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Registered number: 09467297
WEDDING SINGER TOUR LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 FEBRUARY 2017
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WEDDING SINGER TOUR LTD
REGISTERED NUMBER: 09467297
BALANCE SHEET
AS AT 9 FEBRUARY 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 June 2017.
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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WEDDING SINGER TOUR LTD
REGISTERED NUMBER: 09467297
BALANCE SHEET (CONTINUED)
AS AT 9 FEBRUARY 2017
Page 2
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WEDDING SINGER TOUR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 FEBRUARY 2017
Wedding Singer Tour Limited is a private company limited by shares and incorporated in England. The address of the registered office is 168 Beehive Lane, Great Baddow, Chelmsford, Essex, CM2 9SJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:
Production costs comprise the cumulative amounts expended prior to the theatre production opening on stage less the theatre tax credit receivable thereon and are recorded as a current asset. Production costs are amortised to the statement of comprehensive income over the period in which the performances take place on an anticipated revenue basis.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
Short term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 3
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WEDDING SINGER TOUR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 FEBRUARY 2017
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Work in progress - production costs
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Page 4
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WEDDING SINGER TOUR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 FEBRUARY 2017
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The deferred tax asset is made up as follows:
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Theatre tax credit timing differences
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Page 5
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WEDDING SINGER TOUR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 FEBRUARY 2017
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Related party transactions
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During the period, producer fees of £6,000 (2016: £1,500) were paid to A S Paulden, a director of the company. At the balance sheet date £Nil was due.
During the period, producer fees of £10,500 (2016: £Nil) were paid to D Looney, a director of the company. At the balance sheet date £Nil was due.
During the period D Looney, a director of the company, provided production advances of £2,500 (2016: £Nil). At the balance sheet date, creditors include £2,500 due to D Looney.
During the period R Looney, the brother of D S Looney a director of the company, provided production advances of £5,000 (2016: £Nil). At the balance sheet date, creditors include £5,000 due to R Looney.
During the period S A & S J Looney, the parents of D S Looney a director of the company, provided production advances of £30,000 (2016: £20,000). At the balance sheet date, creditors include £50,000 due to S A & S J Looney.
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The company was under the control of the directors during the period.
Page 6
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