Assembly Festival Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC464585 (Scotland)

Unaudited Financial Statements

For The Year Ended 30 November 2020

for

Assembly Festival Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W W Burdett-Coutts

L O Johnson

REGISTERED OFFICE:

2 Roxburgh Place

Edinburgh

United Kingdom

EH8 9SU

REGISTERED NUMBER:

SC464585 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

522,988

416,472

CURRENT ASSETS

Stocks

1,385

1,385

Debtors

5

836,531

706,509

Cash at bank and in hand

2,079,082

1,710,155

2,916,998

2,418,049

CREDITORS

Amounts falling due within one year

6

496,209

1,081,866

NET CURRENT ASSETS

2,420,789

1,336,183

TOTAL ASSETS LESS CURRENT LIABILITIES

2,943,777

1,752,655

CREDITORS

Amounts falling due after more than one year

7

(2,033,957

)

(98,389

)

PROVISIONS FOR LIABILITIES

8

(31,593

)

(54,271

)

NET ASSETS

878,227

1,599,995

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

299,970

299,970

Retained earnings

578,157

1,299,925

SHAREHOLDERS' FUNDS

878,227

1,599,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2021 and were signed on its behalf by:

W W Burdett-Coutts - Director

1.	STATUTORY INFORMATION

Assembly Festival Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% on cost

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

Debtors

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.

Creditors

Short term trade 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.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 187 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 December 2019

-

111,964

920,471

30,087

1,062,522

Additions

312,293

-

752

4,307

317,352

Disposals

-

-

(16,896

)

(6,533

)

(23,429

)

At 30 November 2020

312,293

111,964

904,327

27,861

1,356,445

DEPRECIATION

At 1 December 2019

-

67,250

551,713

27,087

646,050

Charge for year

62,459

16,644

125,130

2,942

207,175

Eliminated on disposal

-

-

(14,234

)

(5,534

)

(19,768

)

At 30 November 2020

62,459

83,894

662,609

24,495

833,457

NET BOOK VALUE

At 30 November 2020

249,834

28,070

241,718

3,366

522,988

At 30 November 2019

-

44,714

368,758

3,000

416,472

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

fittings

£

COST

At 1 December 2019

and 30 November 2020

523,299

DEPRECIATION

At 1 December 2019

276,934

Charge for year

78,495

At 30 November 2020

355,429

NET BOOK VALUE

At 30 November 2020

167,870

At 30 November 2019

246,365

5.

DEBTORS

30.11.20

30.11.19

£

£

Amounts falling due within one year:

Trade debtors

37,037

90,679

Other debtors

206,342

155,532

VAT

14,670

-

Prepayments and accrued income

134,340

30,488

392,389

276,699

Amounts falling due after more than one year:

Other debtors

444,142

429,810

Aggregate amounts

836,531

706,509

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Bank loans and overdrafts

96,610

-

Hire purchase contracts

132,252

90,383

Trade creditors

30,585

111,059

Tax

-

119,117

Social security and other taxes

5,603

61,572

VAT

-

472,878

Other creditors

93,711

108,362

Accrued expenses

137,448

118,495

496,209

1,081,866

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

30.11.19

£

£

Bank loans - 1-2 years

386,441

-

Bank loans - 2-5 years

1,159,322

-

Bank loans more 5 yr by instal

257,627

-

Hire purchase contracts

230,567

98,389

2,033,957

98,389

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

257,627

-

8.	PROVISIONS FOR LIABILITIES

30.11.20

30.11.19

£

£

Deferred tax

31,593

54,271

Deferred

tax

£

Balance at 1 December 2019

54,271

Provided during year

(22,678

)

Balance at 30 November 2020

31,593

9.	RELATED PARTY DISCLOSURES

During the year the company traded with Assembly Theatre Ltd (the companies share a joint director William Burdett-Coutts) on an arms length basis. In the year Assembly Theatre Ltd invoiced Assembly Festival Limited for services of £58,866 (2019 - £76,618) , with Assembly Festival Limited invoicing Assembly Theatre Ltd for services totalling £5,045 (2019 - £2,958).

The amount due from the company to Assembly Theatre Ltd at the year end was £5,242, and due to the company from Assembly Theatre Ltd was £967.

During the year the company traded with Red Sixty One Ltd (the companies share a joint director William Burdett-Coutts) on an arms length basis. In the year Red Sixty Once Ltd invoiced Assembly Festival Limited for services of £20,000 (2019 - £1,180).

During the year the company received interest of £14,332 (2019 - £15,795) on a loan of £400,000 to Forestrox Ltd, a company which share the same Directors. The balance owed to Assembly Festival Ltd at the year end was £444,142.

Mr Burdett-Coutts invoices through a company, Burdett-Coutts Limited for his time operating as the Artistic-director of the company productions, along with invoicing for expenses incurred on the company behalf. In the period Mr Burdett-Coutts invoiced the company a total of £60,576 (2019 - £44,661) for services provided during the year.The company also purchased Fixed Assets to the amount of £1,050 from Burdett Coutts Ltd.

The amount due to Burdett-Coutts Ltd at the year end was £2,569 (2019 - £3,871).

In the year the company provided a loan of £200,500 to Assembly Wings Ltd, a company who now owns 100% of the shares in Assembly Festival Ltd.

In the year the company provided a loan of £65,000 to Edinburger Ltd, a company which shares a common Director (Mr William Burdett Coutts).

During the year the company traded with Showcatcher Ltd (the companies share a joint director William Burdett-Coutts) on an arms length basis. In the year Assembly Festival Limited invoiced £500 to Showcatcher Ltd for services provided.