EASTGATE THEATRE (PEEBLES) LIMITED

Company limited by guarantee

Company Registration Number:
SC163829 (Scotland)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

EASTGATE THEATRE (PEEBLES) LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes

EASTGATE THEATRE (PEEBLES) LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The objectives of the company are the promotion and advancement of public education by encouragement of the arts and the provision of facilities to meet the needs of special groups as well as the wider Borders’ community.



Directors

The directors shown below have held office during the period of
1 April 2023 to 12 September 2023

I Jenkins
S Dawson
C Ewing
J Hill
J Holland
J Pirone


The director shown below has held office during the period of
1 April 2023 to 12 August 2023

M Maxwell


The director shown below has held office during the period of
1 April 2023 to 1 August 2023

E Gebre


The director shown below has held office during the period of
1 April 2023 to 10 July 2023

E Shadbolt


The director shown below has held office during the period of
14 December 2023 to 31 March 2024

P Goodacre


The director shown below has held office during the period of
12 December 2023 to 31 March 2024

T Wilcock


The directors shown below have held office during the period of
28 September 2023 to 31 March 2024

C Clarke
J Dube


The directors shown below have held office during the period of
12 September 2023 to 31 March 2024

H Lewis
J Naysmith
D Smith
F Swift


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 November 2024

And signed on behalf of the board by:
Name: F Swift
Status: Director

EASTGATE THEATRE (PEEBLES) LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 659,490 714,839
Investments:   0 0
Total fixed assets: 659,490 714,839
Current assets
Stocks: 4 3,028 2,599
Debtors: 5 38,299 23,397
Cash at bank and in hand: 47,317 24,679
Investments:   0 0
Total current assets: 88,644 50,675
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 132,564 ) ( 103,114 )
Net current assets (liabilities): (43,920) (52,439)
Total assets less current liabilities: 615,570 662,400
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 615,570 662,400
Members' funds
Profit and loss account: 615,570 662,400
Total members' funds: 615,570 662,400

The notes form part of these financial statements

EASTGATE THEATRE (PEEBLES) LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 22 November 2024
and signed on behalf of the board by:

Name: F Swift
Status: Director

The notes form part of these financial statements

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Property, plant and equipment 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: Freehold land and buildings 2% straight line Fixtures and fittings 10% and 20% straight line Equipment and computers 12.5% and 25% 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 recognised in the statement of financial activities. The freehold land and buildings are deemed to be an asset for the benefit of the Community. The Trustees will review the value of the property periodically. The property was revalued professionally in 2019. Since then there have been substantial alterations and improvements carried out to the property.

    Other accounting policies

    Going Concern Charitable Funds Income Expenditure Impairment of Fixed Assets Stocks Cash and Cash equivalents Financial Instruments Taxation Employee Benefits Retirement Benefits

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 14 15

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 480,149 451,590 123,958 1,055,697
Additions 2,537 2,537
Disposals
Revaluations
Transfers
At 31 March 2024 480,149 454,127 123,958 1,058,234
Depreciation
At 1 April 2023 28,633 227,237 84,988 340,858
Charge for year 9,603 36,740 11,543 57,886
On disposals
Other adjustments
At 31 March 2024 38,236 263,977 96,531 398,744
Net book value
At 31 March 2024 441,913 190,150 27,427 659,490
At 31 March 2023 451,516 224,353 38,970 714,839

Land and buildings with a carrying amount of £391,301 were revalued on 18 March 2019 by Edwin Thompson LLP, independent values not connected with the charity on the basis of market value of £410,000. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. At 31 March 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £1,625,538 (2023: £1,678,997). Freehold land and buildings with a carrying amount of £441,913 (as revalued in March 2019) (2023: £451,516) had been pledged to secure borrowing of the charity. The charity is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Stocks

2024 2023
£ £
Stocks 3,028 2,599
Total 3,028 2,599

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors

2024 2023
£ £
Trade debtors 2,572 684
Prepayments and accrued income 1,400 2,076
Other debtors 34,327 20,637
Total 38,299 23,397

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 39,793 8,111
Trade creditors 35,419 21,562
Taxation and social security 7,957 8,589
Accruals and deferred income 14,424 35,781
Other creditors 34,971 29,071
Total 132,564 103,114

Included in the "Other Creditors" is Deferred income is included in the financial statements as follows: £31,499 for events planned and held later in 2024 (2023: £20,065). £2,808 for unredeemed vouchers sold (2023: £8,558).

EASTGATE THEATRE (PEEBLES) LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Financial Commitments

A lien on the property and the assets was taken by the former Scottish Arts Council, now Creative Scotland, for the capital grant of £1.6m provided through the National Lottery as part of the original funding to convert the Theatre and Arts Centre. This standard security ends in March 2029. If the original grant conditions are breached, the grant is technically repayable. The building cannot be sold, transferred or mortgaged without the consent of the former SAC, now part of Creative Scotland.