Company Registration No. 10748300 (England and Wales)
Inrehearsal Limited
Unaudited accounts
for the year ended 31 May 2024
Inrehearsal Limited
Unaudited accounts
Contents
Inrehearsal Limited
Company Information
for the year ended 31 May 2024
Directors
Ben Gallacher
Rhys Colin Patrick Little
Company Number
10748300 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
UK
Accountants
Altitude Accounting Limited
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Inrehearsal Limited for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Inrehearsal Limited for the year ended
31 May 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Inrehearsal Limited, as a body, in accordance with the terms of our engagement letter dated 19 November 2019. Our work has been undertaken solely to prepare for your approval the accounts of Inrehearsal Limited and state those matters that we have agreed to state to the Board of Directors of Inrehearsal Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inrehearsal Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Inrehearsal Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Inrehearsal Limited. You consider that Inrehearsal Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Inrehearsal Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Altitude Accounting Limited
Chartered Accountants
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
4 November 2024
Inrehearsal Limited
Statement of financial position
as at 31 May 2024
Tangible assets
6,376
7,460
Cash at bank and in hand
1,514,628
1,262,930
Creditors: amounts falling due within one year
(1,166,849)
(1,245,283)
Net current assets
1,122,497
1,098,897
Total assets less current liabilities
1,128,873
1,106,357
Provisions for liabilities
Deferred tax
(1,865)
(1,865)
Net assets
1,127,008
1,104,492
Called up share capital
3
3
Profit and loss account
1,127,005
1,104,489
Shareholders' funds
1,127,008
1,104,492
For the year ending 31 May 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by
Rhys Colin Patrick Little
Director
Company Registration No. 10748300
Inrehearsal Limited
Notes to the Accounts
for the year ended 31 May 2024
Inrehearsal Limited is a private company, limited by shares, registered in England and Wales, registration number 10748300. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.3% straight line
Computer equipment
33.3% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Inrehearsal Limited
Notes to the Accounts
for the year ended 31 May 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2023
1,708
14,863
16,571
At 31 May 2024
1,944
19,025
20,969
At 1 June 2023
1,477
7,634
9,111
Charge for the year
263
5,219
5,482
At 31 May 2024
1,740
12,853
14,593
At 31 May 2024
204
6,172
6,376
At 31 May 2023
231
7,229
7,460
Amounts falling due within one year
Trade debtors
407,666
310,420
Accrued income and prepayments
15,031
6,694
Other debtors
352,021
764,136
Inrehearsal Limited
Notes to the Accounts
for the year ended 31 May 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
10,758
10,346
Taxes and social security
221,479
132,797
Deferred income
881,230
958,374
7
Transactions with related parties
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
The company's ultimate parent company is Inrehearsal Group Limited, a company incorporated in England and Wales. Inrehearsal Group Limited's registered office and principal place of business is 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).