| Premier Performing Arts Limited |
| Notes to the Accounts |
| for the year ended 31 August 2016 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Transition to FRS102 Section 1A |
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The directors have early adopted the provisions of FRS 102 Section 1A and have prepared these financial statements in accordance with the newly adopted UK GAAP. |
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Turnover and revenue recognition |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is recognised when invoiced, apart from deposits from franchisees towards Premier Performing Arts Limited licences, which are deferred until the licence has been granted. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Database |
straight line over 3 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Paul Alexander FCA |
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Firm: |
Accountancy Management Services Limited |
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Date of audit report: |
3 February 2017 |
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| 3 |
Intangible fixed assets |
£ |
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Intellectual property: |
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Cost |
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At 1 September 2015 |
4,056 |
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At 31 August 2016 |
4,056 |
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Amortisation |
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At 1 September 2015 |
1,606 |
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Provided during the year |
845 |
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At 31 August 2016 |
2,451 |
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Net book value |
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At 31 August 2016 |
1,605 |
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At 31 August 2015 |
2,450 |
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Intellectual property expenditure is being written off in equal annual instalments over its estimated economic life of 4 years. |
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| 4 |
Tangible fixed assets |
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Database |
| £ |
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Cost |
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At 1 September 2015 |
15,825 |
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At 31 August 2016 |
15,825 |
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Depreciation |
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At 1 September 2015 |
12,204 |
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Charge for the year |
3,621 |
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At 31 August 2016 |
15,825 |
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Net book value |
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At 31 August 2016 |
- |
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At 31 August 2015 |
3,621 |
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| 5 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
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Trade debtors |
227,084 |
|
131,208 |
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Other debtors |
- |
|
529 |
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227,084 |
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131,737 |
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| 6 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
| £ |
£ |
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Bank loans and overdrafts |
12,000 |
|
12,000 |
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Trade creditors |
1,471 |
|
118 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
199,567 |
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158,348 |
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Corporation tax |
15,316 |
|
2,196 |
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Other taxes and social security costs |
10,028 |
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16,609 |
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Other creditors |
1,618 |
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7,315 |
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240,000 |
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196,586 |
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| 7 |
Creditors: amounts falling due after one year |
2016 |
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2015 |
| £ |
£ |
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Bank loans |
9,000 |
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21,000 |
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| 8 |
Loans |
2016 |
|
2015 |
| £ |
£ |
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Creditors include: |
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Secured bank loans |
21,000 |
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33,000 |
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The bank loan is secured by a debenture over all assets of the company. |
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| 9 |
Controlling party |
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The company's parent and ultimate parent company is Premier Sports Holdings Plc, a company registered in England and Wales. Premier Sports Holdings Plc has no single controlling party. |
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| 10 |
Other information |
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Premier Performing Arts Limited is a private company limited by shares and incorporated in England. Its registered office is Stonebridge House, Chelmsford Road, Hatfield Heath, Essex CM22 7BD. |
