REGISTERED NUMBER: SC352227 (Scotland)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Alhambra Theatre Limited

Page

Company Information

1

Report of the Directors

2

Statement of Financial Position

3

Notes to the Financial Statements

4

DIRECTORS:

Mr. W J Fletcher

Mr S Fletcher

REGISTERED OFFICE:

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

REGISTERED NUMBER:

SC352227 (Scotland)

AUDITORS:

McLachlan & Tiffin

Clifton House

Crieff

PH7 4BN

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the operating of a theatre.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr. W J Fletcher

Mr S Fletcher

CHARITABLE DONATIONS AND EXPENDITURE

The company will make a qualifying payment of £480,045 (2023: £2,176) to Alhambra Theatre Trust by 30th September 2025. This is made within 9 months of the company's year end to allowed it to reduce it's corporation tax liability to nil for the year ending 31st December 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr. W J Fletcher - Director

26 September 2025

FIXED ASSETS

Tangible assets

4

592,817

695,592

CURRENT ASSETS

Stocks

12,733

7,440

Debtors

5

590,353

561,885

Cash at bank

1,308,330

587,098

1,911,416

1,156,423

CREDITORS

Amounts falling due within one year

6

363,921

477,222

NET CURRENT ASSETS

1,547,495

679,201

TOTAL ASSETS LESS CURRENT LIABILITIES

2,140,312

1,374,793

CREDITORS

Amounts falling due after more than one year

7

1,437,513

1,049,750

NET ASSETS

702,799

325,043

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

702,699

324,943

SHAREHOLDERS' FUNDS

702,799

325,043

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 26 September 2025 and were signed on its behalf by:

Mr. W J Fletcher - Director

1.	STATUTORY INFORMATION

Alhambra Theatre Limited is a private company, limited by shares , registered in Scotland. 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover

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

There are a number of income streams for the company. Where goods are sold, revenue is recognised at the point of sale. Income for performances is recognised once the performance has been completed. Up until this point, the income received is held as a liability on the balance sheet in recognition that it may need to be refunded should the performance not be given.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments, including loans and other accounts receivable and payable, are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised cost using the effective interest method.

Creditors with no stated interest rate, or payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors with no stated interest rate, or receivable within one year, typically trade receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received.

Amounts borrowed from the parent have been identified as public benefit entity concessionary loans. The loans have no set repayment date, but the intention of the parent is not to request repayment within the next twelve months. As such, the loan is categorised as a non current liability.

The loan has been provided interest free. Under the public benefit entity concession of FRS102, the loan has been recognised at the initial amount of funding received rather than at a discounted rate using a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

455,768

555,391

444,233

36,637

1,492,029

Additions

3,875

10,050

17,001

-

30,926

Disposals

-

-

-

(30,637

)

(30,637

)

At 31 December 2024

459,643

565,441

461,234

6,000

1,492,318

DEPRECIATION

At 1 January 2024

52,378

446,903

281,236

15,920

796,437

Charge for year

5,025

35,436

75,865

7,645

123,971

Eliminated on disposal

-

-

-

(20,907

)

(20,907

)

At 31 December 2024

57,403

482,339

357,101

2,658

899,501

NET BOOK VALUE

At 31 December 2024

402,240

83,102

104,133

3,342

592,817

At 31 December 2023

403,390

108,488

162,997

20,717

695,592

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

46,060

375

Other debtors

354,819

364,325

Directors' current accounts

155,504

152,344

VAT

296

9

Prepayments and accrued income

33,674

44,832

590,353

561,885

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Payments on account

110,113

110,886

Trade creditors

169,422

165,184

Tax

1,067

51,329

Other creditors

21,760

21,760

Accrued expenses

61,559

128,063

363,921

477,222

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

1,437,513

1,049,750

The amount due to the parent undertaking has no set repayment date. It will be repaid as and when the trading performance of the company allows it to do so.

The directors have identified the loan as a public benefit entity loan under the definitions of FRS102.

8.	SECURED DEBTS

The Clydesdale bank holds a first ranking floating charge over the property and assets of the company. This is held as security against a loan provided to the parent - Alhambra Theatre Trust. There is also a cross company guarantee between Alhambra Theatre Trust and Alhambra Theatre Ltd.

As at 31st December 2024 the loan had been repaid in full, but the charge had not been formally released.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ralph Tiffin (Senior Statutory Auditor)

for and on behalf of McLachlan & Tiffin

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mr. W J Fletcher

Balance outstanding at start of year

111,775

-

Amounts advanced

2,543

111,775

Amounts repaid

(108

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

114,210

111,775

Mr S Fletcher

Balance outstanding at start of year

40,569

-

Amounts advanced

923

40,569

Amounts repaid

(198

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

41,294

40,569

Interest has been charged on the loans to the directors at HMRC's beneficial loan rates of 2.25%.

Total interest of £3,466 (2023 - £2,344) is included in the outstanding loan balances.

11.	RELATED PARTY DISCLOSURES

Alhambra Theatre Trust

The company is a wholly owned subsidiary of the Alhambra Theatre Trust. At the 31 December 2024, the company owed the Trust £1,437,513 (2023: £1,049,750).

During the year, the company invoiced a total of £85,080 (2023: £7,090) to the Trust for hall hire. At the year end the Trust owed £42,540 in hall hire charges, which is included in trade debtors. This has been paid post year end.

Transactions with companies controlled by key management personnel.

Alhambra Landholdings Ltd

Alhambra Landholdings Ltd is a company controlled by key management of Alhambra Theatre Ltd.

Purchases of goods & services below relate to rent and management fees. Rent is paid to Alhambra Landholdings Ltd. Alhambra Theatre Ltd makes the payments on behalf of the Trust when required.

The loan balance is interest free and repayable upon demand. There is no security held against the loan.

Balance owed to/ (by) Alhambra Theatre Ltd

31.12.24

31.12.23

£

£

Loan balances outstanding at start of year

300,605

300,605

Additional amounts advanced /(repaid) to related party

-

-

Loan balances outstanding at year end

300,605

300,605

Purchases of goods and services made from related party:-

Insurance

14,551

26,354

Management services

37,440

30,543

Linklever Developments Ltd

Linklever Developments Ltd is a company controlled by key management of Alhambra Theatre Ltd.

Purchases of goods & services below relate to rent. Rent is paid to Linklever Developments Ltd for a property that is used for storage by the Theatre.

The loan balance is interest free and repayable upon demand. There is no security held against the loan.

Balance owed to/ (by) Alhambra Theatre Ltd

31.12.24

31.12.23

£

£

Loan balances outstanding at start of year

(11,000

)

(11,000

Additional amounts advanced /(repaid) to related party

-

-

Loan balances outstanding at year end

(11,000

)

(11,000

Purchases of goods and services made from related party:-

Rent - period 25th October 2023 to 24th October 2026

--

30,000

Other Related Party transactions

E. Fletcher, the wife of W. Fletcher (director) received payments of £27,600 (2023 : £27,600) for administrative support services. At the year end there was £10,760 (2023: £10,760) due to E Fletcher. This loan is interest free.

During the year a director, W. Fletcher, received payments of £27,600 (2023: £23,000) for administrative support services.

12.	ULTIMATE CONTROLLING COMPANY

The ultimate controlling party is Alhambra Theatre Trust.

The company is a wholly owned subsidiary of the Alhambra Theatre Trust which is a registered charity(charity number SC039817). The Alhambra Theatre Trust is a company limited by guarantee.

The registered office of Alhambra Theatre Trust is c/o One Accounting Ltd, 2 Belford Road, Edinburgh, EH4 3BL.

13.	QUALIFYING DISTRIBUTION

The Alhambra Theatre Limited is a fully owned subsidiary of the Alhambra Theatre Trust. It exists as a trading arm of the charity and profits which it generates, are used to fund the charity in order to assist in meeting its charitable objectives.

For the year ending 31st December 2024, Alhambra Theatre Ltd generated a taxable profit of £480,045 corporation tax liability is included within the accounts and a tax charge is not included in the income statement.

Alhambra Theatre Ltd will make a qualifying distribution to the charity before the end of September 2025, which will reduce it's corporation tax liability to nil.