Festival Arts (UK) Limited - Period Ending 2023-01-31
Festival Arts (UK) Limited - Period Ending 2023-01-31
Registration number:
Festival Arts (UK) Limited
(A company limited by guarantee)
for the Year Ended 31 January 2023
Festival Arts (UK) Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Festival Arts (UK) Limited
Company Information
Directors |
Mr H Clixby Mr C Baines Ms C Beckett Mrs J Baines |
Company secretary |
Mr C Baines |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Festival Arts (UK) Limited
for the Year Ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Festival Arts (UK) Limited for the year ended 31 January 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Festival Arts (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Festival Arts (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Festival Arts (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Festival Arts (UK) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Festival Arts (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Festival Arts (UK) Limited. You consider that Festival Arts (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Festival Arts (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
Festival Arts (UK) Limited
(Registration number: 05503080)
Balance Sheet as at 31 January 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Reserves |
|||
Retained earnings |
|
|
|
Surplus |
|
|
For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Festival Arts (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents all income from drama and related activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Festival Arts (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Depreciation
Equipment acquired from the Festival Arts society on incorporation of the company was valued by the directors (who were also the officers of the society) at estimated market value. Subsequent additions are included at cost. Depreciation of all equipment is provided at annual rates in order to write off each asset over its estimated useful life, estimated at either 5 or 10 years.
Asset class |
Depreciation method and rate |
Theatre equipment |
Straight line at between 10% to 20% per annum |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
On incorporation the company acquired the assets of Festival Arts, an unincorporated society which previously carried on the activities now undertaken by the company. As no consideration was paid, the total value acquired represented negative goodwill. The amount relating to equipment was released to the income and expenditure account over the same periods in which the equipment was depreciated; the remaining amount was fully released to the profit and loss account in the company's first accounting period.
Asset class |
Amortisation method and rate |
Goodwill |
Has now been fully amortised |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stock consists of costumes and props, partly acquired from Festival Arts on incorporation, and has been valued at its acquisition price.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Festival Arts (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Festival Arts (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 February 2022 |
|
|
At 31 January 2023 |
|
|
Amortisation |
||
At 1 February 2022 |
|
|
At 31 January 2023 |
|
|
Carrying amount |
||
At 31 January 2023 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 February 2022 |
|
|
At 31 January 2023 |
|
|
Depreciation |
||
At 1 February 2022 |
|
|
Charge for the year |
|
|
At 31 January 2023 |
|
|
Carrying amount |
||
At 31 January 2023 |
|
|
At 31 January 2022 |
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Festival Arts (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Accruals and deferred income |
|
|