The Assembly Rooms Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 05102422 (England and Wales)
The Assembly Rooms Limited
Company Information
Directors
N Hindson
S Rice-Edwards
E Ashwell
Secretary
S Rice-Edwards
Company number
05102422
Registered office
6th Floor Charlotte Building
17 Gresse Street
London
United Kingdom
W1T  1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Assembly Rooms Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
The Assembly Rooms Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,087
36,261
Investments
4
14,639
14,639
38,726
50,900
Current assets
Debtors
6
727,765
566,060
Cash at bank and in hand
225,221
444,441
952,986
1,010,501
Creditors: amounts falling due within one year
7
(602,650)
(700,402)
Net current assets
350,336
310,099
Total assets less current liabilities
389,062
360,999
Provisions for liabilities
(5,364)
(8,263)
Net assets
383,698
352,736
Capital and reserves
Called up share capital
8
171
171
Share premium account
39,932
39,932
Profit and loss reserves
343,595
312,633
Total equity
383,698
352,736

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 year ended 31 March 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 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 Assembly Rooms Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
S  Rice-Edwards
Director
Company Registration No. 05102422
The Assembly Rooms Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

The Assembly Rooms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
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 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

These financial statements are prepared on the going concern basis. The directors expect the company to have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.true

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. At the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined, as to when certain phases of a project are completed. The costs and corresponding revenue are recognised as and when the work is completed. Where the outcome cannot be estimated reliably, revenue is recognised, only to the extent of the expenses recognised, that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% Straight line
Plant and equipment
25% Straight line
Fixtures and fittings
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The Company only has financial instruments classified as basic and measured at amortised cost. The Company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

1.8
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
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.

The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
136,525
431,676
568,201
Additions
-
0
5,498
5,498
At 31 March 2024
136,525
437,174
573,699
Depreciation and impairment
At 1 April 2023
131,969
399,971
531,940
Depreciation charged in the year
3,232
14,440
17,672
At 31 March 2024
135,201
414,411
549,612
Carrying amount
At 31 March 2024
1,324
22,763
24,087
At 31 March 2023
4,556
31,705
36,261
The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Fixed asset investments
2024
2023
£
£
Investments
14,639
14,639

 

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
14,639
Carrying amount
At 31 March 2024
14,639
At 31 March 2023
14,639
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Assmebly Rooms Inc
#2180 Wilshire Blvd, Los Angeles, 90025
Post production services
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
540,457
413,913
Other debtors
187,308
152,147
727,765
566,060

Included within other debtors is the rent deposit of £72,500 (2023: £72,500) which is due in more than a year.

The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
121,114
184,687
Corporation tax
192,891
125,767
Other taxation and social security
94,081
84,520
Other creditors
185,128
299,478
Accruals and deferred income
9,436
5,950
602,650
700,402
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
16,750 Ordinary A shares of 1p each
168
168
100 Ordinary B shares of 1p each
1
1
100 Ordinary C shares of 1p each
1
1
100 Ordinary D shares of 1p each
1
1
171
171
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
128,542
117,188
Between two and five years
128,333
256,875
256,875
374,063
10
Related party transactions

During the year, £521,359 (2023: £532,777) of dividends were declared.

 

At the year end, the directors were owed by the company £142,590 (2023: £285,588).

 

The company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under FRS 102 section 33.1 A not to provide disclosures of transactions entered into with other wholly owned members of the group.

The Assembly Rooms Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
11
Controlling party

There is no single controlling party.

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