back to WATFORD THEATRE COMPANY,LIMITED(THE) detail Watford Theatre Company Ltd - Filleted accounts
Registered number
00106036
Watford Theatre Company Ltd
Filleted Accounts
30 April 2017
Watford Theatre Company Ltd
Registered number: 00106036
Balance Sheet
as at 30 April 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 22,285 20,000
Current assets
Stocks 289,488 148,465
Debtors 3 54,204 37,615
Cash at bank and in hand 3,643 118,702
347,335 304,782
Creditors: amounts falling due within one year 4 (75,281) (73,013)
Net current assets 272,054 231,769
Net assets 294,339 251,769
Capital and reserves
Called up share capital 5,814 5,814
Capital Redemption Reserve 5 158,356 158,356
Profit and loss account 130,169 87,599
Shareholders' funds 294,339 251,769
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W H Sturges
Director
Approved by the board on 9 January 2018
Watford Theatre Company Ltd
Notes to the Accounts
for the year ended 30 April 2017
1 Accounting policies
Basis of preparation
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
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:
Freehold buildings annual revaluation
Plant and machinery over 10 years
Motor Vehicles over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2016 20,000 - - 20,000
Additions - 6,949 17,004 23,953
Disposals (18,000) - - (18,000)
At 30 April 2017 2,000 6,949 17,004 25,953
Depreciation
Charge for the year - 1,042 2,626 3,668
At 30 April 2017 - 1,042 2,626 3,668
Net book value
At 30 April 2017 2,000 5,907 14,378 22,285
At 30 April 2016 20,000 - - 20,000
3 Debtors 2017 2016
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 36,422 36,422
Other debtors 17,782 1,193
54,204 37,615
4 Creditors: amounts falling due within one year 2017 2016
£ £
Other taxes and social security costs 1,453 530
Other creditors 73,828 72,483
75,281 73,013
5 Revaluation reserve 2017 2016
£ £
At 1 May 2016 158,356 158,356
At 30 April 2017 158,356 158,356
6 Other information
Watford Theatre Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Broadway House
Third Avenue, Westfield Industrial Estate
Radstock
BA3 4XD
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