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Registration number: 4153650

The Mark Jermin Stage School Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2023

 

The Mark Jermin Stage School Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 12

 

The Mark Jermin Stage School Limited

Company Information

Directors

Mr Mark Andrew Jermin

Mrs Yvonne Jermin

Company secretary

Leigh Jermin

Registered office

Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

Accountants

Fergusons & Peters Chartered Accountants
10 West Street
Gorseinon
Swansea
SA4 4AA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Mark Jermin Stage School Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Mark Jermin Stage School Limited for the year ended 28 February 2023 as set out on pages 3 to 12 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 The Mark Jermin Stage School 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 The Mark Jermin Stage School Limited and state those matters that we have agreed to state to the Board of Directors of The Mark Jermin Stage School 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 The Mark Jermin Stage School Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Mark Jermin Stage School 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 The Mark Jermin Stage School Limited. You consider that The Mark Jermin Stage School 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 The Mark Jermin Stage School 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.

......................................

Fergusons & Peters Chartered Accountants
10 West Street
Gorseinon
Swansea
SA4 4AA

17 November 2023

 

The Mark Jermin Stage School Limited

(Registration number: 4153650)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

40,232

55,498

Current assets

 

Debtors

5

3,587

-

Cash at bank and in hand

 

658,520

444,051

 

662,107

444,051

Creditors: Amounts falling due within one year

(163,201)

(148,299)

Net current assets

 

498,906

295,752

Total assets less current liabilities

 

539,138

351,250

Creditors: Amounts falling due after more than one year

-

(36,658)

Accruals and deferred income

 

(2,355)

(1,650)

Net assets

 

536,783

312,942

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

536,782

312,941

Shareholders' funds

 

536,783

312,942

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

The Mark Jermin Stage School Limited

(Registration number: 4153650)
Abridged Balance Sheet as at 28 February 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mr Mark Andrew Jermin
Director

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

The principal place of business is:
995A Carmarthen Road
Fforestfach
Swansea
SA5 4AE

These financial statements were authorised for issue by the Board on 17 November 2023.

2

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 abridged 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 abridged 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.

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Land & Buildings

20% per annum

Office Equipment

25% straight line

Plant & machinery

15% straight line

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

42,000

27,018

57,345

126,363

At 28 February 2023

42,000

27,018

57,345

126,363

Depreciation

At 1 March 2022

8,400

27,018

35,447

70,865

Charge for the year

8,400

-

6,866

15,266

At 28 February 2023

16,800

27,018

42,313

86,131

Carrying amount

At 28 February 2023

25,200

-

15,032

40,232

At 28 February 2022

33,600

-

21,898

55,498

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings and £25,200 (2022 - £33,600) in respect of short leasehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

7

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £5,000.00 (2022 - £Nil) per ordinary share

 

5,000

 

-

   

5,000

 

-

         

8

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr Mark Andrew Jermin

Mark Jermin

11,968

(11,790)

178

       
     
 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr Mark Andrew Jermin

Mark Jermin

-

1,791

10,177

11,968

         
       

 

 

The Mark Jermin Stage School Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Summary of transactions with other related parties

The Company has a loan relationship with other related parties, in which the director has an interest in the related party. At the year end there were balances due to these related companies as follows :

Balances due to Mark Jermin Stage School Limited :

The Little Fforest Cafe - £1724.00

Balances due by Mark Jermin Stage School Limited :

Mark Jermin Management Limited - £21,881 (2022 - £21,881)
Venue No 1 Limited - £4,571 (2022 - £4,571)