Company registration number 01180133 (England and Wales)
LAINE THEATRE ARTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LAINE THEATRE ARTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LAINE THEATRE ARTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
278,936
222,451
Current assets
Stocks
2,953
2,120
Debtors
5
728,237
592,805
Cash at bank and in hand
1,341,237
540,234
2,072,427
1,135,159
Creditors: amounts falling due within one year
6
(1,356,346)
(402,155)
Net current assets
716,081
733,004
Total assets less current liabilities
995,017
955,455
Provisions for liabilities
(1,358)
Net assets
995,017
954,097
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
994,917
953,997
Total equity
995,017
954,097
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 16 February 2024 and are signed on its behalf by:
R Steele
M Cole
Director
Director
Company registration number 01180133 (England and Wales)
LAINE THEATRE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Laine Theatre Arts Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment of the company's ability to continue as a going concern.
Based on these assessments the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Income comprises the invoiced value of tuition fees, including bursaries granted and net of scholarships and awards including discounts given to those on the DaDA scheme/Music and Dance Scheme. Additional amounts are recognised on receipt.
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:
Land and buildings Leasehold
- over remaining term of lease
Fixtures, fittings & equipment
- 10% and 25% on reducing balance
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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
LAINE THEATRE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
New Development
The company is currently capitalising the initial costs relating to a long term new development of the college that will allow it to grow significantly in student numbers, but if for any reason this does not progress to completion said costs would need to be written off. Costs to 31st August 2023 amount to £200,066 (2022: £109,066).
LAINE THEATRE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
3
1
Other key management personnel
2
2
Teaching staff
55
55
Non teaching staff
12
10
Total
72
68
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
708,481
435,813
1,144,294
Additions
91,000
6,775
97,775
At 31 August 2023
799,481
442,588
1,242,069
Depreciation and impairment
At 1 September 2022
577,020
344,823
921,843
Depreciation charged in the year
22,395
18,895
41,290
At 31 August 2023
599,415
363,718
963,133
Carrying amount
At 31 August 2023
200,066
78,870
278,936
At 31 August 2022
131,461
90,990
222,451
Land and buildings includes £200,066 (2022: £109,066) of consultancy costs relating to advisory services provided pertaining to to the the development of new premises. The work on the premises is yet to begin and therefore the costs have not been depreciated.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,300
33,042
Amounts owed by group undertakings
580,800
454,525
Other debtors
133,248
105,238
719,348
592,805
LAINE THEATRE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
Debtors
(Continued)
- 5 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
8,889
Total debtors
728,237
592,805
Included in other debtors is an initial rent deposit of £21,750 (2022: £21,750) from the Company held as security for the obligations under a property lease dated 30 May 2012.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
136
Trade creditors
72,537
39,355
Corporation tax
2,752
Other taxation and social security
83,429
69,806
Other creditors
1,197,492
292,994
1,356,346
402,155
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
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:
Bianca Permal FCA
Statutory Auditor:
Haines Watts (Berkhamsted) Limited
Date of audit report:
16 February 2024
LAINE THEATRE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
126,043
484,214
10
Parent company
The ultimate controlling party is Mrs E M Jenkins who is a director of the company and director and shareholder of the parent company, Laine Theatre Arts Holdings Limited.