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REGISTERED NUMBER: 01194028 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 July 2023

for

International Arts Centre Limited

International Arts Centre Limited (Registered number: 01194028)

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


International Arts Centre Limited

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: 01194028 (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
International Arts Centre Limited


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 International Arts Centre Limited 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 International Arts Centre Limited, 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 International Arts Centre Limited and state those matters that we have agreed to state to the Board of Directors of International Arts Centre Limited, 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 International Arts Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that International Arts Centre Limited 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 International Arts Centre Limited. You consider that International Arts Centre 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 financial statements of International Arts Centre 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 financial statements.






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


1 March 2024

International Arts Centre Limited (Registered number: 01194028)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,485,848 1,490,179
Investments 5 20,000 20,000
1,505,848 1,510,179

CURRENT ASSETS
Stocks 3,500 2,500
Debtors 6 40,935 42,680
Cash at bank and in hand 4,708 20,181
49,143 65,361
CREDITORS
Amounts falling due within one year 7 78,303 88,618
NET CURRENT LIABILITIES (29,160 ) (23,257 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,476,688

1,486,922

CREDITORS
Amounts falling due after more than
one year

8

(505,930

)

(525,689

)

PROVISIONS FOR LIABILITIES (162,838 ) (118,184 )
NET ASSETS 807,920 843,049

International Arts Centre Limited (Registered number: 01194028)

Balance Sheet - continued
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 906,861 949,008
Retained earnings (99,041 ) (106,059 )
SHAREHOLDERS' FUNDS 807,920 843,049

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.

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:





A Oliver - Director


International Arts Centre Limited (Registered number: 01194028)

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


1. STATUTORY INFORMATION

International Arts Centre Limited 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 as modified by the revaluation of certain assets.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not provided (See below)
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% straight line basis

Land and buildings are shown at valuation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


International Arts Centre Limited (Registered number: 01194028)

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 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2022 1,475,000 32,921 73,592 42,377 1,623,890
Additions - - - 280 280
At 31 July 2023 1,475,000 32,921 73,592 42,657 1,624,170
DEPRECIATION
At 1 August 2022 - 27,301 66,558 39,852 133,711
Charge for year - 1,426 1,475 1,710 4,611
At 31 July 2023 - 28,727 68,033 41,562 138,322
NET BOOK VALUE
At 31 July 2023 1,475,000 4,194 5,559 1,095 1,485,848
At 31 July 2022 1,475,000 5,620 7,034 2,525 1,490,179

International Arts Centre Limited (Registered number: 01194028)

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


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2011 199,371 - - - 199,371
Valuation in 2014 350,000 - - - 350,000
Valuation in 2019 533,102 - - - 533,102
Cost 392,527 32,921 73,592 42,657 541,697
1,475,000 32,921 73,592 42,657 1,624,170

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.7.23 31.7.22
£    £   
Cost 392,527 392,527
Aggregate depreciation 122,935 115,084

Freehold land and buildings were valued on an open market basis on 1 April 2020 by Andrew Granger .

The directors consider that the valuation would not have been significantly different at the balance sheet date.

International Arts Centre Limited (Registered number: 01194028)

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


5. FIXED ASSET INVESTMENTS
Leicester
College
of
Performing
Arts Ltd
£   
COST
At 1 August 2022
and 31 July 2023 39,998
PROVISIONS
At 1 August 2022
and 31 July 2023 19,998
NET BOOK VALUE
At 31 July 2023 20,000
At 31 July 2022 20,000

In accordance with accounting standards, investments are shown at an estimate of fair value. As a result of the recent pandemic, the college and school suffered due to an inability to trade for a significant period of time. Future trading is positive but at the date of these accounts an impairment provision was required.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 11,590 11,980
Bad debt provision (10,043 ) (10,608 )
Amounts owed by related companies 2,989 6,175
Other debtors 2,256 888
Section 455 tax 6,523 6,523
Directors' current accounts 25,171 25,171
VAT 166 78
Prepayments 2,283 2,473
40,935 42,680

International Arts Centre Limited (Registered number: 01194028)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 36,047 51,054
Trade creditors 6,971 2,946
Corporation tax 4 -
Social security and other taxes 844 1,772
Other creditors 29,933 29,746
Accrued expenses 4,504 3,100
78,303 88,618

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans - 2-5 years 159,653 203,605
Bank loans more 5 yr by instal 346,277 322,084
505,930 525,689

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 346,277 322,084

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 541,977 576,743

The Barclays bank loan is secured by a legal charge over freehold property at Orchard Street, Royal East Street and Garden Street, Leicester. There is also a cross guarantee and debenture between Leicester College of Performing Arts Limited and International Arts Centre Limited.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

International Arts Centre Limited (Registered number: 01194028)

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


11. RESERVES
Revaluation
reserve
£   
At 1 August 2022 949,008
Deferred tax (42,147 )

At 31 July 2023 906,861

12. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had total future commitments of £NIL (2022: £1,098).

13. 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 25,171 25,171
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,171 25,171

The terms of this loan was interest free and was repaid in December 2023.

14. GOING CONCERN

The directors have considered the going concern position in the light of the current economic climate. To address rising costs, IAC plans to create a live music venue by extending the bar and investing in a high-quality PA system. This will utilize the full potential of the function room and also meet the local demand for this type of venue. The directors have no reason to believe that they will not be able to continue for the foreseeable future.