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COMPANY REGISTRATION NUMBER: NI042312
CENTRE STAGE THEATRE COMPANY LTD
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 March 2024
CENTRE STAGE THEATRE COMPANY LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,920
Current assets
Cash at bank and in hand
21,436
21,779
Creditors: amounts falling due within one year
6
24,960
22,383
--------
--------
Net current liabilities
3,524
604
-------
----
Total assets less current liabilities
( 604)
( 604)
----
----
Net liabilities
( 604)
( 604)
----
----
Capital and reserves
Profit and loss account
( 604)
( 604)
----
----
Members deficit
( 604)
( 604)
----
----
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 30 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CENTRE STAGE THEATRE COMPANY LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
30 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Ms G McGowan
Director
Company registration number: NI042312
CENTRE STAGE THEATRE COMPANY LTD
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 MARCH 2024
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is C/o Flannigan Edmonds Bannon, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG, United Kingdom.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover in the financial statements represents amounts received from the sale of tickets to shows and from income generated from acting classes.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
20% straight line
Computer Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
Centre Stage Theatre Company Limited is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1.
5. Tangible assets
Equipment
User defined asset
Total
£
£
£
Cost
At 31 March 2023
154
154
Additions
3,650
3,650
----
-------
-------
At 30 March 2024
154
3,650
3,804
----
-------
-------
Depreciation
At 31 March 2023
154
154
Charge for the year
730
730
----
-------
-------
At 30 March 2024
154
730
884
----
-------
-------
Carrying amount
At 30 March 2024
2,920
2,920
----
-------
-------
At 30 March 2023
----
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
24,960
22,383
--------
--------
7. Directors' advances, credits and guarantees
During the year, the directors advanced net loans to the company of £2,577 (2023: £13,293). £24,060 remained outstanding to the directors at the balance sheet date (2023: £21,483).
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.