Arts Enterprises Worcester Ltd - Accounts to registrar (filleted) - small 18.2
Arts Enterprises Worcester Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31st August 2021 |
| for |
| Arts Enterprises Worcester Ltd |
| Arts Enterprises Worcester Ltd (Registered number: 02827118) |
| Contents of the Financial Statements |
| for the Year Ended 31st August 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Arts Enterprises Worcester Ltd |
| Company Information |
| for the Year Ended 31st August 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Thorneloe House |
| 25 Barbourne Road |
| Worcester |
| Worcestershire |
| WR1 1RU |
| Arts Enterprises Worcester Ltd (Registered number: 02827118) |
| Balance Sheet |
| 31st August 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| 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 |
| Arts Enterprises Worcester Ltd (Registered number: 02827118) |
| Notes to the Financial Statements |
| for the Year Ended 31st August 2021 |
| 1. | STATUTORY INFORMATION |
| Arts Enterprises Worcester Ltd is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| 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 |
| In preparing these financial statements, the directors have considered whether the going concern basis of preparation remains appropriate. To make this assessment the directors have considered the current financial position of the company and anticipated future cashflows for a period of at least 12 months from the signing of these financial statements. |
| In the current financial year the company made a loss, attributed by the directors due to the extended period of non-trading during Covid-19 lockdown. Because all profits made in previous financial years have been gift aided to the parent charitable company Worcester Theatres Charitable Trust Limited, the company had no opening reserves to offset these losses against, resulting in the company having a net liabilities position at the balance sheet date. It is anticipated that now the company has recommenced trading the company will return to profitability in the next financial year. |
| The company is reliant on the parent charitable company Worcester Theatres Charitable Trust Limited not requiring immediate cash settlement of amounts due to them until there is sufficient cash generated from operations to make such payments. However the directors acknowledge that this support is not legally binding and that the parent charitable company could technically call in the debt at any time, and whilst it is considered unlikely that they should ever do so, if the parent charitable company did elect to do so the company would then not be able to continue as a going concern. |
| TURNOVER |
| Turnover is recognised when bar, food and merchandise products are served to customers, after deducting discounts and sales-based 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. |
| Arts Enterprises Worcester Ltd (Registered number: 02827118) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 (2020 - NIL). |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| VAT |
| Prepayments |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | - | 635 |
| Accrued expenses |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 7. | PARENT COMPANY |
| The parent charitable company is Worcester Theatres Charitable Trust Limited, whose registered office is Huntingdon Hall, Crowngate, Worcester, Worcestershire, England, WR1 3LD. |