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Registered number: 14423388









LONDON CITY BALLET LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
LONDON CITY BALLET LIMITED
REGISTERED NUMBER: 14423388

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 5 
-
13,463

Debtors: amounts falling due within one year
 6 
160,089
-

Cash at bank and in hand
  
41,226
5,354

  
201,315
18,817

Creditors: amounts falling due within one year
 7 
(363,602)
(23,252)

Net current liabilities
  
 
 
(162,287)
 
 
(4,435)

Total assets less current liabilities
  
(162,287)
(4,435)

  

Net liabilities
  
(162,287)
(4,435)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(162,288)
(4,436)

  
(162,287)
(4,435)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.



C Smith
Director

Page 1

 
LONDON CITY BALLET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

London City Ballet Limited is a private company limited by shares incorporated in the United Kingdom. The address of its registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

Functional and presentation currency
The Company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is showing net liabilities at the reporting date. In order to continue trading it is dependent on the continued financial support from the company director who has confirmed his intention to continue his support for the foreseeable future. On these grounds, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises the following:
Classes and workshop income
Revenue relating to the provision of classes and workshops is recognised when they take place. Income received in advance is deferred at the reporting date as applicable.  
Box office and merchandise income 
Turnover from the sale of theatre tickets is recognised on the date the performance takes place. Turnover generated from the sale of merchandise is recognised on the date the sale takes place. Statements are received in arrears of the performance date, therefore an adjustment is made at the year end and income is accrued accordingly.
Donations
The company is receiving donations which are being recognised when the company has entitlement and receipt is probable.

Page 2

 
LONDON CITY BALLET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Stocks- Production costs

Production costs comprise all costs incurred in the staging of ballet performances. If the production is yet to commence at the reporting date, all costs are carried forward in the Statement of Financial Position as stock. These costs are amortised and recognised in the Statement of Income and Retained Earnings in line with revenue receipts related to that show.  

 
2.5

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company is eligible to claim a tax credit on ballet production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


5.


Stocks

2024
2023
£
£

Production costs
-
13,463


Page 3

 
LONDON CITY BALLET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,141
-

Other debtors
158,948
-

160,089
-



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
354,602
21,452

Accruals and deferred income
9,000
1,800

363,602
23,252


Included in other creditors is a short term loan of £20,000. This loan was provided interest free. 


8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
41,226
5,354




Financial assets measured at fair value through profit or loss comprise...


9.


Related party transactions

At the reporting date the company owed £330,907 (2023: £21,452) which is included in other creditors to C Smith, the director. The balance was provided interest free and is repayable on demand.

 
Page 4