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Registration number: 07363900

Footlights Theatre School Limited
Annual Report and
Unaudited Financial Statements

31 December 2023

 

Footlights Theatre School Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Footlights Theatre School Limited

Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,382

4,510

Current assets

 

Stocks

5

-

4,950

Debtors

6

3,508

6,323

Cash at bank and in hand

 

4,465

131

 

7,973

11,404

Creditors: Amounts falling due within one year

7

(6,487)

(7,606)

Net current assets

 

1,486

3,798

Total assets less current liabilities

 

4,868

8,308

Creditors: Amounts falling due after more than one year

7

(3,769)

(997)

Net assets

 

1,099

7,311

Capital and reserves

 

Retained earnings

1,099

7,311

Shareholders' funds

 

1,099

7,311

For the financial 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 accounts for the year in question in accordance with section 476; and

The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

 

Footlights Theatre School Limited

Balance Sheet
31 December 2023

.........................................
Miss J E Fisher
Director

Company Registration Number: 07363900

 

Footlights Theatre School Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Footlights House Kansas Avenue
Mediacityuk
Salford
M50 2GL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Footlights Theatre School Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Footlights Theatre School Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 3 (2022 - 2).

 

Footlights Theatre School Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

28,224

28,224

At 31 December 2023

28,224

28,224

Depreciation

At 1 January 2023

23,714

23,714

Charge for the year

1,128

1,128

At 31 December 2023

24,842

24,842

Carrying amount

At 31 December 2023

3,382

3,382

At 31 December 2022

4,510

4,510

5

Stocks

2023
£

2022
£

Other inventories

-

4,950

6

Debtors

Current

2023
£

2022
£

Other debtors

3,508

6,323

 

3,508

6,323

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

999

Accruals and deferred income

 

1,260

581

Other creditors

 

5,227

6,026

 

6,487

7,606

 

Footlights Theatre School Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

3,769

997

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

-

999

9

Related party transactions

Director's remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.