Company registration number 09264350 (England and Wales)
SOUTHWARK PLAYHOUSE TRADING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SOUTHWARK PLAYHOUSE TRADING LIMITED
COMPANY INFORMATION
Directors
G Semper
K Serkis
T Wood
G Wellman
H Whitehouse
Secretary
C Smyrnios
Company number
09264350
Registered office
77-85 Newington Causeway
London
SE1 6BD
Auditor
PJT & Co
Accountancy House
90 Walworth Road
London
SE1 6SW
Business address
77-85 Newington Causeway
London
SE1 6BD
SOUTHWARK PLAYHOUSE TRADING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
SOUTHWARK PLAYHOUSE TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of bar and catering facilities at the Southwark Playhouse Theatre.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Semper
R N Pearson
(Deceased 5 August 2022)
K Serkis
T Wood
G Wellman
H Whitehouse
Auditor
PJT & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
SOUTHWARK PLAYHOUSE TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
By order of the board
C Smyrnios
Secretary
28 September 2023
SOUTHWARK PLAYHOUSE TRADING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
8,435
5,469
Debtors
7
380
775
Cash at bank and in hand
3,732
14,262
12,547
20,506
Creditors: amounts falling due within one year
8
(12,447)
(20,406)
Net current assets
100
100
Capital and reserves
-
-
Called up share capital
9
100
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
T Wood
Director
Company Registration No. 09264350
SOUTHWARK PLAYHOUSE TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
100
(6,182)
(6,082)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
16,232
16,232
Distributions to parent charity under gift aid
-
(10,050)
(10,050)
Balance at 31 December 2021
100
100
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
55,157
55,157
Distributions to parent charity under gift aid
-
(55,157)
(55,157)
Balance at 31 December 2022
100
100
SOUTHWARK PLAYHOUSE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
1
Accounting policies
Company information
Southwark Playhouse Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77-85 Newington Causeway, London, SE1 6BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future after having reviewed the company's financial forecasts and expected future cash flows. The company does not have any liquidity issues or concern in meeting its obligations and it continues to operate in the profit making environment. Furthermore, the management have evaluated the company's ability as a going concern and the directors believe that the company is well placed to manage its business risks successfully in the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover represents income from the sale of catering and bar facilities in the year, provided in the normal course of business, and is shown net of VAT and other sales related taxes
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment and surplus or deficit is recognised in profit and loss.
SOUTHWARK PLAYHOUSE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price less any impairment.Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised at transaction price.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual life of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
SOUTHWARK PLAYHOUSE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
4,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
13
13
5
Directors' remuneration
No remuneration was paid to the directors.
6
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2022 and 31 December 2022
4,816
Depreciation and impairment
At 1 January 2022 and 31 December 2022
4,816
Carrying amount
At 31 December 2022
At 31 December 2021
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,209
775
Amounts owed by group undertakings
(4,119)
Other debtors
290
380
775
SOUTHWARK PLAYHOUSE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
12,477
Other creditors
6,747
3,698
Accruals and deferred income
5,700
4,231
12,447
20,406
9
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
£1.00 each of £1 each
100
100
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Piyush Chandulal Jasani
Statutory Auditor:
PJT & Co
11
Ultimate controlling party
The company considers its ultimate parent to be Southwark Playhouse Theatre Company, a registered charity, limited by guarantee. It is incorporated in United kingdom and the accounts are available from the Companies House.
The registered office of the company is 77-85 Newington causeway, London, SE1 6BD.