Mousetrap Productions Limited
Unaudited Financial Statements
For the period ended 3 April 2022
For Filing with Registrar
Company Registration No. 02910157 (England and Wales)
Mousetrap Productions Limited
Company Information
Director
A P Spiegel
Secretary
E Stace
R Blacksell
Company number
02910157
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Mousetrap Productions Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
Mousetrap Productions Limited
Balance Sheet
As at 3 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,753
4,477
Current assets
Stock
6
23,658
18,477
Debtors
7
1,465,187
606,381
Investments
8
5,921
-
0
Cash at bank and in hand
3,052,536
3,213,318
4,547,302
3,838,176
Creditors: amounts falling due within one year
9
(2,031,866)
(1,009,612)
Net current assets
2,515,436
2,828,564
Total assets less current liabilities
2,518,189
2,833,041
Creditors: amounts falling due after more than one year
10
(2,050,000)
(2,590,000)
Provisions for liabilities
(1,094)
(1,094)
Net assets
467,095
241,947
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
466,995
241,847
Total equity
467,095
241,947

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 3 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mousetrap Productions Limited
Balance Sheet (Continued)
As at 3 April 2022
Page 2
The financial statements were approved by the director and authorised for issue on
16 August 2022
16 August 2022
and are signed on its behalf by:
A P Spiegel
Director
Company Registration No. 02910157
Mousetrap Productions Limited
Statement of Changes in Equity
For the period ended 3 April 2022
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 March 2020
100
2,018,063
2,018,163
Period ended 28 March 2021:
Loss and total comprehensive income for the period
-
(43,373)
(43,373)
Dividends
-
(1,732,843)
(1,732,843)
Balance at 28 March 2021
100
241,847
241,947
Period ended 3 April 2022:
Profit and total comprehensive income for the period
-
925,148
925,148
Dividends
-
(700,000)
(700,000)
Balance at 3 April 2022
100
466,995
467,095
Mousetrap Productions Limited
Notes to the Financial Statements
For the period ended 3 April 2022
Page 4
1
Accounting policies
Company information

Mousetrap Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director hatrues assessed the trading and cashflow forecasts for the 12 months from the date of signing of the accounts and are satisfied that the company has sufficient funds to enable it to continue to operate and to meet its liabilities as they fall due for a period of not less than 12 months from the date of signing the financial statements. On this basis the director has prepared the accounts on a going concern basis.

1.3
Reporting period

The accounting year end of the Company and the financial statements have been presented for the period from 29 March 2021 to 3 April 2022, in order to bring it in line with the principal activity of the company that is the production and management of the dramatic-musical work 'The Mousetrap' which reports on a weekly basis. The year end is the Sunday nearest to 31 March.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from theatrical productions, including theatre tickets, merchandise and royalties, are recognised by reference to the performance date.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Plant and equipment
25% straight line
Office equipment
25% straight line
Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 5

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

1.8
Current asset investments

Current asset investments represent monies invested in theatrical productions and which are repayable out of profits generated by these productions. Such investments are measured at cost less provision for impairment as fair value cannot be reliably estimated.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 6
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 7
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 8
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 60 (2021 - 46).

 

Key management personnel includes the directors of the company who have authority and responsibility for planning, directing and controlling the activities of the company.

 

2022
2021
Number
Number
Total
60
46
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
168,754
(40,438)
Adjustments in respect of prior periods
3,497
-
0
Total current tax
172,251
(40,438)
Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 9
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 March 2021
18,506
77,674
96,180
Additions
-
0
657
657
At 3 April 2022
18,506
78,331
96,837
Depreciation and impairment
At 29 March 2021
18,506
73,197
91,703
Depreciation charged in the period
-
0
2,381
2,381
At 3 April 2022
18,506
75,578
94,084
Carrying amount
At 3 April 2022
-
0
2,753
2,753
At 28 March 2021
-
0
4,477
4,477
Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 10
5
Financial instruments
2022
2021
£
£
Debt instruments measured at amortised cost
1,443,758
515,069
Carrying amount of financial liabilities
Measured at amortised cost
3,002,141
2,904,147
6
Stock
2022
2021
£
£
Stock
23,658
18,477

Stock recognised in cost of sales during the period as an expense was £158,874 (2021: £Nil).

 

No impairment loss was recognised in cost of sales during the current financial reporting period. An impairment loss of £25,589 on stock was recognised in cost of sales in the preceding period.

7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
144,346
3,172
Corporation tax recoverable
11,281
11,281
Amounts owed by group undertakings
1,198,592
464,890
Other debtors
94,899
47,007
Prepayments and accrued income
16,069
80,031
1,465,187
606,381
8
Current asset investments
2022
2021
£
£
Other investments
5,921
-
0
Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 11
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
540,000
110,000
Trade creditors
283,279
130,611
Amounts due to group undertakings
-
0
1,850
Corporation tax
427,564
554,775
Other taxation and social security
115,741
68,397
Deferred income
541,083
72,293
Other creditors
25,140
-
0
Accruals and deferred income
99,059
71,686
2,031,866
1,009,612

The company has granted a fixed and floating charge over the assets of the company as security in favour of certain lenders to it and its parent company. At the year end the sums due to these lenders amounted to £7.1 million (2021: £7.9 million.)

10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,050,000
2,590,000
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
Within one year
295,744
295,744
Between two and five years
1,182,976
1,182,976
In over five years
5,839,375
6,139,775
7,318,095
7,618,495
Mousetrap Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 12
13
Parent company

The immediate controlling party is ASP MPL Limited, a company incorporated in England and Wales.

 

The ultimate controlling party is A P Spiegel by virtue of ownership of share capital in the ultimate parent company.

 

14
Related party transactions

The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.

 

Sir S H Waley-Cohen

Resigned as company director of Mousetrap Productions Limited on 3 February 2022.

 

As at the balance sheet date £22,981 (2021: £39,348) was owed by Sir S H Waley-Cohen to the Company.

 

 

S.M.Theatre Limited

Sir S H Waley-Cohen is a company director of S.M.Theatre Limited

 

During the period to the date of Sir S H Waley-Cohen resignation as company director on 3 February 2022 the company invoiced S.M.Theatre Limited £367,635 (2021: £nil) for recharged head office running expenditure incurred by the Company in the period.

 

As at the balance sheet date the company owed S.M.Theatre Limited £88,809 (2021: the company was owed by S.M.Theatre Limited £7,659).

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