |
(5,546) |
|
At 31 May 2020 |
271,668 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2019 |
195,592 |
|
Charge for the year |
9,375 |
|
On disposals |
(5,260) |
|
At 31 May 2020 |
199,707 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2020 |
71,961 |
|
At 31 May 2019 |
78,023 |
|
|
5 |
Events after the reporting date |
|
|
Following the year end the director has continued to reviewed the impact of COVID-19 on the company's ability to continue in business and consider that although operations have been impacted by the virus resulting in a closure of operations, the company has managed the financial effect with government assistance and support form the director, The director is aware that COVID-19 is likely to impact on the company's customers, the industry in which it operates and the national economy. The director understands the biggest threats facing the business are the restrictions on opening operations and entrance by customers, demand by customers to attend screenings, and the supply chain for screening products. An estimate of the financial impact of these threats cannot be made. The director considers that the current financial position of the company, the support of the director, and the support and grants provided by the government will enable the company to manage the effects and be able to return to normal trading within a reasonable period.
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|
|
6 |
Share Capital |
Nominal |
|
2020 |
|
2020 |
|
2019 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid |
|
Ordinary shares
|
£1 each |
|
150,000 |
|
150,000 |
|
150,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Other financial commitments |
2020 |
|
2019 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
86,167 |
|
97,167 |
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
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|
Orion Cinemas Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The History Room at Farnham Pottery |
|
Pottery Lane |
|
Wrecclesham, Farnham |
|
Surrey |
|
GU10 4QJ |