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Registered number: 07918378
PREMIER PERFORMING ARTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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PREMIER PERFORMING ARTS LIMITED
REGISTERED NUMBER: 07918378
BALANCE SHEET
AS AT 31 AUGUST 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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PREMIER PERFORMING ARTS LIMITED
REGISTERED NUMBER: 07918378
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2019
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.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
Premier Performing Arts Limited is a private company limited by shares and incorporated in England, registration number 07918378. The registered office is Old Apple Store, Shropham, Attleborough, NR17 1EJ.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are presented in GBP Sterling and rounded to the nearest £.
The following principal accounting policies have been applied:
The Group of which this Company is a member operates the Premier Education programme of sports and physical activities. On 1 September 2019, the trade and assets of this Company was hived across to fellow group undertaking Premier Sports Limited.
For this reason, the directors do not consider the Company to be a going concern. The financial statements have therefore been drawn up to include all assets at the amounts expected to be recoverable from their use or eventual disposal and to make provision for all liabilities expected to arise as a result of the cessation of trade.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from licence fees is recognised at the start of the subscription period.
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 5 (2018 - 5).
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Amounts owed by group undertakings
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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A prior year adjustment has been made due to an error in the application of the accounting policy for when licence fee income is recognised. As such, retained earnings at 1 September 2018 have been restated from £87,907 to a deficit of £28,093. Revenue for the year ended 31 August 2018 has decreased from £327,809 to £293,407 and deferred income of £162,825 has been recognised at 31 August 2018.
The above has resulted in the net assets at 31 August 2018 being restated from £246,417 to £83,792.
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PREMIER PERFORMING ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102 from the requirement to disclose transactions with its parent company and any wholly owned subsidiaries.
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Post balance sheet events
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Subsequent to the year end the impact of the Covid-19 pandemic became significant with lockdown in the UK in March 2020. The directors consider the event to be non-adjusting, and in any event do not believe the event would have created any material impact on the Balance sheet at the year end.
As noted within note 2.2 to the financial statements, the Company ceased trading on 1 September 2019 following the hive across of the assets and trade to fellow group undertaking Premier Sports Limited.
The immediate and ultimate parent undertaking, is Premier Education Group Limited (formerly Premier Education Group Plc), a company incorporated in England, which owns 100% of the issued share capital.
There is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 August 2019 was unqualified.
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However, the audit report included the following paragraph:
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 2.2 in the financial statements, which explains that the Company has ceased to trade on 1 September 2019. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.
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The audit report was signed on 27 November 2020 by Anders Rasmussen FCA (Senior Statutory Auditor) on behalf of Larking Gowen LLP.
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