ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

NETWORK ON STAGE LTD - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2019-05-312019-05-312020-05-19falsetrue2018-06-01No description of principal activityfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08069771 2018-06-01 2019-05-31 08069771 2017-06-01 2018-05-31 08069771 2019-05-31 08069771 2018-05-31 08069771 c:Director1 2018-06-01 2019-05-31 08069771 d:CurrentFinancialInstruments 2019-05-31 08069771 d:CurrentFinancialInstruments 2018-05-31 08069771 d:CurrentFinancialInstruments d:WithinOneYear 2019-05-31 08069771 d:CurrentFinancialInstruments d:WithinOneYear 2018-05-31 08069771 d:ShareCapital 2019-05-31 08069771 d:ShareCapital 2018-05-31 08069771 d:RetainedEarningsAccumulatedLosses 2019-05-31 08069771 d:RetainedEarningsAccumulatedLosses 2018-05-31 08069771 c:FRS102 2018-06-01 2019-05-31 08069771 c:AuditExempt-NoAccountantsReport 2018-06-01 2019-05-31 08069771 c:FullAccounts 2018-06-01 2019-05-31 08069771 c:PrivateLimitedCompanyLtd 2018-06-01 2019-05-31 08069771 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-06-01 2019-05-31 iso4217:GBP xbrli:pure

Registered number: 08069771









NETWORK ON STAGE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2019
 
NETWORK ON STAGE LIMITED
REGISTERED NUMBER: 08069771

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2019

2019
2018
Note
£
£

Fixed assets
  

Investments
  
1
-

  
1
-

Current assets
  

Stocks
 6 
-
52,256

Debtors: amounts falling due within one year
 7 
5,000
-

Cash at bank and in hand
  
25,005
600

  
30,005
52,856

Creditors: amounts falling due within one year
 8 
(18,700)
(54,640)

Net current assets/(liabilities)
  
 
 
11,305
 
 
(1,784)

Total assets less current liabilities
  
11,306
(1,784)

  

Net assets/(liabilities)
  
11,306
(1,784)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
11,304
(1,786)

  
11,306
(1,784)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.


 
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NETWORK ON STAGE LIMITED
REGISTERED NUMBER: 08069771
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2019


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2020.


D R Luff
Director

The notes on pages 3 to 5 form part of these financial statements.

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NETWORK ON STAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019

1.


General information

Network On Stage Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is c/o Lee Menzies Limited, 19 Garrick Street, London, WC2E 9AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The  company  is  the  parent  undertaking  of  a  small  group  and  as  such  is  not  required  by  the Companies  Act  2006  to  prepare  group  accounts.  These  financial  statements  therefore  present information about the company as an individual undertaking and not about its group.

 
2.2

Revenue

Revenue  is  recognised  to  the  extent  that  it  is  probable  that  the  economic  benefits  will  flow  to  the Company and  the  revenue  can be  reliably measured.  Revenue is measured as the fair value of the consideration  received  or receivable,  excluding  discounts,  rebates,  value  added  tax and other sales taxes.
Revenue comprises producer fees, royalties, and fees receivable for office costs. Revenue is invoiced in arrears with an adjustment at the reporting date to accrue any income that has not been invoiced. 

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Production costs

Production  costs  comprise  the  cumulative  amounts incurred  prior  to  the  theatre production going to stage.  The  cost  is then  amortised  to  the  statement  of income and retained earnings over  the period in which the production takes place.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Page 3
 
NETWORK ON STAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 May 2019
1





6.


Production costs

2019
2018
£
£

Theatre production costs
-
52,256



7.


Debtors

2019
2018
£
£


Other debtors
5,000
-

5,000
-


Page 4
 
NETWORK ON STAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019

8.


Creditors: Amounts falling due within one year

2019
2018
£
£

Other creditors
-
53,640

Accruals and deferred income
18,700
1,000

18,700
54,640



9.


Related party transactions

During the period D R Luff, a director, received producer fees of £23,600 (2018: £nil). At the reporting date the company owed £nil (2018: £20,792) to D R Luff. The balance was provided interest free and is repayable on demand.  
During the period P A Myles, a director, received producer fees of £23,600 (2018: £nil). At the reporting date the company owed £nil (2018: £8,408) to P A Myles. The balance was provided interest free and is repayable on demand. 
The  company  is  exempt  from  disclosing  related  party  transactions  with  companies  that  are  wholly owned  within  the  group.  The  company  has  not  entered  into  any  other  transactions  with  related  parties that are material and that have not been concluded under normal market conditions. 

 
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