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Registered number: 12390536










THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022



















img6db9.png

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED
 
(A Company Limited by Guarantee)
 
 
Company Information


Directors
J D Granger 
R Mowlem 
The London and Amsterdam Trust Company Limited as Trustee of The Rideau Foundation 




Registered number
12390536



Registered office
4-6 New Inn Broadway

London

EC2A 3PR




Independent auditors
Sayers Butterworth LLP

3rd Floor

12 Gough Square

London

EC4A 3DW





 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED
 
(A Company Limited by Guarantee)
Registered number: 12390536

Balance Sheet
As at 31 March 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,927
170

Tangible assets
 5 
86,417
86,317

  
91,344
86,487

Current assets
  

Debtors: amounts falling due after more than one year
 6 
42,725
42,723

Debtors: amounts falling due within one year
 6 
109,045
58,124

Bank and cash balances
  
387,227
269,933

  
538,997
370,780

Creditors: amounts falling due within one year
 7 
(98,929)
(54,007)

Net current assets
  
 
 
440,068
 
 
316,773

Total assets less current liabilities
  
531,412
403,260

Creditors: amounts falling due after more than one year
 8 
(45,246)
(66,862)

  

Net assets
  
486,166
336,398


Capital and reserves
  

Other reserves
  
1,250,000
750,000

Profit and loss account
  
(763,834)
(413,602)

  
486,166
336,398


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2022.



Page 1

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED
 
(A Company Limited by Guarantee)
Registered number: 12390536
    
Balance Sheet (continued)
As at 31 March 2022

R Mowlem
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED
 
(A Company Limited by Guarantee)
 

Statement of Changes in Reserves
For the Year Ended 31 March 2022


Other reserves
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(413,602)
(413,602)
Total comprehensive income for the period
-
(413,602)
(413,602)

Members contribution
750,000
-
750,000



At 1 April 2021
750,000
(413,602)
336,398


Comprehensive income for the year

Loss for the year
-
(350,232)
(350,232)
Total comprehensive income for the year
-
(350,232)
(350,232)

Members contribution
500,000
-
500,000


At 31 March 2022
1,250,000
(763,834)
486,166


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

1.


General information

The Theatre Courtyard Gallery Ventures Limited is a private limited company incorporated and registered in England and Wales. The company's registered office is 4-6 New Inn Broadway, London, EC2A 3PR.
The principal activity of the company is the operation of a gallery and exhibition space.
The company is a private company limited by guarantee and consequently does not have share capital. The Sole Member is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has the on-going support of its Sole Member, who has pledged to provide such contributions as required to enable the company to settle its liabilities as they fall due. Therefore the Directors consider it appropriate to prepare the financial statments on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes on recharged expenses.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements
-
20%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in income and expenditure.

 
2.7

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term 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.

Page 5

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income and Expenditure Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.11

Members' contributions

Contributions received from the Sole Member are included in Other Reserves.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).

Page 6

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

4.


Intangible assets




Trademarks
Computer software
Total

£
£
£



Cost


At 1 April 2021
170
-
170


Additions
-
6,569
6,569



At 31 March 2022

170
6,569
6,739



Amortisation


Charge for the year on owned assets
170
1,642
1,812



At 31 March 2022

170
1,642
1,812



Net book value



At 31 March 2022
-
4,927
4,927



At 31 March 2021
170
-
170



Page 7

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

5.


Tangible fixed assets





Property improve-ments
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2021
87,414
10,543
97,957


Additions
24,119
1,231
25,350



At 31 March 2022

111,533
11,774
123,307



Depreciation


At 1 April 2021
9,927
1,713
11,640


Charge for the year on owned assets
22,307
2,943
25,250



At 31 March 2022

32,234
4,656
36,890



Net book value



At 31 March 2022
79,299
7,118
86,417



At 31 March 2021
77,487
8,830
86,317

Page 8

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

6.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
42,725
42,723

42,725
42,723


2022
2021
£
£

Due within one year

Trade debtors
-
11,884

Other debtors
10,313
10,101

Prepayments and accrued income
98,732
36,139

109,045
58,124



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
65,103
21,287

Other creditors
22,364
21,616

Accruals and deferred income
11,462
11,104

98,929
54,007



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
45,246
66,862

45,246
66,862


Page 9

 
THE THEATRE COURTYARD GALLERY VENTURES LIMITED

(A Company Limited by Guarantee)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2022

9.


Capital commitments


At 31 March 2022 the Company had capital commitments as follows:

2022
2021
£
£


Contracted for but not provided in these financial statements
-
14,920

-
14,920


10.


Related party transactions

During the period the company paid rent and associated costs to The Belvedere Realty Investments Limited, a company with a common Director, amounting to £14,112 (2021: £30,717). As at the period end the company owed The Belvedere Realty Investments Limited £nil (2021: £2,813).
During the period the company paid rent and associated costs to The Box Office New Inn Broadway Limited, a related company, amounting to £20,641 (2021: £nil). There was no balance outstanding at the year end.
During the period the company paid management costs to N. Roditi & Co. Limited, a company with a common Director, amounting to £16,800 (2021: £nil). There was no balance outstanding at the year end.
During the year, the company paid management costs to a related unincorporated business, amounting to £17,954 (2021: £45,702). As at the period end the company owed the business £nil (2021: £10,680).


11.


Events after the end of the reporting period

On 13 May 2022, the company’s directors decided that because of difficult trading conditions it would discontinue the golf academy division of its ongoing operations. The company plans to dispose of the academy's assets in the year ending 31 March 2023, which is estimated will incur a loss of £16,000.


12.


Controlling party

The ultimate controlling party is The Rideau Foundation, a Trust domiciled in the Cayman Islands.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.

The audit report was signed on 19 August 2022 by Matthew Wright (Senior Statutory Auditor) on behalf of Sayers Butterworth LLP.

 
Page 10