Registered number
08565302
Experience Cinema Ltd
Filleted Accounts
31 December 2023
Experience Cinema Ltd
Registered number: 08565302
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 6 303,615 217,318
Current assets
Stocks 16,676 6,456
Debtors 7 1,096,040 754,766
Cash at bank and in hand 5,670 334,977
1,118,386 1,096,199
Creditors: amounts falling due within one year 8 (1,990,873) (1,472,339)
Net current assets (872,487) (376,140)
Total assets less current liabilities (568,872) (158,822)
Creditors: amounts falling due after more than one year 9 (164,746) (233,544)
Net assets (733,618) (392,366)
Capital and reserves
Called up share capital 2 2
Profit and loss account (733,620) (392,368)
Shareholders' funds (733,618) (392,366)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R T Barley
Director
Approved by the board on 26 July 2024
Experience Cinema Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts have been produced on a going concern basis. The company is reliant on the financial support of the holding company who have undertaken to not seek repayment of amounts due to them to the detriment of other creditors with-in a period of one year after the balance sheet date.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing balance
Fixtures, fittings, tools and equipment 15% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: J A Brookfield
Firm: Brookfield & Co
Date of audit report: 26 July 2024
3 Exceptional items 2023 2022
£ £
Deal costs on acquisiton of the group by Rooftop Cinema Group Limited - (19,520)
Pre-opening costs 79,660 21,430
79,660 1,910
4 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
5 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 114,029
At 31 December 2023 114,029
Amortisation
At 1 January 2023 114,029
At 31 December 2023 114,029
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
6 Tangible fixed assets
Fixtures and Fittings Plant & Equipment Total
£ £ £
Cost
At 1 January 2023 318,488 176,861 495,349
Additions 15,164 140,775 155,939
At 31 December 2023 333,652 317,636 651,288
Depreciation
At 1 January 2023 161,502 116,529 278,031
Charge for the year 40,588 29,054 69,642
At 31 December 2023 202,090 145,583 347,673
Net book value
At 31 December 2023 131,562 172,053 303,615
At 31 December 2022 156,986 60,332 217,318
7 Debtors 2023 2022
£ £
Trade debtors 25,818 3,306
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,038,307 724,664
Other debtors 31,915 26,796
1,096,040 754,766
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 68,493 67,780
Trade creditors 90,493 77,789
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,754,547 1,261,314
Taxation and social security costs 13,300 7,941
Accruals and deferred Income 45,397 27,110
Other creditors 18,643 30,405
1,990,873 1,472,339
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 164,746 233,544
10 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 233,239 301,324
A Natwest bank loan was for a period of ten years from June 2018 at a rate of 3.56% and is secured by a fixed and floating charge over the assets of the company and of one of the directors.
A Cbils bank loan, 80% of which is secured by a government backed guarantee, is for a period of 6 years after the loan was drawn, with a 12 month payment holiday at the start of the loan. The interest rate is 2.81% above bank base rate.
11 Related party transactions
During the year the company received Income of £20,975 and had expenditure of £236,372 via transactions with SFG Group limited. All of the transactions were on an arms length basis and at normal commercial rates.
12 Other information
Experience Cinema Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit B3.1 Bussey Building
133 Copeland Road
London
England
SE15 3SN
The directors of the company consider Rooftop Cinema Group Limited to be it's ultimate holding company.
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