Registered number
SC436177
Folksy Theatre Limited
Filleted Accounts
30 November 2023
Folksy Theatre Limited
Registered number: SC436177
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,402 14,956
Current assets
Debtors 4 17,957 8,784
Cash at bank and in hand 306 4,539
18,263 13,323
Creditors: amounts falling due within one year 5 (100,192) (59,343)
Net current liabilities (81,929) (46,020)
Net liabilities (70,527) (31,064)
Capital and reserves
Profit and loss account (70,527) (31,064)
Reserves (70,527) (31,064)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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.
Leanne Hardwicke
Director
Approved by the board on 29 August 2024
Folksy Theatre Limited
Notes to the Accounts
for the year ended 30 November 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).
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.
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:
Vehicles 25% Reducing balance
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 6,318 17,093 23,411
Additions 1,899 - 1,899
At 30 November 2023 8,217 17,093 25,310
Depreciation
At 1 December 2022 3,113 5,342 8,455
Charge for the year 1,180 4,273 5,453
At 30 November 2023 4,293 9,615 13,908
Net book value
At 30 November 2023 3,924 7,478 11,402
At 30 November 2022 3,205 11,751 14,956
4 Debtors 2023 2022
£ £
Trade debtors 17,957 -
Deferred tax asset - 8,784
17,957 8,784
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 3,765 6,777
Director's Loan Account 96,427 52,566
100,192 59,343
6 Controlling party
The company is limited by guarantee and therefore has no ultimate controlling party.
7 Other information
Folksy Theatre Limited is a private company limited by guarantee and incorporated in Scotland. Its registered office is:
8 Kirkfield Road
Bothwell
GLASGOW
G71 8JE
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