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Registered number: 04592496
Razzamataz Theatre Schools Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Elevate Professional Ltd T/A Elevate Accountancy
Unit 5 Marlborough Road
Wrexham Industrial Estate
Wrexham
LL13 9RJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04592496
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,860 29,716
Tangible Assets 5 45,024 55,128
59,884 84,844
CURRENT ASSETS
Debtors 6 55,630 6,836
Cash at bank and in hand 350,286 323,629
405,916 330,465
Creditors: Amounts Falling Due Within One Year 7 (150,749 ) (98,977 )
NET CURRENT ASSETS (LIABILITIES) 255,167 231,488
TOTAL ASSETS LESS CURRENT LIABILITIES 315,051 316,332
Creditors: Amounts Falling Due After More Than One Year 8 (86,319 ) (95,454 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,504 ) (9,368 )
NET ASSETS 221,228 211,510
CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium account 49,999 49,999
Profit and Loss Account 171,129 161,411
SHAREHOLDERS' FUNDS 221,228 211,510
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs D Gosney
Director
28/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Razzamataz Theatre Schools Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04592496 . The registered office is Unit 5 Marlborough Road, Wrexham Industrial Estate, Wrexham, LL13 9RJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% on reducing balance
Motor Vehicles 20% on straight line
Fixtures & Fittings 15% on reducing balance
Computer Equipment 15% on reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 148,564
As at 31 December 2024 148,564
Amortisation
As at 1 January 2024 118,848
Provided during the period 14,856
As at 31 December 2024 133,704
Net Book Value
As at 31 December 2024 14,860
As at 1 January 2024 29,716
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2024 28,368 60,908 89,276
As at 31 December 2024 28,368 60,908 89,276
Depreciation
As at 1 January 2024 10,713 23,435 34,148
Provided during the period 2,649 7,455 10,104
As at 31 December 2024 13,362 30,890 44,252
Net Book Value
As at 31 December 2024 15,006 30,018 45,024
As at 1 January 2024 17,655 37,473 55,128
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,452 620
Other debtors 48,178 6,216
55,630 6,836
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,032 24,307
Bank loans and overdrafts 10,800 10,800
Other creditors 13,196 385
Taxation and social security 110,721 63,485
150,749 98,977
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 86,319 95,454
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5