| Leinster Arts Limited |
| (Limited by Guarantee) |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of tickets and programs, advertising space and from subscriptions (Friends and patrons) and sponsorship. Turnover from the sale of tickets, advertising and sponsorship is recognised in the period in which the matching performance has occurred. Turnover from subscriptions is recognised as it is received. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
| 1 |
Accounting policies - cont |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Value Added Tax (VAT) |
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The company is not VAT registered as its tickets sales are exempt under Schedule 9 of Value Added Tax Act 1994. Output VAT is not chargeable on the turnover and vat input is not recoverable on costs and expenses. |
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Grants and donations |
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Grants and donation are not recognised until there is a reasonable assurance that the entity will (a) comply with the conditions attached to them and (b) the grants or donations will be received. The company choses to recognise grants and donations based on the accrual model. Grants and donations related to income are presented as part of profit or loss, under a general heading of ‘other operating income’. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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The average number of persons (including directors) employed by the company during the year was: |
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2 |
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2 |
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| 3 |
Tangible fixed assets |
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Equipment |
| £ |
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Cost |
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At 1 April 2024 |
6,330 |
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At 31 March 2025 |
6,330 |
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Depreciation |
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At 1 April 2024 |
1,266 |
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Charge for the year |
1,266 |
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At 31 March 2025 |
2,532 |
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Net book value |
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At 31 March 2025 |
3,798 |
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At 31 March 2024 |
5,064 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
4,000 |
|
- |
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Other debtors |
38,862 |
|
25,623 |
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42,862 |
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25,623 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Taxation and social security costs |
- |
|
1,962 |
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Other creditors |
55,014 |
|
37,741 |
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55,014 |
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39,703 |
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| 6 |
Members' liability |
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The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. |
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| 7 |
Related party transactions |
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At the year end, the company owed an associated company £5,906 (2024: £5,990). The loan is repayable on demand and interest free.
At the year end, the company owed the directors £11,179 (2024: £11,179). The loan is repayable on demand and interest free. |
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| 8 |
Other information |
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Leinster Arts Limited is a private company limited by guarantee and incorporated in England. Its registered office is: |
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34 Arlington Road |
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London |
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NW1 7HU |
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The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary units in these financial statements are rounded to the nearest £. |