Registered number: 12390536
THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Company Information
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The London and Amsterdam Trust Company Limited as Trustee of The Rideau Foundation
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Registered number: 12390536
Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Registered number: 12390536
Balance Sheet (continued)
As at 31 March 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 August 2024.
The notes on pages 3 to 10 form part of these financial statements.
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
The Theatre Courtyard Gallery Ventures Limited (the "Company") is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The Company's registered office is 4-6 New Inn Broadway, London, EC2A 3PR.
The principal activity of the Company is the operation of a gallery and exhibition space.
The Company is a private company limited by guarantee and consequently does not have share capital. The Sole Member is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has the on-going support of its Sole Member, who has pledged to provide such contributions as required to enable the Company to settle its liabilities as they fall due. Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes on recharged expenses.
Revenue represents venue hire income and related recharges.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Contributions received from the Sole Member are included in Other Reserves.
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Charge for the year on owned assets
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Commitments under operating leases
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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THE THEATRE COURTYARD GALLERY VENTURES LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Related party transactions
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During the year, the Company paid rent and associated costs to a company with a common director amounting to £9,486 (2023: £15,385). There was no balance outstanding at the year end.
During the year, the Company paid rent and associated costs to a related company amounting to £21,801 (2023: £21,016). The Company also received income from the same related company amounting to £10,000 (2023: £nil). There was no balance outstanding at the year end.
During the year, the Company paid management costs to another company with a common director, amounting to £5,441 (2023: £16,978). There was no balance outstanding at the year end.
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The ultimate controlling party is The Rideau Foundation, a philanthropic Trust domiciled in the Cayman Islands.
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