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Registration number: 06637213

Drama Direct Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Drama Direct Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Drama Direct Limited

Company Information

Director

M A McGann

Registered office

Cooper House
5 Lower Charlton Trading Estate
Shepton Mallet
Somerset
BA4 5QE

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Drama Direct Limited

(Registration number: 06637213)
Balance Sheet
31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,585

4,319

Current assets

 

Debtors

5

11,457

11,457

Cash at bank and in hand

 

1,735

1,620

 

13,192

13,077

Creditors: Amounts falling due within one year

6

(7,808)

(7,203)

Net current assets

 

5,384

5,874

Total assets less current liabilities

 

22,969

10,193

Creditors: Amounts falling due after more than one year

6

(28,818)

(15,314)

Net liabilities

 

(5,849)

(5,121)

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

49,951

49,951

Retained earnings

(55,900)

(55,172)

Shareholders' deficit

 

(5,849)

(5,121)

 

Drama Direct Limited

(Registration number: 06637213)
Balance Sheet
31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 March 2024
 



M A McGann
Director

 

Drama Direct Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Cooper House
5 Lower Charlton Trading Estate
Shepton Mallet
Somerset
BA4 5QE

These financial statements were authorised for issue by the director on 28 March 2024.

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 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 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.

Revenue recognition

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

Tax

The tax expense for the period comprises tax and is recognised in profit or loss.

The current corporation 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.

 

Drama Direct Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

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

Plant and machinery

33% per annum straight line

Fixtures & fittings

25% per annum reducing balance

Computer equipment

33% per annum straight line

Motor vehicles

25% per reducing balance

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 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.

 

Drama Direct Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at their fair value at inception of the lease. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Drama Direct Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

1,037

5,006

18,149

24,192

Additions

-

-

23,387

23,387

Disposals

-

-

(18,149)

(18,149)

At 31 July 2023

1,037

5,006

23,387

29,430

Depreciation

At 1 August 2022

1,018

3,936

14,919

19,873

Charge for the year

5

1,039

5,847

6,891

Eliminated on disposal

-

-

(14,919)

(14,919)

At 31 July 2023

1,023

4,975

5,847

11,845

Carrying amount

At 31 July 2023

14

31

17,540

17,585

At 31 July 2022

19

1,070

3,230

4,319

5

Debtors

2023
£

2022
£

Other debtors

11,457

11,457

11,457

11,457

6

Creditors

Creditors: amounts falling due within one year

 

Drama Direct Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,353

3,473

Taxation and social security

 

838

181

Other creditors

 

2,617

3,549

 

7,808

7,203

Due after one year

 

Loans and borrowings

7

28,818

15,314

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

28,818

15,314

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,435

15,314

Hire purchase contracts

15,383

-

28,818

15,314

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,878

1,878

Hire purchase contracts

2,475

1,595

4,353

3,473