Company registration number 03453788 (England and Wales)
LAINE THEATRE ARTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LAINE THEATRE ARTS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LAINE THEATRE ARTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,966
17,444
Investment properties
5
3,000,000
3,000,000
Investments
6
100
100
3,029,066
3,017,544
Current assets
Debtors
8
151,795
212,061
Cash at bank and in hand
310,031
240,853
461,826
452,914
Creditors: amounts falling due within one year
9
(630,057)
(612,273)
Net current liabilities
(168,231)
(159,359)
Total assets less current liabilities
2,860,835
2,858,185
Provisions for liabilities
(283,248)
(285,447)
Net assets
2,577,587
2,572,738
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,577,487
2,572,638
Total equity
2,577,587
2,572,738

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Mr P Morel
Director
Company Registration No. 03453788
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Laine Theatre Arts Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents rents receivable during the year.
1.3
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:

Motor vehicles
25% on reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property

As stated in note 6, in the directors opinion the value of the investment property has not materially changed since the last valuation.

LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
61,422
Additions
22,523
At 31 August 2024
83,945
Depreciation and impairment
At 1 September 2023
43,978
Depreciation charged in the year
11,001
At 31 August 2024
54,979
Carrying amount
At 31 August 2024
28,966
At 31 August 2023
17,444
5
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
3,000,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 26 April 2017 by Frasier Breeth Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the directors' opinion the value has not materially changed since this valuation.

6
Fixed asset investments
2024
2023
£
£
Investments
100
100

Fixed assets investments represents a 100% shareholding in Laine Theatre Arts Ltd.

LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2023 & 31 August 2024
100
Carrying amount
At 31 August 2024
100
At 31 August 2023
100
7
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Laine Theatre Arts Ltd
UK
Dance and drama college
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Laine Theatre Arts Ltd
306,728
1,301,745
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
4,486
11,546
Other debtors
147,309
200,515
151,795
212,061
LAINE THEATRE ARTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,135
-
0
Amounts owed to group undertakings
587,808
580,800
Taxation and social security
7,184
5,648
Other creditors
24,930
25,825
630,057
612,273
10
Related party transactions

Transactions took place during the year between the company and Laine Theatre Arts Ltd a company controlled by Mrs E M Jenkins.

Transactions with related parties during the year were rent receivable of £230,000 (2023: £230,000), management fee receivable £65,000 (2023: £nil) and loan interest payable £30,000 (2023 £25,700). Amounts due to group and associated companies amounted to £587,808 (2023: £580,800), and amounts due from group and associated companies amounted to £92,625 (2023: £91,869). Amounts due from the company's director were £41,949 (2023: £101,878).

11
Controlling party

The ultimate controlling party is Mrs E M Jenkins, a director of the company.

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