Company registration number 06315043 (England and Wales)
Charity registration number 1132900 (England and Wales)
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
13
107
Creditors: amounts falling due within one year
3
(2,227)
(1,201)
Net current liabilities
(2,214)
(1,094)
Funds
Total unrestricted funds
(2,214)
(1,094)
Members' funds
(2,214)
(1,094)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 July 2023 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 members have not required the company to obtain an audit of its financial statements for the year 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 18 October 2024 and are signed on its behalf by:
J. R. Chalmers
C. Ellwood
Director
Director
Company Registration No. 06315043
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Presence Theatre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 55 Partridge Way, Guildford, Surrey, GU4 7DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP FRS 102), 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The Charity is dependent on the continued support of the trustee and director, J.R Chalmers, to fund the charity's commitments until further income is received. true
1.3
Income and expenditure
All income is recognised when there is entitlement, sufficient certainty that receipt of income is probable and the amount of income receivable can be measured reliably. The amounts shown include the relevant amounts reclaimable from the taxation authorities under the company's charitable status.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accruals basis, inclusive of any VAT that cannot be recovered. Expenditure is classified under activity headings that aggregate all costs related to the category.
- Costs of raising funds comprise the costs associated with attracting voluntary income;
- Charitable activities include the costs of performances and other activities undertaken to further the purposes of the charity;
- Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and statutory requirements.
1.4
Fund accounting
The charity's general funds are unrestricted funds available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
1.5
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.
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position 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.
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.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
No directors received any remuneration or benefits.
PRESENCE THEATRE LTD
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
977
Other creditors
1,250
1,201
2,227
1,201
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
5
Total Expenditure
2023
2022
Raising funds
Charitable activities
Other - governance costs
Total
Total
£
£
£
£
£
Insurance
677
-
-
677
665
Bank charges
-
-
-
-
-
Production costs
-
-
-
-
-
Actors and production fees
-
3,265
-
3,265
625
Sundry expenses
-
322
-
322
76
Accountancy
-
-
1,025
1,025
977
Total expenditure
677
3,587
1,025
5,289
2,343
6
Trustees' transactions
Trustee, C. Ellwood, was reimbursed general administrative expenses of £302 during the year (2022 £76).
7
Control
The company is under the joint control of the directors.