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 2020

for

Arts Enterprises Worcester Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

John Edwin Murfin

Dawn Emma Long

SECRETARY:

Sarah-Jane Morgan

REGISTERED OFFICE:

Huntingdon Hall

Crowngate

Worcester

Worcestershire

WR1 3LD

REGISTERED NUMBER:

02827118 (England and Wales)

AUDITORS:

Richards Sandy Audit Services Limited

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

CURRENT ASSETS

Stocks

6,645

10,002

Debtors

1,952

6,592

Cash at bank and in hand

115,285

52,701

123,882

69,295

CREDITORS

Amounts falling due within one year

123,880

69,293

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 2020 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 21st April 2021 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.

During the COVID-19 lock down, both Arts Enterprises Worcester Limited and Worcester Live Charitable Trust Limited have effectively ceased trading and is not expected to recommence trading until after the COVID-19 lock down has ended. However Arts Enterprises Worcester Limited have practically no fixed overheads and Worcester Live Charitable Trust Limited has received significant financial support in the form of COVID-19 related grant income. For this reason, the financial statements of the parent charitable company have also been prepared on a going concern basis.

TURNOVER

Turnover is recognised when bar, food and merchandise products are served to customers, after deducting discounts and sales-based taxes.

GOVERNMENT GRANTS

Government grants are recognised using the accruals model.

Government grants relating to compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs are recognised in income in the period in which the grants becomes receivable.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

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 Audit Services Limited

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.	PARENT COMPANY

The parent charitable company is Worcester Live Charitable Trust Limited, whose registered office is Huntingdon Hall, Crowngate, Worcester, Worcestershire, England, WR1 3LD.

8.	CONSIGNMENT STOCK

At the year end the company held stock on a sale or return basis valued at £nil (2019 - £6,080).