LONDON FESTIVAL ORCHESTRA LIMITED(THE)


Directors	CONNELL, Naomi Anne
	POPLE, George Ross
	POPLE, Steven Oliver
	SZUCS, Elizabeth Agota


Company Secretary	SZUCS, Elizabeth Agota


Registered Address	The Warehouse
	13 Theed Street
	Southbank
	SE1 8ST


Registered Number	01858046 (England and Wales)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		435,055		461,982
Investments	4		59,605		59,605
			494,660		521,587
Current assets
Debtors	5	53,861		73,414
Cash at bank and on hand		81,787		68,229
		135,648		141,643
Creditors amounts falling due within one year	6	(249,364)		(231,898)
Net current assets (liabilities)			(113,716)		(90,255)
Total assets less current liabilities			380,944		431,332
Creditors amounts falling due after one year	7		(34,952)		(60,828)
Provisions for liabilities	8		(72,200)		(74,000)
Net assets			273,792		296,504
Capital and reserves
Called up share capital			100		100
Revaluation reserve			194,335		194,335
Profit and loss account			79,357		102,069
Shareholders' funds	9		273,792		296,504

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 1 September 2026, and are signed on its behalf by:

POPLE, George Ross
Director
Registered Company No. 01858046

LONDON FESTIVAL ORCHESTRA LIMITED(THE)

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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/or the 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 policy

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/or the 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.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation.

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	20
Plant and machinery	-	5
Vehicles	25	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Trade and other debtors
	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.

Trade and other debtors

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.

	Trade and other creditors
	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.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	4		4

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 April 25	1,083,688	266,092	38,583	1,388,363
Disposals	-	-	(38,583)	(38,583)
At 31 March 26	1,083,688	266,092	-	1,349,780
Depreciation and impairment
At 01 April 25	642,588	260,629	23,164	926,381
Charge for year	8,760	2,748	3,854	15,362
On disposals	-	-	(27,018)	(27,018)
At 31 March 26	651,348	263,377	-	914,725
Net book value
At 31 March 26	432,340	2,715	-	435,055
At 31 March 25	441,100	5,463	15,419	461,982

4.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 25	59,605	59,605
At 31 March 26	59,605	59,605
Net book value
At 31 March 26	59,605	59,605
At 31 March 25	59,605	59,605

	Notes
	¹Investments in group undertakings and participating interests

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	50,003	44,813
Prepayments and accrued income	3,858	28,601
Total	53,861	73,414

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	17,166	52,147
Bank borrowings and overdrafts	25,876	32,558
Amounts owed to related parties	103,416	120,199
Taxation and social security	11,893	19,151
Other creditors	4,472	3,369
Accrued liabilities and deferred income	86,541	4,474
Total	249,364	231,898


	Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

7.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	34,952	60,828
Total	34,952	60,828


	Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

8.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	72,200	74,000
Total	72,200	74,000

9.	Revaluation reserve
	The revaluation reserve represents the amount of unrealised surplus created when the land and buildings were revalued, less any deferred tax provision. The reserve represents non-distributable funds.


		£
	Reserve at 01 April 25	194,335
	At 31 March 26	194,335