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Registration number: 09308469

Bridport Electric Palace Company Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Bridport Electric Palace Company Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 9

 

Bridport Electric Palace Company Limited

(Registration number: 09308469)
Abridged Balance Sheet as at 31 January 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

1

 

1

Tangible assets

5

 

1,313,914

 

1,295,919

   

1,313,915

 

1,295,920

Current assets

   

 

Stocks

6

2,836

 

-

 

Debtors

18,351

 

3,693

 

Cash at bank and in hand

 

1,030

 

3,634

 

 

22,217

 

7,327

 

Prepayments and accrued income

 

7,530

 

37,747

 

Creditors: Amounts falling due within one year

(87,503)

 

(62,658)

 

Net current liabilities

   

(57,756)

 

(17,584)

Total assets less current liabilities

   

1,256,159

 

1,278,336

Creditors: Amounts falling due after more than one year

 

(3,537,220)

 

(3,420,620)

Accruals and deferred income

   

(112,823)

 

(67,879)

Net liabilities

   

(2,393,884)

 

(2,210,163)

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Profit and loss account

(2,393,984)

 

(2,210,263)

 

Shareholders' deficit

   

(2,393,884)

 

(2,210,163)

 

Bridport Electric Palace Company Limited

(Registration number: 09308469)
Abridged Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 October 2024 and signed on its behalf by:
 

Mr A Warren
Director

   
     
 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
35 South Street
Bridport
Dorset
DT6 3NY

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 abridged 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 abridged 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 company is reliant on the continued support of its directors, who have confirmed that this will continue and, therefore, the accounts have been prepared on a going concern basis. The directors have not identified any material uncertainties related to events and conditions that may cast significant doubt about the company’s ability to continue as a going concern.

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 vat, 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.

 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

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:

Asset class

Depreciation method and rate

Freehold land and buildings

Not depreciated

Fixtures, fittings and equipment

10% reducing balance

Leasehold land and buildings

2% straight line

Office equipment

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Website costs where it is probable that the expected future economic benefits attributable to the asset will flow to the entity are capitalised as an intangible fixed asset and are stated at cost less accumulated amortisation, and any accumulated impairment losses. They are amortised over their estimated life. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil

Website costs

33% straight line

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.

 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 5 (2023 - 6).

 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 February 2023

21,080

At 31 January 2024

21,080

Amortisation

At 1 February 2023

21,079

At 31 January 2024

21,079

Carrying amount

At 31 January 2024

1

At 31 January 2023

1

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

1,183,160

8,335

488,655

1,680,150

Additions

36,161

-

44,708

80,869

Disposals

-

-

(50,000)

(50,000)

At 31 January 2024

1,219,321

8,335

483,363

1,711,019

Depreciation

At 1 February 2023

124,128

7,085

253,018

384,231

Charge for the year

17,709

413

23,230

41,352

Eliminated on disposal

-

-

(28,478)

(28,478)

At 31 January 2024

141,837

7,498

247,770

397,105

Carrying amount

At 31 January 2024

1,077,484

837

235,593

1,313,914

At 31 January 2023

1,059,032

1,250

235,637

1,295,919

Included within the net book value of land and buildings above is £331,558 (2023 - £331,558) in respect of freehold land and buildings and £745,926 (2023 - £727,474) in respect of long leasehold land and buildings.
 

 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Other inventories

2,836

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Bridport Electric Palace Company Limited

Notes to the Abridged Financial Statements for the Year Ended 31 January 2024

8

Related party transactions

Loans from related parties

2024

Directors
£

At start of period

3,434,793

Advanced

119,448

Repaid

(3,753)

At end of period

3,550,488

2023

Directors
£

At start of period

3,325,564

Advanced

121,429

Repaid

(12,200)

At end of period

3,434,793

Terms of loans from related parties

The loans received from directors are interest free and are repayable on demand, although are not all expected to be recalled within the next year. Of the closing balance at 31 January 2024 of £3,550,488, it has been agreed that £13,268 should be included as due within one year and the directors have confirmed that they will give 13 months notice of requiring the balance of the loan to be repaid and, therefore, £3,537,220 has been reported as due in more than one year. The amortised cost of the loan over a 13 month period will not be materially different to the transaction cost of the loan and, therefore, no adjustment has been made in these accounts to report the loan at amortised cost.