MOT19 Ltd
Unaudited Financial Statements
For the period ended 3 April 2022
For Filing with Registrar
Company Registration No. 10596347 (England and Wales)
MOT19 Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 8
MOT19 Ltd
Balance Sheet
As at 3 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
5
13,301
85,287
Cash at bank and in hand
138,991
80,512
152,292
165,799
Creditors: amounts falling due within one year
6
(152,271)
(63,773)
Net current assets
21
102,026
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
20
102,025
Total equity
21
102,026
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.
The financial statements were approved and signed by the director and authorised for issue on 16 August 2022
A P Spiegel
Director
Company Registration No. 10596347
MOT19 Ltd
Statement of Changes in Equity
For the period ended 3 April 2022
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 March 2020
1
100,498
100,499
Period ended 28 March 2021:
Profit and total comprehensive income for the period
-
1,527
1,527
Balance at 28 March 2021
1
102,025
102,026
Period ended 3 April 2022:
Loss and total comprehensive income for the period
-
(102,005)
(102,005)
Balance at 3 April 2022
1
20
21
MOT19 Ltd
Notes to the Financial Statements
For the period ended 3 April 2022
Page 3
1
Accounting policies
Company information
MOT19 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 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 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
During the period under review the company made atrue loss after tax of £102,005 and had net assets at 3 April 2022 of £21. The director is taking steps to minimise discretionary cash outflows until the commencement of a new tour which is expected to open 26 September 2022 at the Nottingham Theatre Royal and close 25 November 2023.
The director has assessed the trading and cashflow forecasts for the 12 months from the date of signing of the accounts. The director acknowledges that a new tour will require additional funding from fellow group companies and he expects such funding to be forthcoming. In the meantime the company has no significant financial commitments other than those liabilities disclosed in these financial statements. The director is therefore 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 has been extended 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 group activity and reporting.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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 from theatrical productions, including theatre tickets and royalties, are recognised by reference to the performance date.
1.5
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.
MOT19 Ltd
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 4
1.6
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.
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MOT19 Ltd
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
1
Accounting policies
(Continued)
Page 5
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
MOT19 Ltd
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
17
Key management personnel include the director of the company who has authority and responsibility for planning, directing and controlling the activities of the company.
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(1,142)
Adjustments in respect of prior periods
(385)
Total current tax
(1,527)
Deferred tax
Origination and reversal of timing differences
620
Total tax charge/(credit)
620
(1,527)
4
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,755
5,236
Carrying amount of financial liabilities
Measured at amortised cost
152,271
63,773
MOT19 Ltd
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 7
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,755
4,835
Corporation tax recoverable
70,403
Amounts due from group undertakings
1
Other debtors
4,546
4,428
Prepayments and accrued income
5,000
5,000
13,301
84,667
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
620
Total debtors
13,301
85,287
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
32,436
32,632
Amounts owed to group undertakings
115,604
18,962
Accruals and deferred income
4,231
12,179
152,271
63,773
7
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
8
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.
MOT19 Ltd
Notes to the Financial Statements (Continued)
For the period ended 3 April 2022
Page 8
9
Parent company
The immediate and ultimate parent company is Adam Spiegel Productions Limited, by virtue of share ownership in the company.
The ultimate controlling party is A P Spiegel by virtue of majority shareholding in Adam Spiegel Productions Limited.