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COMPANY REGISTRATION NUMBER: 08913234
Abbeygate Cinema Limited
Filleted Unaudited Financial Statements
31 December 2023
Abbeygate Cinema Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,251,223
1,355,531
Investments
6
53,961
53,961
------------
------------
1,305,184
1,409,492
Current assets
Stocks
9,516
10,236
Debtors
7
129,809
144,600
Cash at bank and in hand
89,124
56,423
---------
---------
228,449
211,259
Creditors: amounts falling due within one year
8
1,010,823
901,240
------------
---------
Net current liabilities
782,374
689,981
------------
------------
Total assets less current liabilities
522,810
719,511
Creditors: amounts falling due after more than one year
9
89,516
125,000
Provisions
49,845
49,845
---------
---------
Net assets
383,449
544,666
---------
---------
Capital and reserves
Called up share capital
662,001
662,001
Profit and loss account
( 278,552)
( 117,335)
---------
---------
Shareholders funds
383,449
544,666
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Abbeygate Cinema Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
L Goleby
Director
Company registration number: 08913234
Abbeygate Cinema Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Hatter Street, Bury St. Edmunds, Suffolk, IP33 1LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The statutory accounts have been prepared on the going concern basis. The Director has carefully reviewed the future prospects of the company and its future cash flows. Having assessed this the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from signing of these statutory accounts. For this reason the Director continues to adopt the going concern basis for the preparation of the statutory accounts. Accordingly, these statutory accounts do not include any adjustments to the carrying amount of classification of assets and liabilities that would result if the company was unable to continue as a going concern.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Revenue comprises income from screen events, tickets, food and beverages and is net of VAT and other discounts. Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised when the goods and services have been provided.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
7% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Equipment
-
20 % straight line
Online booking system
-
20 % straight line
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the group becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 42 ).
5. Tangible assets
Leasehold property and improvements
Plant and machinery
Fixtures and fittings
Equipment
Online booking system
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
1,662,178
417,861
131,743
1,917
26,858
2,240,557
Additions
16,084
11,849
14,008
41,941
------------
---------
---------
-------
--------
------------
At 31 Dec 2023
1,678,262
429,710
145,751
1,917
26,858
2,282,498
------------
---------
---------
-------
--------
------------
Depreciation
At 1 Jan 2023
451,793
293,703
112,289
383
26,858
885,026
Charge for the year
101,338
37,755
6,772
384
146,249
------------
---------
---------
-------
--------
------------
At 31 Dec 2023
553,131
331,458
119,061
767
26,858
1,031,275
------------
---------
---------
-------
--------
------------
Carrying amount
At 31 Dec 2023
1,125,131
98,252
26,690
1,150
1,251,223
------------
---------
---------
-------
--------
------------
At 31 Dec 2022
1,210,385
124,158
19,454
1,534
1,355,531
------------
---------
---------
-------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2023
----
At 31 December 2022
40,322
--------
6. Investments
Unlisted investments
£
Cost
At 1 January 2023 and 31 December 2023
53,961
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
53,961
--------
At 31 December 2022
53,961
--------
7. Debtors
2023
2022
£
£
Trade debtors
10,651
6,052
Amounts owed by group undertakings
57,738
66,568
Other debtors
61,420
71,980
---------
---------
129,809
144,600
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
59,677
50,000
Trade creditors
120,898
103,591
Accruals and deferred income
235,180
187,125
Social security and other taxes
64,110
65,843
Obligations under finance leases and hire purchase contracts
12,756
Director loan accounts
348,250
307,945
Gift card control
74,928
65,678
Credit card control
215
137
Other creditors
107,565
108,165
------------
---------
1,010,823
901,240
------------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
89,516
125,000
--------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
45,749
45,749
Later than 1 year and not later than 5 years
178,514
176,398
Later than 5 years
279,606
323,363
---------
---------
503,869
545,510
---------
---------
Lyn Goleby has entered into an Authorised Guarantee Agreement on behalf of the company in regard to 4 Hatter Street.
11. Related party transactions
At the year end the company owed the director £348,250 (2022: £307,945) which is shown amongst creditors. The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with group companies that are wholly owned.