Company registration number 03308803 (England and Wales)
MILLENNIUM PERFORMING ARTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MILLENNIUM PERFORMING ARTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MILLENNIUM PERFORMING ARTS LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,700
1,904
Current assets
Debtors
4
39,277
50,923
Cash at bank and in hand
10,520
7
49,797
50,930
Creditors: amounts falling due within one year
5
(247,829)
(362,469)
Net current liabilities
(198,032)
(311,539)
Total assets less current liabilities
(196,332)
(309,635)
Creditors: amounts falling due after more than one year
6
(51,239)
(40,130)
Net liabilities
(247,571)
(349,765)
Capital and reserves
Called up share capital
7
15
15
Profit and loss reserves
(247,586)
(349,780)
Total equity
(247,571)
(349,765)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 4 February 2025
F G Maas
Director
Company registration number 03308803 (England and Wales)
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Millennium Performing Arts Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Park Road, London, United Kingdom, NW1 6XT.
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 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
At the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £247,571true (2023: £349,765) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.
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. Turnover is recognised as the service is provided, regardless of when cash is received or invoices are raised.
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:
Plant and machinery, etc
15% 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.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 loans to fellow group companies, 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 and loans from fellow group companies, 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
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.
1.8
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.
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
243,785
Additions
1,121
At 31 July 2024
244,906
Depreciation and impairment
At 1 August 2023
241,881
Depreciation charged in the year
1,325
At 31 July 2024
243,206
Carrying amount
At 31 July 2024
1,700
At 31 July 2023
1,904
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,361
19,586
Amounts owed by group undertakings
28,813
26,963
Other debtors
3,103
4,374
39,277
50,923
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,248
24,273
Trade creditors
139,445
133,749
Amounts owed to group undertakings
59,840
65,284
Taxation and social security
750
Other creditors
40,546
139,163
247,829
362,469
The bank loans includes Bounce Back Loan and is repayable in instalments over 7 years. The loan is guaranteed by the government and carries an interest rate of 2.5% p.a.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
36,239
40,130
Other creditors
15,000
51,239
40,130
The bank loans includes Bounce Back Loan and is repayable in instalments over 7 years. The loan is guaranteed by the government and carries an interest rate of 2.5% p.a.
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
5
5
Ordinary B shares of £1 each
5
5
Ordinary C shares of £1 each
5
5
15
15
MILLENNIUM PERFORMING ARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
8
Financial commitments, guarantees and contingent liabilities
On 20 May 2016, following the death of one of the shareholder/directors of the group, C shares were redesignated as non-voting. From that point a fixed accumulating dividend of £50,000 per annum was instigated by the articles of the holding company, the timing of payment of which is decided by the remaining directors of the group.
On 3 July 2023, following the death of one of the shareholder/directors of the group, A shares were redesignated as non-voting. From that point a fixed accumulating dividend of £50,000 per annum was instigated by the articles of the holding company, the timing of payment of which is decided by the remaining directors of the group.
At the year-end there exists a contingent liability that the profits of the company may be required to satisfy this dividend.
9
Related party transactions
As permitted under FRS102 s33.1A, the financial statements do not disclose transactions with the parent undertaking and fellow subsidiaries.
At the balance sheet date the company owed £12,000 (2023: £109,378) to The Dancers' Development Fund. Rent amounting to £70,393 (2023: £14,000 paid) was receivable from The Dancers' Development Fund by the company in the year.
Included within other creditors is an amount due to the directors of £17,436 (2023: £17,979).
Both of the above balances are unsecured, interest free and repayable on demand.