Musical Theatre Network Limited - Period Ending 2017-03-31
Musical Theatre Network Limited - Period Ending 2017-03-31
Registration number:
Year Ended
Musical Theatre Network Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Musical Theatre Network Limited
Company Information
Directors |
Z E M Simpson A Panton N Chag A Subramaniam N Foster J Myers S M Mclean Robinson P H Rowe R J Povey |
Registered office |
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Musical Theatre Network Limited
(Registration number: 06855097)
Balance Sheet as at 31 March 2017
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2016 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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A Subramaniam
Director
Musical Theatre Network Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a company limited by guarantee incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first year in which the financial statements have been prepared under FRS102. The company transferred to the new accounting standard as at 1 April 2015. No adjustments have arisen from the transition to FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
when grant income is awarded to the company;
on an accruals basis in line with expenditure for which donations are received.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Musical Theatre Network Limited
Notes to the Financial Statements
Year Ended 31 March 2017
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company during the year, was
Debtors |
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2016 |
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Other debtors |
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Musical Theatre Network Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Creditors |
2017 |
2016 |
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Due within one year |
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Other creditors |
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Related party transactions |
Key management personnel
J Myers, a director of the company.
Z Simpson, a director of the company.
Summary of transactions with key management
During the year, Z Simpson was paid professional fees of £nil (2016 - £3,000) for services provided to the company. At the balance sheet date, the amount due to Z Simpson was £nil (2016 - £nil).