ASP MPL Limited
Unaudited Financial Statements
For the period ended 3 April 2022
For Filing with Registrar
Company Registration No. 11188434 (England and Wales)
ASP MPL Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ASP MPL Limited
Balance Sheet
As at 3 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
9,529,734
9,529,734
Current assets
Debtors
5
240,272
474,398
Cash at bank and in hand
11,531
1,093
251,803
475,491
Creditors: amounts falling due within one year
6
(1,890,706)
(1,094,902)
Net current liabilities
(1,638,903)
(619,411)
Total assets less current liabilities
7,890,831
8,910,323
Creditors: amounts falling due after more than one year
7
(3,990,926)
(4,750,941)
Net assets
3,899,905
4,159,382
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
3,899,904
4,159,381
Total equity
3,899,905
4,159,382
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.
ASP MPL Limited
Balance Sheet (Continued)
As at 3 April 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 August 2022 and are signed on its behalf by:
A P Spiegel
Director
Company Registration No. 11188434
ASP MPL 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
1
2,909,468
2,909,469
Period ended 28 March 2021:
Profit and total comprehensive income for the period
-
1,668,928
1,668,928
Dividends
-
(419,015)
(419,015)
Balance at 28 March 2021
1
4,159,381
4,159,382
Period ended 3 April 2022:
Profit and total comprehensive income for the period
-
665,523
665,523
Dividends
-
(925,000)
(925,000)
Balance at 3 April 2022
1
3,899,904
3,899,905
ASP MPL Limited
Notes to the Financial Statements
For the period ended 3 April 2022
Page 4
1
Accounting policies
Company information
ASP MPL 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company made a profit for the period of £true665,523, and had net assets and cash at 3 April 2022 of £3,899,905 and £11,531 respectively.
The company's income is derived from its ownership, via its subsidiary, of the stage production of The Mousetrap and royalties and profits derived from the rights to the show. The West End production of The Mousetrap reopened on 17 May 2021.
The directors have 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 directors have prepared the accounts on a going concern basis.
1.3
Reporting period
The current period of account and the financial statements have been presented for the period from 29 March 2021 to 3 April 2022. The company prepares accounts to the Sunday nearest to 31 March each year.
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 consists of amounts receivable in respect of the company's share of profit of the touring production of the Mousetrap, measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
ASP MPL Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 5
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.7
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.
1.8
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.
ASP MPL Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 6
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
ASP MPL Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0 (2021: Nil).
Key management personnel includes the director of the company who has authority and responsibility for planning, directing and controlling the activities of the company.
2022
2021
Number
Number
Total
3
Fixed asset investments
2022
2021
£
£
Investments
9,529,734
9,529,734
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 29 March 2021 & 3 April 2022
9,529,734
Carrying amount
At 3 April 2022
9,529,734
At 28 March 2021
9,529,734
4
Subsidiaries
Details of the company's subsidiaries at 3 April 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mousetrap Productions Limted
England &
Wales
Ordinary shares
100
Grapeville Limited
England &
Wales
Ordinary shares
100
ASP MPL Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 8
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
240,197
474,398
Other debtors
75
240,272
474,398
6
Creditors: amounts falling due within one year
2022
2021
£
£
Debenture loans
546,110
400,000
Trade creditors
450
Amounts due to group undertakings
1,198,592
464,890
Corporation tax
142,612
119,845
Other taxation and social security
93,670
Other creditors
2
2
Accruals and deferred income
2,940
16,495
1,890,706
1,094,902
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
3,990,926
4,750,941
Debenture loans falling due within one year and after one year, totalling £4,537,036 (2021: £5,150,941) are secured via fixed and floating charges over the assets of ASP MPL Limited.
A cross guarantee has been secured over the assets of ASP MPL Limited, with respect to Coronavirus Business Interruption Loans, totalling £2.59m (2021: £2.7m), provided to Mousetrap Productions Limited.
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
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.
ASP MPL Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 9
10
Parent company
The immediate controlling party is Adam Spiegel Productions Limited, a company incorporated in England and Wales, by virtue of controlling ownership share capital in the company.
The ultimate controlling party is A P Spiegel by virtue of his controlling ownership share capital in the ultimate controlling company.