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REGISTERED NUMBER: 03560620 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 July 2023

for

Leicester College of Performing Arts Ltd

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Leicester College of Performing Arts Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: N J Allen
A Oliver





REGISTERED OFFICE: International Arts Centre
Garden Street
Leicester
Leicestershire
LE1 3UA





REGISTERED NUMBER: 03560620 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Leicester College of Performing Arts Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Leicester College of Performing Arts Ltd for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Leicester College of Performing Arts Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Leicester College of Performing Arts Ltd and state those matters that we have agreed to state to the Board of Directors of Leicester College of Performing Arts Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leicester College of Performing Arts Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Leicester College of Performing Arts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Leicester College of Performing Arts Ltd. You consider that Leicester College of Performing Arts Ltd 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 financial statements of Leicester College of Performing Arts Ltd. 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 financial statements.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


1 March 2024

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,895 7,351
4,895 7,351

CURRENT ASSETS
Debtors 6 26,027 32,132
Cash at bank and in hand 8,533 43,390
34,560 75,522
CREDITORS
Amounts falling due within one year 7 43,532 30,233
NET CURRENT (LIABILITIES)/ASSETS (8,972 ) 45,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,077

)

52,640

CREDITORS
Amounts falling due after more than
one year

8

30,738

36,252
NET (LIABILITIES)/ASSETS (34,815 ) 16,388

CAPITAL AND RESERVES
Called up share capital 10 40,000 40,000
Retained earnings (74,815 ) (23,612 )
SHAREHOLDERS' FUNDS (34,815 ) 16,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:





N J Allen - Director


Leicester College of Performing Arts Ltd (Registered number: 03560620)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Leicester College of Performing Arts Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents invoiced sales of goods and services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% reducing balance
Computer equipment - 33% reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Leicester College of Performing Arts Ltd (Registered number: 03560620)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 64,000
AMORTISATION
At 1 August 2022
and 31 July 2023 64,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 August 2022
and 31 July 2023 26,000 26,465 14,727 67,192
DEPRECIATION
At 1 August 2022 24,500 21,050 14,291 59,841
Charge for year 1,500 812 144 2,456
At 31 July 2023 26,000 21,862 14,435 62,297
NET BOOK VALUE
At 31 July 2023 - 4,603 292 4,895
At 31 July 2022 1,500 5,415 436 7,351

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 21,171 26,739
Bad debt provision (14,502 ) (13,965 )
Other debtors 3,872 3,872
Directors' current accounts 15,486 15,486
26,027 32,132

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 21,227 10,626
Trade creditors 10,828 5,517
Amounts owed to group undertaking 4,238 7,449
Social security and other taxes 817 292
Other creditors 1,735 2,034
Directors' current accounts 595 595
Accrued expenses 4,092 3,720
43,532 30,233

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans - 2-5 years 30,738 36,252

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 41,364 46,878

There is a cross guarantee and debenture between The Leicester College of Performing Arts Limited and both International Arts Centre Limited and Barclays. The debenture contains a fixed and floating charge over all the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
2 Ordinary £1 2 2
39,998 Preference shares £1 39,998 39,998
40,000 40,000

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES.

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
A Oliver
Balance outstanding at start of year 15,486 15,486
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,486 15,486

The loan is interest free and is repayable on demand.

12. FINANCIAL COMMITMENTS

At the balance sheet date the company had total future commitments, guarantees and contingencies of £NIL (2022: £193).

Leicester College of Performing Arts Ltd (Registered number: 03560620)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


13. GOING CONCERN

The results for the year were disappointing but a full review of the company structure and finances has been carried out following receipt of the preliminary accounts. LCPA has expanded its course offerings over the past three years to appeal to a wider audience. This includes the introduction of BTEC Dance and Acting courses, as well as four extracurricular classes for existing and potential students: ATC, Level Up, Intensive, and Associates. Additionally, LCPA has started offering free classes to local schools to attract new students. The directors will support the company financially to meet its obligations and together with these actions have no reason to believe that they will not be able to continue for the foreseeable future.