The Old Vic Theatre Limited
Financial Statements
For Filing with Registrar
For the year ended 31 August 2019
Company Registration No. 03585885 (England and Wales)
The Old Vic Theatre Limited
Company Information
Directors
A L Banes
R A Bourne
S A Greene
Secretary
S Van Der Pas
Company number
03585885
Registered office
The Old Vic
103 The Cut
London
United Kingdom
SE1 8NB
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Business address
The Old Vic
103 The Cut
London
United Kingdom
SE1 8NB
The Old Vic Theatre Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
The Old Vic Theatre Limited
Balance Sheet
As at 31 August 2019
Page 1
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
989,211
989,211
Cash at bank and in hand
4,124
4,154
993,335
993,365
Creditors: amounts falling due within one year
4
(1,000,203)
(1,000,203)
Net current liabilities
(6,868)
(6,838)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(6,870)
(6,840)
Total equity
(6,868)
(6,838)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 28 May 2020 and are signed on its behalf by:
A L Banes
Director
Company Registration No. 03585885
The Old Vic Theatre Limited
Notes to the Financial Statements
For the year ended 31 August 2019
Page 2
1
Accounting policies
Company information
The Old Vic Theatre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Vic, 103 The Cut, London, United Kingdom, SE1 8NB.
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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken the following exemptions under the small companies regime:
-
The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).
-
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
-
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company is in a net liabilities position at the current and prior year ends. The company is supported in its operations by loans from related parties who do not require repayment until such time as the company is able.
1.3
Cash at bank and in hand
Cash at bank and in hand
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.
1.4
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.
1.5
Equity instruments
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was - (2018 - 0).
The Old Vic Theatre Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2019
Page 3
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts due from group undertakings
989,211
989,211
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
203
203
Other creditors
1,000,000
1,000,000
1,000,203
1,000,203
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2
2
2
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James Cross.
The auditor was Moore Kingston Smith LLP.
7
Related party transactions
Included within Other Creditors is a loan of £500,000 (2018: £500,000) payable to an entity set up by one of the trustees. The loan is provided unsecured, interest free, and is repayable on demand.
8
Parent company
The immediate and ultimate parent company is the Old Vic Theatre Trust 2000, a charitable company registered in England and Wales. The company's registered office and principal place of business is The Old Vic, 103 The Cut, London, SE1 8NB.
The Old Vic Theatre Trust 2000 prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.