Company No: 11616276 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Maximilian Fane (Resigned 21 November 2023)
	Roger Granville
	Francis-Christian Parham

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

11616276 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	15,882		17,196
		15,882		17,196
Current assets
Debtors
- due within one year	5	0		1,161
- due after more than one year	5	40,510		41,802
Cash at bank and in hand		117,175		523,861
		157,685		566,824
Creditors: amounts falling due within one year	6	( 1,049,679)		( 1,084,856)
Net current liabilities		(891,994)		(518,032)
Total assets less current liabilities		(876,112)		(500,836)
Net liabilities		( 876,112)		( 500,836)
Reserves
Profit and loss account		( 876,112 )		( 500,836 )
Total reserves		( 876,112)		( 500,836)

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

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Mascarade Opera Limited (registered number: 11616276) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Francis-Christian Parham Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mascarade Opera Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for donations received to establish and provide support for organisations involved in the performing arts.

A significant amount of donations come with performance conditions that must be met. Therefore, these donations are recognised as deferred income until the performance conditions have been fulfilled, at which point the donations are recognised as income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Prior year adjustment

Donation income received in the year ended 31 October 2023 has been reclassified from turnover to other operating income.

		As previously reported		Adjustment		As restated
Year ended 31 October 2023		£		£		£
Turnover		1,297,873		(1,296,079)		1,794
Other operating income		0		1,296,079		1,296,079

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	1		1

4. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 November 2023	21,067		1,306		22,373
At 31 October 2024	21,067		1,306		22,373
Accumulated depreciation
At 01 November 2023	4,166		1,011		5,177
Charge for the financial year	1,053		261		1,314
At 31 October 2024	5,219		1,272		6,491
Net book value
At 31 October 2024	15,848		34		15,882
At 31 October 2023	16,901		295		17,196

5. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Prepayments	0		1,161
Debtors: amounts falling due after more than one year
Other debtors	40,510		41,802

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	0		955
Accruals and deferred income	1,049,679		1,083,901
	1,049,679		1,084,856