Company Registration No. 12067687 (England and Wales)
MAYFIELD HIGH SCHOOL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD FROM 1 JULY 2023 TO 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MAYFIELD HIGH SCHOOL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MAYFIELD HIGH SCHOOL LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
784,228
293,739
Cash at bank and in hand
173,421
89,103
957,649
382,842
Creditors: amounts falling due within one year
5
(1,606,298)
(82,841)
Net current (liabilities)/assets
(648,649)
300,001
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(648,650)
300,000
Total equity
(648,649)
300,001
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr L Miller
Director
Company Registration No. 12067687
MAYFIELD HIGH SCHOOL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
1
136,961
136,962
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
163,039
163,039
Balance at 30 June 2023
1
300,000
300,001
Period ended 31 January 2024:
Loss and total comprehensive income for the period
-
(948,650)
(948,650)
Balance at 31 January 2024
1
(648,650)
(648,649)
MAYFIELD HIGH SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Mayfield High School Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 11 Maiden Lane, London, WC2E 7NA.
1.1
Reporting period
These financial statements have been prepared for the 7 month period ended 31 January 2024 (2023 was for the 10 month period ended 30 June 2023). The company's accounting period was shortened to submit an early claim of theatre tax credit to assist cashflow. For the above reason, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Turnover
All income is recognised once the company has entitlement to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably.
In relation to theatrical productions produced and managed by the company, turnover represents producers share of the net box office income for the production, with associated production and running costs relating to these shows being presented as production and cost of sales..
In relation to all other classes of business, turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
MAYFIELD HIGH SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.
MAYFIELD HIGH SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
The company has raised investments totalling £700,000, from independent investors known as "theatrical angels", which were used to fund the production costs of creating and producing theatrical show "Everyone's Talking About Jamie". At the period end 31 January 2024 the amount outstanding on these investments was £700,000. These investments are repayable at the discretion of the directors, through the generation of running profits of the shows. In the event that the directors considers the investments not recoupable in the foreseeable future, then these amounts would be written off to the profit and loss account.
As a result of the above, the directors have reasonable expectation that the company has adequate resources and they are of the opinion that there are no material uncertainties about the ability of the company to continue in operational existence for the foreseeable future. Thus they consider it appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
41
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
504,040
43,329
Other debtors
280,188
250,410
784,228
293,739
MAYFIELD HIGH SCHOOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,411,706
82,841
Taxation and social security
149,136
Other creditors
45,456
1,606,298
82,841
6
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
During the period the company paid management charges, office costs, entertainment and advertising recharges of £98,738 (2023 - £Nil) to Stardanced Productions Limited, a company owned by the director Ms L Burns.
The company also paid royalties of £10,925 (2023 - £Nil) and profit distributions of £223,757 (2023 - £Nil) to Stardanced Productions Limited.
The aggregate amounts outstanding to this company at the year end was £55,580 (2023 - £47,500).