I.A.C. Theatrical Management Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01194028 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended

31 July 2015

for

I.A.C. Theatrical Management Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

N J Allen

Mrs A Oliver

REGISTERED OFFICE:

International Arts Centre

Garden Street

Leicester

Leicestershire

LE1 3UA

REGISTERED NUMBER:

01194028 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of I.A.C. Theatrical Management Limited for the year ended 31 July 2015

which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of I.A.C. Theatrical Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of I.A.C. Theatrical Management Limited and state those matters that we have agreed to state to the Board of Directors of I.A.C. Theatrical Management Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that I.A.C. Theatrical Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of I.A.C. Theatrical Management Limited. You consider that I.A.C. Theatrical Management 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 financial statements of I.A.C. Theatrical Management 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 financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

16 March 2016

FIXED ASSETS

Tangible assets

2

835,536

835,869

Investments

3

39,998

39,998

875,534

875,867

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

58,387

45,020

Cash at bank and in hand

64,294

1,982

125,181

49,502

CREDITORS

Amounts falling due within one year

4

56,134

33,010

NET CURRENT ASSETS

69,047

16,492

TOTAL ASSETS LESS CURRENT LIABILITIES

944,581

892,359

CREDITORS

Amounts falling due after more than one year

4

(546,261

)

(475,940

)

PROVISIONS FOR LIABILITIES

-

(609

)

NET ASSETS

398,320

415,810

CAPITAL AND RESERVES

Called up share capital

5

100

100

Revaluation reserve

527,990

535,125

Profit and loss account

(129,770

)

(119,415

)

SHAREHOLDERS' FUNDS

398,320

415,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16 March 2016 and were signed on its behalf by:

Mrs A Oliver - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by

the revaluation of certain assets and in accordance with the Financial Reporting Standard for

Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Not provided (See below)

Plant and machinery etc

-

33% on cost, 20% on cost, 10% on cost and 5% on cost

Land and buildings are shown at valuation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date where transactions or events have occurred at that date that will result in

an obligation to pay more, or a right to pay less or to receive more tax with the following

exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more

likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in

the periods in which timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 August 2014

1,063,343

Additions

5,615

At 31 July 2015

1,068,958

DEPRECIATION

At 1 August 2014

227,474

Charge for year

5,948

At 31 July 2015

233,422

NET BOOK VALUE

At 31 July 2015

835,536

At 31 July 2014

835,869

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 August 2014

and 31 July 2015

39,998

NET BOOK VALUE

At 31 July 2015

39,998

At 31 July 2014

39,998

4.

CREDITORS

Creditors include an amount of £ 572,261 (31.7.14 - £ 491,940 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.7.15

31.7.14

as

restated

£

£

Repayable by instalments

442,261

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.15

31.7.14

value:

as restated

£

£

100

Ordinary

£1

100

100

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES.

The following advances and credits to a director subsisted during the years ended 31 July 2015 and

31 July 2014:

31.7.15

31.7.14

as

restated

£

£

Mrs A Oliver

Balance outstanding at start of year

25,171

25,171

Amounts repaid

-

-

Balance outstanding at end of year

25,171

25,171

The loan is interest free with no fixed date for repayment.