Arts Enterprises Worcester Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02827118 (England and Wales)

Financial Statements for the Year Ended 31st August 2019

for

Arts Enterprises Worcester Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

John Edwin Murfin

John Anthony Yelland

Mrs Dawn Emma Long

SECRETARY:

John Anthony Yelland

REGISTERED OFFICE:

Huntingdon Hall

Crowngate

Worcester

Worcestershire

WR1 3LD

REGISTERED NUMBER:

02827118 (England and Wales)

AUDITORS:

Richards Sandy Partnership Ltd, Statutory Auditor

Chartered Certified Accountants

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

CURRENT ASSETS

Stocks

10,002

15,885

Debtors

6,592

4,639

Cash at bank and in hand

52,701

34,355

69,295

54,879

CREDITORS

Amounts falling due within one year

69,293

54,877

NET CURRENT ASSETS

2

2

TOTAL ASSETS LESS CURRENT LIABILITIES

2

2

CAPITAL AND RESERVES

Called up share capital

4

2

2

SHAREHOLDERS' FUNDS

2

2

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd June 2020 and were signed on its behalf by:

John Edwin Murfin - Director

1.	STATUTORY INFORMATION

Arts Enterprises Worcester Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements are prepared in sterling, which is the functional currency of the company. All

monetary amounts are rounded to the nearest £1.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

GOING CONCERN

The accounts have been prepared on a going concern basis, which the directors consider appropriate.

The company relies on support from the parent charitable company, Worcester Live Charitable Trust Limited,

which is considered to be available for the foreseeable future. At the year end Worcester Live Charitable Trust

Limited unrestricted reserves in deficit by £4,023 (2018 - unrestricted funds were not in deficit), following a net

unrestricted fund deficit for the year of £64,566 (2018 - £nil).

The nature of the parent charitable company’s business is such that the timing and amount of future income is

unpredictable. It is not possible to reliably predict future ticket sales during the current economic climate, neither

is it possible to predict the result of grant applications to supporting charities. Although there has been a

significant reduction in key funding this year, it is not expected that such funding will continue to fall in future

years.

However, during the year the parent charitable company undertook several actions to reduce expenditure over

the long term, including no longer renting the Henry Sandon Hall and Queen Elizabeth House and replacing

outgoing key staff with part time staff in order to reduce wage costs.

The parent charitable company has traded profitably for the first quarter of the financial year ended 31st August

2020 and is forecast to continue to trade profitably for the next two financial years.

For this reason, the financial statements of the parent charitable company have been prepared on a going

concern basis.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 when the company becomes party to contractual provisions of the

instrument.

Financial assets are offset, with the net amounts presented in the accounts where 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 and other receivables and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using

the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic Financial liabilities, including trade and other payables, are initially recognised at transaction price unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at

amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one

year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at

transaction cost.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Paul Sandy FCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Partnership Ltd, Statutory Auditor

6.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation

of the financial statements.

7.	CONSIGNMENT STOCK

At the year end the company held stock on a sale or return basis valued at £6,080 (2018 - £nil).