Adam Spiegel Productions Limited
Unaudited Financial Statements
For the period ended 3 April 2022
For Filing with Registrar
Company Registration No. 06313721 (England and Wales)
Adam Spiegel Productions Limited
Company Information
Directors
C G Longworth
A P Spiegel
Secretary
E L Stace
R J Blacksell
Company number
06313721
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Adam Spiegel Productions Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
Adam Spiegel Productions Limited
Balance Sheet
As at 3 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
23,118
13,960
Investments
6
186
186
23,304
14,146
Current assets
Debtors
10
517,492
1,917,270
Cash at bank and in hand
744,286
94,500
1,261,778
2,011,770
Creditors: amounts falling due within one year
11
(544,474)
(1,561,127)
Net current assets
717,304
450,643
Total assets less current liabilities
740,608
464,789
Creditors: amounts falling due after more than one year
13
(135,000)
(270,000)
Provisions for liabilities
14
(4,941)
(4,941)
Net assets
600,667
189,848
Capital and reserves
Called up share capital
16
10
10
Profit and loss reserves
600,657
189,838
Total equity
600,667
189,848
The directors of the company have 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 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 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.
Adam Spiegel Productions 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. 06313721
Adam Spiegel 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
10
698,618
698,628
Period ended 28 March 2021:
Profit and total comprehensive income for the period
-
101,220
101,220
Dividends
4
-
(610,000)
(610,000)
Balance at 28 March 2021
10
189,838
189,848
Period ended 3 April 2022:
Profit and total comprehensive income for the period
-
946,532
946,532
Dividends
4
-
(535,713)
(535,713)
Balance at 3 April 2022
10
600,657
600,667
Adam Spiegel Productions Limited
Notes to the Financial Statements
For the period ended 3 April 2022
Page 4
1
Accounting policies
Company information
Adam Spiegel Productions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, 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.
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 group made a profit for the period of £946,532, and had net assets and cash at 03 April 2022 of £600,667 and £744,286 respectively.
The company's principal income derived from its share of investment from the production, The Mousetrap, which reopened on 17 May 2021 to a socially distanced audience and a co-production of Hairspray which opened on 29 June 2021. Legal limits on social distancing were removed and theatres able to open at full capacity from 19 July 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 period of account and the financial statements have been presented for the period from 29 March 2021 to 3 April 2022. This is in order to bring the period end in line with it's group companies.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover consists of amounts receivable for general management fees and other related services, royalty income, profit shares and is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 5
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
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:
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
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.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
1.8
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.
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 6
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
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.
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 7
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.
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.
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 8
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 income 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 lease 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.
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
2022
2021
Number
Number
Total
7
9
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
3,929
Adjustments in respect of prior periods
(66,646)
Total current tax
3,929
(66,646)
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 9
4
Dividends
2022
2021
£
£
Interim paid
535,713
610,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 March 2021
88,019
Additions
17,780
Disposals
(3,636)
At 3 April 2022
102,163
Depreciation and impairment
At 29 March 2021
74,059
Depreciation charged in the period
8,550
Eliminated in respect of disposals
(3,564)
At 3 April 2022
79,045
Carrying amount
At 3 April 2022
23,118
At 28 March 2021
13,960
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 10
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
85
85
Other investments other than loans
101
101
186
186
7
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
Indirect
MOT19 Ltd
England and Wales
Ordinary
100.00
-
ASP MPL Limited
England and Wales
Ordinary
100.00
-
ASP MTM Limited
England and Wales
Ordinary
100.00
-
KMK Tour Limited
England and Wales
Ordinary
100.00
-
Once 2020 Ltd
England and Wales
Ordinary
100.00
-
KMK 2021 Ltd
England and Wales
Ordinary
100.00
-
Mousetrap Productions Limited
England and Wales
Ordinary
0
100.00
MTM UK Tour Limited
England and Wales
Class B Ordinary
0
100.00
8
Joint ventures
Details of the company's joint ventures at 3 April 2022 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Hairspray 2020 Limited
England and Wales
Class A Ordinary
50
9
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
412,728
1,877,470
Equity instruments measured at cost less impairment
101
101
Carrying amount of financial liabilities
Measured at amortised cost
664,488
1,731,349
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 11
10
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,275
156
Corporation tax recoverable
66,646
Amounts owed by group undertakings
3,060
Amounts owed by undertakings in which the company has a participating interest
18,360
1,366,997
Other debtors
391,093
507,257
Prepayments and accrued income
38,118
39,800
517,492
1,917,270
11
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
12
135,000
112,500
Trade creditors
98,905
85,613
Amounts owed to group undertakings
154,674
557,913
Corporation tax
3,929
17,239
Other taxation and social security
11,057
82,539
Other creditors
130,004
658,028
Accruals and deferred income
10,905
47,295
544,474
1,561,127
12
Loans and overdrafts
2022
2021
£
£
Bank loans
270,000
382,500
Payable within one year
135,000
112,500
Payable after one year
135,000
270,000
Within Bank loans and overdrafts falling due within one year and after year is a loan aggregating to £270,000 which is secured via a fixed and floating charge over the assets of the company.
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 12
13
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
135,000
270,000
14
Deferred taxation
The following are the deferred tax liabilities recognised by the company:
2022
2021
£
£
Deferred tax liabilities
4,941
4,941
15
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,931
11,340
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A Ordinary shares of 0.1p each
750
750
7
7
Class B Ordinary shares of 0.1p each
250
250
3
3
1,000
1,000
10
10
17
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
£
£
97,890
143,630
Adam Spiegel Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 13
18
Events after the reporting date
Subsequent to the year end the company received insurance receipt amounting to £1,866 resulting from a theft of assets.
19
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.
MTM (Group) Limited
Associated company
During the period, the company received £17,188 (2021: £nil) in fees and royalties.
As at the balance sheet date, the company owed MTM (Group) Limited £nil (2021: £100,545).
Hairspray 2020 Limited
Associated company
During the period, the company received £173,572 (2021: £nil) in fees and royalties.
As at the balance sheet date, Hairspray 2020 Limited owed the company £18,360 (2021: £1,366,997).
A Spiegel
Director and shareholder
At the period end, a balance of £278,709 (2021: £388,352) was due from A P Spiegel. This was repaid within 9 months of the year end.
C G Longworth
Director and shareholder
At the period end, a balance of £104,791 (2021: £105,871) was due from C G Longworth. This was repaid within 9 months of the year end.
20
Parent company
The ultimate controlling party is A P Spiegel by virtue of owning majority issued share capital of the company.
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