Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31truetrue2022-06-01falsedevelopment or building projects,performing arts, operation of arts facilities and operation of historical sites and buildings and similar visitorattractions.44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10754550 2022-06-01 2023-05-31 10754550 2021-06-01 2022-05-31 10754550 2023-05-31 10754550 2022-05-31 10754550 c:Director1 2022-06-01 2023-05-31 10754550 d:ComputerEquipment 2022-06-01 2023-05-31 10754550 d:ComputerEquipment 2023-05-31 10754550 d:ComputerEquipment 2022-05-31 10754550 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10754550 d:CurrentFinancialInstruments 2023-05-31 10754550 d:CurrentFinancialInstruments 2022-05-31 10754550 d:Non-currentFinancialInstruments 2023-05-31 10754550 d:Non-currentFinancialInstruments 2022-05-31 10754550 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10754550 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10754550 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10754550 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 10754550 d:ShareCapital 2023-05-31 10754550 d:ShareCapital 2022-05-31 10754550 d:RetainedEarningsAccumulatedLosses 2023-05-31 10754550 d:RetainedEarningsAccumulatedLosses 2022-05-31 10754550 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10754550 c:OrdinaryShareClass1 2023-05-31 10754550 c:OrdinaryShareClass1 2022-05-31 10754550 c:FRS102 2022-06-01 2023-05-31 10754550 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10754550 c:FullAccounts 2022-06-01 2023-05-31 10754550 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10754550 d:Subsidiary1 2022-06-01 2023-05-31 10754550 d:Subsidiary1 1 2022-06-01 2023-05-31 10754550 d:Subsidiary2 2022-06-01 2023-05-31 10754550 d:Subsidiary2 1 2022-06-01 2023-05-31 10754550 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10754550









TEATRO SAN CASSIANO GROUP LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
TEATRO SAN CASSIANO GROUP LTD
REGISTERED NUMBER: 10754550

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Non-current assets
  

Tangible assets
 5 
1,174
119

Investments
 6 
8,727
8,727

  
9,901
8,846

Current assets
  

Cash at bank and in hand
 8 
53,413
47,269

Debtors: amounts falling due within one year
 7 
12,424
11,113

  
65,837
58,382

Creditors: amounts falling due within one year
 9 
(28,691)
(54,686)

Net current assets
  
 
 
37,146
 
 
3,696

Total assets less current liabilities
  
47,047
12,542

Creditors: amounts falling due after more than one year
 10 
(2,133,910)
(1,782,293)

  

Net liabilities
  
(2,086,863)
(1,769,751)


Capital and reserves
  

Share capital
  
1
1

Retained losses
  
(2,086,864)
(1,769,752)

Shareholders' equity
  
(2,086,863)
(1,769,751)


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.


 
Page 1

 
TEATRO SAN CASSIANO GROUP LTD
REGISTERED NUMBER: 10754550
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr Paul Andrew Atkin
Director

Date: 1 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is: 48 Chancery Lane, London, England, WC2A 1JF, United Kingdom. The financial statements are prepared in GBP ("£") which is the functional and presentational currency of the primary economic environment in which the company operates. 

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 following principal accounting policies have been applied:

 
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).



 
2.3

Going concern

At the balance sheet date, the company has net liabilities of £2,089,863 (2022: 1,767,730). The ability of the company to continue is dependent on the continuing support of the Directors.
The directors are of the opinion that the company will continue to receive this support and on this basis considers it appropriate to prepare financial statements on a going concern basis. 

Page 3

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

The investment in Teatro San Cassiano Srl is in euros.The nominal cost of these shares was €10,000 which has been converted to GBP on the transfer date of 3 July 2017. The conversion rate used was £1:€1.14605.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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:

Computer equipment
-
33%
straight line

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 profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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.

Page 7

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates an assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements and key sources of estimation uncertainty.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 June 2022
9,098


Additions
1,250



At 31 May 2023

10,348



Depreciation


At 1 June 2022
8,980


Charge for the year on owned assets
194



At 31 May 2023

9,174



Net book value



At 31 May 2023
1,174



At 31 May 2022
118

Page 8

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
8,727



At 31 May 2023
8,727


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Teatro San Cassiano Ltd
England & Wales
Ordinary
100%
Teatro San Cassiano Srl
Italy
Ordinary
100%


7.


Debtors

2023
2022
£
£


Trade debtors
2,425
1,114

Amounts owed by group undertakings
9,999
9,999

12,424
11,113



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
53,413
47,269

53,413
47,269


Page 9

 
TEATRO SAN CASSIANO GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,571
43,416

Other taxation and social security
402
2,202

Director's loan account
14,218
4,068

Accruals
4,500
5,000

28,691
54,686



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,600,000
1,400,000

Accrued interest
533,910
382,293

2,133,910
1,782,293



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £0.01 each
1
1


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £526 (2021: £1,516).No contributions were payable to the fund at the balance sheet date.


13.


Related party transactions

During the period, the company received a loan of £200,000 (2022: £200,000) from a Director, totalling £1,600,000. These loans accrue interest at 10% per annum this is to be repaid together with the loan once certain criteria has been met. During the year, accrued interest for the year £151,616 (2022: 132,603) was accrued. Both the loan and accrued interest are included within creditors due after more than one year.

 
Page 10