Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.theatre studio hire and events2022-12-013truefalse3truefalse 08653961 2022-12-01 2023-11-30 08653961 2021-12-01 2022-11-30 08653961 2023-11-30 08653961 2022-11-30 08653961 c:Director2 2022-12-01 2023-11-30 08653961 d:Buildings 2022-12-01 2023-11-30 08653961 d:Buildings 2023-11-30 08653961 d:Buildings 2022-11-30 08653961 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08653961 d:FurnitureFittings 2022-12-01 2023-11-30 08653961 d:FurnitureFittings 2023-11-30 08653961 d:FurnitureFittings 2022-11-30 08653961 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08653961 d:OfficeEquipment 2022-12-01 2023-11-30 08653961 d:OfficeEquipment 2023-11-30 08653961 d:OfficeEquipment 2022-11-30 08653961 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08653961 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08653961 d:CurrentFinancialInstruments 2023-11-30 08653961 d:CurrentFinancialInstruments 2022-11-30 08653961 d:Non-currentFinancialInstruments 2023-11-30 08653961 d:Non-currentFinancialInstruments 2022-11-30 08653961 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 08653961 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 08653961 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 08653961 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 08653961 d:ShareCapital 2023-11-30 08653961 d:ShareCapital 2022-11-30 08653961 d:RetainedEarningsAccumulatedLosses 2023-11-30 08653961 d:RetainedEarningsAccumulatedLosses 2022-11-30 08653961 c:OrdinaryShareClass1 2022-12-01 2023-11-30 08653961 c:OrdinaryShareClass1 2023-11-30 08653961 c:FRS102 2022-12-01 2023-11-30 08653961 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08653961 c:FullAccounts 2022-12-01 2023-11-30 08653961 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08653961 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-01 2023-11-30 08653961 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 08653961 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-30 08653961 2 2022-12-01 2023-11-30 08653961 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08653961










LIMELIGHT STUDIOS (NORWICH) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
LIMELIGHT STUDIOS (NORWICH) LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIMELIGHT STUDIOS (NORWICH) LTD
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Limelight Studios (Norwich) Ltd for the year ended 30 November 2023 which comprise  the 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 at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Limelight Studios (Norwich) Ltd, as a body, in accordance with the terms of our engagement letter dated 20 October 2020Our work has been undertaken solely to prepare for your approval the financial statements of Limelight Studios (Norwich) Ltd and state those matters that we have agreed to state to the Board of Directors of Limelight Studios (Norwich) Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limelight Studios (Norwich) Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Limelight Studios (Norwich) 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 Limelight Studios (Norwich) Ltd. You consider that Limelight Studios (Norwich) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Limelight Studios (Norwich) 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
28 August 2024
Page 1

 
LIMELIGHT STUDIOS (NORWICH) LTD
REGISTERED NUMBER: 08653961

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
250,612
250,930

  
250,612
250,930

Current assets
  

Stocks
  
55
50

Debtors: amounts falling due within one year
 5 
934
237

Cash at bank and in hand
  
55
3,764

  
1,044
4,051

Creditors: amounts falling due within one year
 6 
(199,732)
(181,827)

Net current liabilities
  
 
 
(198,688)
 
 
(177,776)

Total assets less current liabilities
  
51,924
73,154

Creditors: amounts falling due after more than one year
 7 
(75,428)
(92,003)

  

Net liabilities
  
(23,504)
(18,849)


Capital and reserves
  

Called up share capital 
 8 
10
10

Profit and loss account
  
(23,514)
(18,859)

  
(23,504)
(18,849)


Page 2

 
LIMELIGHT STUDIOS (NORWICH) LTD
REGISTERED NUMBER: 08653961
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 income and retained earnings 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 28 August 2024.




................................................
Mrs Z Rolfe
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 08653961. The address of its registered office and principal place of business is 113 Aylsham Road, Norwich, Norfolk, NR3 2HY. 

The company's principle activity is that of theatre studio hire and events.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net liabilities of £23,504. The directors believe that with the directors' support the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. The following criteria must also be met before turnover is recognised: 
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  - the amount of turnover can be measured reliably;
  - it is probable that the Company will receive the consideration due under the contract;
 - the stage of completion of the contract at the end of the reporting period can be measured      reliably; and
  - the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

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, on the following basis.


Freehold property
-
not depreciated
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
33%
Straight line

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
248,692
23,267
1,105
273,064


Additions
-
-
360
360



At 30 November 2023

248,692
23,267
1,465
273,424



Depreciation


At 1 December 2022
-
21,029
1,105
22,134


Charge for the year on owned assets
-
559
119
678



At 30 November 2023

-
21,588
1,224
22,812



Net book value



At 30 November 2023
248,692
1,679
241
250,612



At 30 November 2022
248,692
2,238
-
250,930

Page 7

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
904
237

Other debtors
30
-

934
237



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
601
-

Bank loans
15,759
13,687

Trade creditors
330
-

Other creditors
181,692
166,639

Accruals and deferred income
1,350
1,501

199,732
181,827


The bank loan with Lloyds Bank Plc is secured by a fixed charge over the freehold property 113 Aylsham Road, Norwich, Norfolk and a floating charge over the company's assets.

Page 8

 
LIMELIGHT STUDIOS (NORWICH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
75,428
92,003

75,428
92,003


The bank loan with Lloyds Bank Plc is secured by a fixed charge over the freehold property 113 Aylsham Road, Norwich, Norfolk and a floating charge over the company's assets.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
22,819
35,494

22,819
35,494




8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10 Ordinary shares of £1.00 each
10
10



9.


Related party transactions

As at 30 November 2023, the directors were owed £181,267 (2022: £166,228) in respect of their joint directors' loan account. The loan is interest free and repayable on demand and included within other creditors note 6.

 
Page 9