IRIS Accounts Production v24.3.2.46 01194028 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011940282023-07-31011940282024-07-31011940282023-08-012024-07-31011940282022-07-31011940282022-08-012023-07-31011940282023-07-3101194028ns15:EnglandWales2023-08-012024-07-3101194028ns14:PoundSterling2023-08-012024-07-3101194028ns10:Director12023-08-012024-07-3101194028ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3101194028ns10:SmallEntities2023-08-012024-07-3101194028ns10:AuditExemptWithAccountantsReport2023-08-012024-07-3101194028ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3101194028ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3101194028ns10:FullAccounts2023-08-012024-07-3101194028ns10:OrdinaryShareClass12023-08-012024-07-3101194028ns10:Director22023-08-012024-07-3101194028ns10:RegisteredOffice2023-08-012024-07-3101194028ns5:CurrentFinancialInstruments2024-07-3101194028ns5:CurrentFinancialInstruments2023-07-3101194028ns5:Non-currentFinancialInstruments2024-07-3101194028ns5:Non-currentFinancialInstruments2023-07-3101194028ns5:ShareCapital2024-07-3101194028ns5:ShareCapital2023-07-3101194028ns5:RevaluationReserve2024-07-3101194028ns5:RevaluationReserve2023-07-3101194028ns5:RetainedEarningsAccumulatedLosses2024-07-3101194028ns5:RetainedEarningsAccumulatedLosses2023-07-3101194028ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-08-012024-07-3101194028ns5:PlantMachinery2023-08-012024-07-3101194028ns5:FurnitureFittings2023-08-012024-07-3101194028ns5:ComputerEquipment2023-08-012024-07-3101194028ns5:LandBuildings2023-07-3101194028ns5:PlantMachinery2023-07-3101194028ns5:FurnitureFittings2023-07-3101194028ns5:ComputerEquipment2023-07-3101194028ns5:LandBuildings2023-08-012024-07-3101194028ns5:LandBuildings2024-07-3101194028ns5:PlantMachinery2024-07-3101194028ns5:FurnitureFittings2024-07-3101194028ns5:ComputerEquipment2024-07-3101194028ns5:LandBuildings2023-07-3101194028ns5:PlantMachinery2023-07-3101194028ns5:FurnitureFittings2023-07-3101194028ns5:ComputerEquipment2023-07-3101194028ns5:CostValuation2023-07-3101194028ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3101194028ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3101194028ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-07-3101194028ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3101194028ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-07-3101194028ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-07-3101194028ns5:Secured2024-07-3101194028ns5:Secured2023-07-3101194028ns10:OrdinaryShareClass12024-07-3101194028ns5:RevaluationReserve2023-07-31011940281ns10:Director12023-07-31011940281ns10:Director12022-07-31011940281ns10:Director12023-08-012024-07-31011940281ns10:Director12022-08-012023-07-31011940281ns10:Director12024-07-31011940281ns10:Director12023-07-31
REGISTERED NUMBER: 01194028 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 July 2024

for

International Arts Centre Limited

International Arts Centre Limited (Registered number: 01194028)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


International Arts Centre Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: N J Allen
A Oliver





REGISTERED OFFICE: International Arts Centre
Garden Street
Leicester
Leicestershire
LE1 3UA





REGISTERED NUMBER: 01194028 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
International Arts Centre Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Arts Centre Limited for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of International Arts Centre Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of International Arts Centre Limited and state those matters that we have agreed to state to the Board of Directors of International Arts Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Arts Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that International Arts Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of International Arts Centre Limited. You consider that International Arts Centre 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 financial statements of International Arts Centre 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 financial statements.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


11 February 2025

International Arts Centre Limited (Registered number: 01194028)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,482,023 1,485,848
Investments 5 20,000 20,000
1,502,023 1,505,848

CURRENT ASSETS
Stocks 5,500 3,500
Debtors 6 13,680 40,935
Cash at bank and in hand 16,365 4,708
35,545 49,143
CREDITORS
Amounts falling due within one year 7 103,910 78,303
NET CURRENT LIABILITIES (68,365 ) (29,160 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,433,658

1,476,688

CREDITORS
Amounts falling due after more than
one year

8

(484,334

)

(505,930

)

PROVISIONS FOR LIABILITIES (158,109 ) (162,838 )
NET ASSETS 791,215 807,920

International Arts Centre Limited (Registered number: 01194028)

Balance Sheet - continued
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 906,861 906,861
Retained earnings (115,746 ) (99,041 )
SHAREHOLDERS' FUNDS 791,215 807,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





A Oliver - Director


International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

International Arts Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not provided (See below)
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% straight line basis

Land and buildings are shown at valuation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2023
and 31 July 2024 1,475,000 32,921 73,592 42,657 1,624,170
DEPRECIATION
At 1 August 2023 - 28,727 68,033 41,562 138,322
Charge for year - 1,348 1,475 1,002 3,825
At 31 July 2024 - 30,075 69,508 42,564 142,147
NET BOOK VALUE
At 31 July 2024 1,475,000 2,846 4,084 93 1,482,023
At 31 July 2023 1,475,000 4,194 5,559 1,095 1,485,848

International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2024 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2011 199,371 - - - 199,371
Valuation in 2014 350,000 - - - 350,000
Valuation in 2019 533,102 - - - 533,102
Cost 392,527 32,921 73,592 42,657 541,697
1,475,000 32,921 73,592 42,657 1,624,170

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.7.24 31.7.23
£    £   
Cost 392,527 392,527
Aggregate depreciation 130,786 122,935

Freehold land and buildings were valued on an open market basis on 1 April 2020 by Andrew Granger .

The directors consider that the valuation would not have been significantly different at the balance sheet date.

International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


5. FIXED ASSET INVESTMENTS
Leicester
College
of
Performing
Arts Ltd
£   
COST
At 1 August 2023
and 31 July 2024 39,998
PROVISIONS
At 1 August 2023
and 31 July 2024 19,998
NET BOOK VALUE
At 31 July 2024 20,000
At 31 July 2023 20,000

In accordance with accounting standards, investments are shown at an estimate of fair value. As a result of the recent pandemic, the college and school suffered due to an inability to trade for a significant period of time. Future trading is positive but at the date of these accounts an impairment provision was required.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 5,717 11,590
Bad debt provision (5,070 ) (10,043 )
Amounts owed by related companies - 2,989
Other debtors 1,482 2,256
Section 455 tax 6,523 6,523
Directors' current accounts - 25,171
VAT 749 166
Prepayments 4,279 2,283
13,680 40,935

International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 45,919 36,047
Trade creditors 3,911 6,971
Amounts owed to related companies 10,682 -
Corporation tax - 4
Social security and other taxes 526 844
Other creditors 31,579 29,933
Directors' current accounts 4,999 -
Accruals and deferred income 6,294 4,504
103,910 78,303

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans - 2-5 years 179,401 159,653
Bank loans more 5 yr by instal 304,933 346,277
484,334 505,930

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 304,933 346,277

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 530,253 541,977

The Barclays bank loan is secured by a legal charge over freehold property at Orchard Street, Royal East Street and Garden Street, Leicester. There is also a cross guarantee and debenture between Leicester College of Performing Arts Limited and International Arts Centre Limited.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

International Arts Centre Limited (Registered number: 01194028)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


11. RESERVES
Revaluation
reserve
£   
At 1 August 2023
and 31 July 2024 906,861

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES.

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
A Oliver
Balance outstanding at start of year 25,171 25,171
Amounts repaid (25,171 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 25,171

13. GOING CONCERN

The directors have considered the going concern position in the light of the current economic climate. To address rising costs, IAC has created a live music venue by extending the bar and investing in a high-quality PA system. This utilizes the full potential of the function room and also meets the local demand for this type of venue. The directors have no reason to believe that they will not be able to continue for the foreseeable future.