Registration number: 06823192
The Retford Majestic Theatre Co Ltd
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2023
Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA
The Retford Majestic Theatre Co Ltd
Contents
| Company Information | 1 |
|---|---|
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Unaudited Financial Statements | 8 to 11 |
| Detailed Profit and Loss Account | 12 to 14 |
The Retford Majestic Theatre Co Ltd
Company Information
Directors J Hall S Noble Miss E Shaw V Hemmings BD Mould Registered office 47 Grove Street Retford Nottinghamshire DN22 6LA Charity Number 1128939 Bankers NatWest Bank PLC Accountants Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA
Page 1
The Retford Majestic Theatre Co Ltd
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Directors of the company
The directors who held office during the year were as follows:
J Hall
S Noble
Miss E Shaw
V Hemmings (appointed 30 May 2022)
BD Mould (appointed 30 May 2022)
Principal activity
The principal activity of the company is to further or benefit the residents of Retford and district, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide theatrical facilities in the interests of social welfare for recreational leisure time occupation with the objective of improving the conditions of life for the residents
Small companies provision statement
This report has 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.
Approved and authorised by the Board on 24 August 2023 and signed on its behalf by:
......................................... J Hall Director
Page 2
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of The Retford Majestic Theatre Co Ltd for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Retford Majestic Theatre Co Ltd for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of The Retford Majestic Theatre Co Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Retford Majestic Theatre Co Ltd and state those matters that we have agreed to state to the Board of Directors of The Retford Majestic Theatre Co Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Retford Majestic Theatre Co Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Retford Majestic Theatre Co Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Retford Majestic Theatre Co Ltd. You consider that The Retford Majestic Theatre Co Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Retford Majestic Theatre Co Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA
24 August 2023
Page 3
The Retford Majestic Theatre Co Ltd
Profit and Loss Account for the Year Ended 31 March 2023
| Note Turnover Cost of sales Gross surplus Administrative expenses Other operating income Operating surplus/(deficit) Other interest receivable and similar income Surplus/(deficit) before tax 4 Surplus/(deficit) for the financial year |
2023 £ 143,702 (25,336) 118,366 (108,833) - 9,533 379 9,912 9,912 |
2022 £ 96,406 (12,892) |
|---|---|---|
| 83,514 (105,971) 16,000 |
||
| (6,457) 9 |
||
| (6,448) | ||
| (6,448) |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 8 to 11 form an integral part of these financial statements. Page 4
The Retford Majestic Theatre Co Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2023
| Note Surplus/(deficit) for the year Total comprehensive income for the year |
2023 £ 9,912 9,912 |
2022 £ (6,448) |
|---|---|---|
| (6,448) |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 5
The Retford Majestic Theatre Co Ltd
(Registration number: 06823192) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 5 Current assets Stocks 6 Debtors 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets Reserves Other reserves Retained earnings Surplus |
2023 £ 129,773 4,862 13,652 190,814 209,328 (109,216) 100,112 229,885 71 229,814 229,885 |
2022 £ 127,505 3,903 15,081 162,958 |
|---|---|---|
| 181,942 (89,474) |
||
| 92,468 | ||
| 219,973 | ||
| 71 219,902 |
||
| 219,973 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
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.
Approved and authorised by the Board on 24 August 2023 and signed on its behalf by:
......................................... J Hall Director
The notes on pages 8 to 11 form an integral part of these financial statements. Page 6
The Retford Majestic Theatre Co Ltd
Statement of Changes in Equity for the Year Ended 31 March 2023
| At 1 April 2022 Surplus for the year At 31 March 2023 At 1 April 2021 Deficit for the year At 31 March 2022 |
Other reserves £ 71 - 71 Other reserves £ 71 - 71 |
Retained earnings £ 219,902 9,912 229,814 Retained earnings £ 226,350 (6,448) 219,902 |
Total £ 219,973 |
|---|---|---|---|
| 9,912 | |||
| 229,885 | |||
| Total £ 226,421 |
|||
| (6,448) | |||
| 219,973 |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 7
The Retford Majestic Theatre Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
1 General information
The company is a company limited by guarantee, incorporated in England , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is: 47 Grove Street Retford Nottinghamshire DN22 6LA England
These financial statements were authorised for issue by the Board on 24 August 2023.
2 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
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; and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised as income in the financial statements in the reporting period in which the grants are received.
Page 8
The Retford Majestic Theatre Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than Improvements to property over their estimated useful lives, as follows:
Asset class
Equipment, fixtures and fittings
Depreciation method and rate 15% on reducing balance basis
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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Page 9
The Retford Majestic Theatre Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
3 Staff numbers
The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).
4 Profit/loss before tax
Arrived at after charging/(crediting)
| Depreciation expense 5 Tangible assets Cost or valuation At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year Eliminated on disposal At 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 |
Furniture, fittings and equipment £ 304,919 18,618 (23,103) 300,434 206,469 15,505 (22,258) 199,716 100,718 98,450 |
2023 £ 15,505 Improvements to property £ 29,055 - - |
2022 £ 17,419 |
||
|---|---|---|---|---|---|
| Total £ 333,974 18,618 (23,103) 329,489 206,469 15,505 (22,258) 199,716 129,773 127,505 |
|||||
| 29,055 | |||||
| - - - |
|||||
| - | |||||
| 29,055 | |||||
| 29,055 |
Page 10
The Retford Majestic Theatre Co Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
| 6 stocks Other inventories 7 Debtors Other debtors Prepayments 8 Creditors Creditors: amounts falling due within one year Due within one year Trade creditors Taxation and social security Accruals and deferred income Other creditors |
2023 £ 4,862 2023 £ - 13,652 13,652 2023 £ 4,025 6,296 6,764 92,131 109,216 |
2022 £ 3,903 |
|---|---|---|
| 2022 £ 1,162 13,919 |
||
| 15,081 | ||
| 2022 £ 9,430 - 10,930 69,114 |
||
| 89,474 |
9 Covid - 19 Pandemic
The Theatre received £Nil (2022 £16,000) in Government Covid Grants and £1,649 (2022 £5,502) of other donations.
Page 11
The Retford Majestic Theatre Co Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
| Turnover (analysed below) Cost of sales (analysed below) Gross surplus Gross surplus (%) Administrative expenses Establishment costs (analysed below) General administrative expenses (analysed below) Finance charges (analysed below) Depreciation costs (analysed below) Other expenses (analysed below) Other operating income (analysed below) Operating surplus/(deficit) Other interest receivable and similar income (analysed below) Surplus/(deficit) before tax |
2023 £ 143,702 (25,336) 118,366 82.37% (50,025) (20,986) (21,473) (15,505) (844) (108,833) - 9,533 379 9,912 |
2022 £ 96,406 (12,892) |
|---|---|---|
| 83,514 | ||
| 86.63% (52,566) (22,551) (13,435) (17,419) - |
||
| (105,971) 16,000 |
||
| (6,457) 9 |
||
| (6,448) |
This page does not form part of the statutory financial statements. Page 12
The Retford Majestic Theatre Co Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
| Turnover Shows Bar Confectionery Card/fee/postage/merchandise Donation Raffle Cost of sales Shows Shows expenses Bar Confectionery and ices Establishment costs Rent Rates & water Light, heat and power Insurance Repairs and maintenance General administrative expenses Telephone and fax Printing, postage and stationery Sundry expenses Waste and cleaning Motor expenses Advertising Accountancy fees Finance charges Bank charges Streamline charges |
2023 £ 72,765 23,559 20,890 21,624 1,649 3,215 143,702 (1,258) (40) (11,240) (12,798) (25,336) (1,000) (1,817) (17,396) (15,894) (13,918) (50,025) (423) (7,507) (1,749) (6,770) (140) (2,397) (2,000) (20,986) (713) (20,760) (21,473) |
2022 £ 50,713 12,660 11,225 15,301 5,502 1,005 |
|---|---|---|
| 96,406 | ||
| (503) (455) (5,389) (6,545) |
||
| (12,892) | ||
| (1,000) (1,159) (22,089) (16,497) (11,821) |
||
| (52,566) | ||
| (370) (13,275) (1,189) (4,874) (140) (1,903) (800) |
||
| (22,551) | ||
| (528) (12,907) |
||
| (13,435) |
This page does not form part of the statutory financial statements. Page 13
The Retford Majestic Theatre Co Ltd
Detailed Profit and Loss Account for the Year Ended 31 March 2023
| Depreciation costs Depreciation of equipment, fixtures and fittings Other expenses (Profit)/loss on disposal of intangible fixed assets Other operating income Government grants receivable Other interest receivable and similar income Bank interest receivable |
2023 £ (15,505) (844) - 379 |
2022 £ (17,419) |
|---|---|---|
| - | ||
| 16,000 | ||
| 9 |
This page does not form part of the statutory financial statements. Page 14