Little Theatre (Gateshead) Limited (The) - Filleted accounts

Little Theatre (Gateshead) Limited (The) - Filleted accounts

THE LITTLE THEATRE (GATESHEAD) LIMITED - Company Information

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Little Theatre (Gateshead) Limited (The)
Registered number: 00464068
Balance Sheet
as at 31 March 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 3 145,204 138,255
Current assets
Stocks 1,248 2,129
Debtors 3 2,092 1,033
Cash at bank and in hand 86,967 85,612
90,307 88,774
Creditors: amounts falling due within one year 4 (2,093) (1,789)
Net current assets 88,214 86,985
Total net assets 233,418 225,240
Capital and funds of the charity
Called up share capital 5 5,250 5,250
Unrestricted income funds 6 184,444 168,187
Restricted funds 6 43,724 51,803
Total charity share capital and funds 233,418 225,240
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.
D Walker
Director
Approved by the board on 28 July 2019
Little Theatre (Gateshead) Limited (The)
Notes to the Accounts
for the year ended 31 March 2019
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Companies Act 2006.
Income and recognition policies
Income derives from property rental income, bar and ice cream sales, and donations.

Items of income are recognised and included in the accounts when all of the following criteria are met:
- The charity has entitlement to the funds.
- Any performance conditions attached to the items of income have been met are fully within the control of the charity.
- There is sufficient certainty that receipt of the income is considered probable.
- The amount can be measured reliably.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are funds which the donor has specified are to be solely used for particular areas of the charity's work.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
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 at a rate calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property, plant and machinery 2.5% reducing balance basis
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.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with immediate access.
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
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
2 Operating profit 2019 2018
£ £
This is stated after charging:
Depreciation of owned fixed assets 3,712 3,368
3 Tangible fixed assets Premises, plant and equipment
£
Cost
At 1 April 2018 174,593
Additions 10,661
At 31 March 2019 185,254
Depreciation
At 1 April 2018 36,338
Charge for the year 3,712
At 31 March 2019 40,050
Net book value
At 31 March 2019 145,204
At 31 March 2018 138,255
3 Debtors 2019 2018
£ £
Trade debtors 1,659 -
VAT 433 1,033
2,092 1,033
4 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 993 690
Accruals 1,100 1,099
2,093 1,789
5 Share capital Nominal 2019 2019 2018
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 5,250 5,250 5,250
6 Analysis of movement in funds 2019
£ £ £
Unrestricted Restricted Total
As at 1 April 2018 168,187 51,803 219,990
Net resources income(expenditure) 16,257 (8,079) 8,178
As at 31 March 2019 184,444 43,724 228,168
7 Related party transactions
During the year the company charged £28,596 (2018 - £27,854) by way of rent to Progressive Players Gateshead Limited (The).
During the year the company received a contribution of £4,338 (2015 - £9,300) towards the running costs of the theatre from Progressive Players Gateshead Limited (The).
During the year the company received contributions of £7,698 (2018 - £9,000) towards the running costs of the theatre from Progressive Players Gateshead Limited (The).
None of the trustees have been paid any remuneration or received any other benefits from the company or a related entity.
8 Ultimate controlling party
The company is a wholly owned subsidiary of Progressive Players Gateshead Limited (The), a company registered in England and Wales, registration number 00380679 and charity number 511065.

The purpose of Progressive Players Gateshead Limited (The) is the same as that of the company as detailed within the Trustees Report.

The aggregate capital and reserves of Progressive Players Gateshead Limited (The) was £245,767 (2018 - £230,011) and its profits for the year then ended were £15,756 (2018 - £13717).
10 Legal entity
Little Theatre (Gateshead) Limited (The) is a private limited company incorporated in England, the registered office is:
Little Theatre
Saltwell View
Gateshead
NE8 4JS
9 Corporation Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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