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Registered number: 04335785









ITALIA CONTI ARTS CENTRE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
ITALIA CONTI ARTS CENTRE LIMITED
REGISTERED NUMBER: 04335785

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,698,773
3,883,074

Investments
 5 
7
7

  
3,698,780
3,883,081

Current assets
  

Debtors: amounts falling due within one year
 6 
633,916
607,575

Cash at bank and in hand
 7 
661,370
354,588

  
1,295,286
962,163

Creditors: amounts falling due within one year
 8 
(2,107,061)
(2,134,110)

Net current liabilities
  
 
 
(811,775)
 
 
(1,171,947)

Total assets less current liabilities
  
2,887,005
2,711,134

Creditors: amounts falling due after more than one year
 9 
(2,600,000)
(2,600,000)

  

Net assets
  
287,005
111,134


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
287,004
111,133

  
287,005
111,134


Page 1

 
ITALIA CONTI ARTS CENTRE LIMITED
REGISTERED NUMBER: 04335785
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

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 statement of income and retained earnings 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 by: 




H Newton-Jarvis
Director

Date: 28 May 2025

Page 2

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Italia Conti Arts Centre Limited is a private limited company, limited by shares, incorporated in the United Kingdom, registered office address 2 Henry Plaza, Victoria Way, Woking, Surrey, GU21 6BU. The principal activity of the Company is that of a drama and stage school.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the Company's ability to continue trading (and thus pay its debts as they fall due) for the foreseeable future.
The directors believe that the Company is well placed to manage its business risks successfully, and to maintain positive cash flows for the foreseeable future. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statement.

 
2.3

Revenue

Turnover comprises revenue arising in respect of tuition fees for educational services supplied during the year, exclusive of scholarship and other discounts, and also fees for part-time school classes. Where scholarships are provided by third parties, the full amount of tuition fees chargeable is recognised.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long term leasehold property
-
over the term of the lease
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 150 (2023 - 148).

Page 5

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Long term leasehold property
Fixtures, fittings, plant, machinery and equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
3,881,308
245,098
8,823
4,135,229


Additions
-
17,251
2,734
19,985



At 31 August 2024

3,881,308
262,349
11,557
4,155,214



Depreciation


At 1 September 2023
159,506
87,624
5,025
252,155


Charge for the year on owned assets
159,506
42,143
2,637
204,286



At 31 August 2024

319,012
129,767
7,662
456,441



Net book value



At 31 August 2024
3,562,296
132,582
3,895
3,698,773



At 31 August 2023
3,721,802
157,474
3,798
3,883,074

Page 6

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 September 2023
7



At 31 August 2024
7





6.


Debtors

2024
2023
£
£


Trade debtors
131,170
210,677

Other debtors
271,357
238,892

Prepayments and accrued income
231,389
158,006

633,916
607,575



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
661,370
354,588

661,370
354,588


Page 7

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
600,000
600,000

Trade creditors
426,841
213,550

Other taxation and social security
59,867
55,908

Other creditors
572,065
426,230

Accruals and deferred income
448,288
838,422

2,107,061
2,134,110



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
2,600,000
2,600,000

2,600,000
2,600,000


On 5 October 2020 the Company entered into a loan agreement for the principal sum of £340,000. £240,000 was repaid during the prior year and the remaining amount is due for repayment on 1 November 2025. At the balance sheet date, £100,000 remains outstanding and is included in other loans falling due after more than one year.
On 27 February 2023 the Company entered into a loan agreement for the principal sum of £2.5m for a term ending on 1 December 2041. Interest is charged at a fixed rate of 4.5% per annum. The principal is repayable monthly commencing on 1 January 2027. At the balance sheet date, £2.5m remains outstanding and is included in other loans falling due after more than one year.

Page 8

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
600,000
600,000


Amounts falling due 2-5 years

Other loans
2,600,000
2,600,000


3,200,000
3,200,000


The loan included in other loans is secured by a fixed and floating charge over the Company’s assets.


11.


Contingent liabilities

The Company is currently in discussions with HMRC regarding the VAT treatment of its income relating to degree and diploma courses. This concerns whether those fees should be classified as VAT-exempt or standard-rated. 

In respect of the degree courses, the directors have a very strong case and believe that the chance of any liability arising is remote. This is supported by specialist professional advice and in line with sector practice.

In respect of the diploma courses, a robust response has been made to HMRC and the directors consider it unlikely that any liability will ultimately arise, however, should the Company be unsuccessful in challenging HMRC, the additional VAT liability for the period up to the financial year end is estimated at £86k. 

Given the wider implications for the industry as a whole, the matter may require formal resolution. No provision has been made in these financial statements as no present obligation has been established.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £65,709 (2023 - £62,763). Contributions totalling £22,631 (2023 - £20,906) were payable to the fund at the balance sheet date and are included in creditors.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 28 May 2025 by Katie Harvard Taylor (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

Page 9

 
ITALIA CONTI ARTS CENTRE LIMITED
 
 
 Page 10