Company registration number 8155321 (England and Wales)
TC BEECH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TC BEECH LIMITED
COMPANY INFORMATION
Directors
C Beech
T Beech
Secretary
Adam Corporate Services Limited
Company number
8155321
Registered office
Suite 3, 4th Floor
Congress House
Lyon Road
Harrow
Middlesex
United Kingdom
HA1 2EN
Accountants
Collins and Company
Suite 3, 4th Floor
Congress House
Lyon Road
Harrow
Middlesex
United Kingdom
HA1 2EN
Business address
Kingswood Gorse Avenue
Kingston Gorse
East Preston
Littlehampton
West Sussex
BN16 1SG
TC BEECH LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
TC BEECH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
5
2,122
13,583
Investments
6
478,675
495,421
Cash at bank and in hand
176,629
198,464
657,426
707,468
Creditors: amounts falling due within one year
7
(2,306,972)
(2,329,488)
Net current liabilities
(1,649,546)
(1,622,020)
Capital and reserves
Called up share capital
100
2
Profit and loss reserves
(1,649,646)
(1,622,022)
Total equity
(1,649,546)
(1,622,020)

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 year ended 31 December 2021 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 year 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 by the board of directors and authorised for issue on 30 June 2022 and are signed on its behalf by:
C Beech
T Beech
Director
Director
Company Registration No. 8155321
TC BEECH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
2
(1,761,579)
(1,761,577)
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
139,557
139,557
Balance at 31 December 2020
2
(1,622,022)
(1,622,020)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(27,624)
(27,624)
Issue of share capital
98
-
98
Balance at 31 December 2021
100
(1,649,646)
(1,649,546)
TC BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

TC Beech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, 4th Floor, Congress House, Lyon Road, Harrow, Middlesex, United Kingdom, HA1 2EN.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

All income is recognised once the company has entitlement to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably.

Profit distributions from investments are recognised when the profit distributions are approved by the third party producers, at which point the receipt of economic benefit is probable and can be measured reliably.

In relation to the licensing of intellectual property rights (whether the company's own rights or where the company has an entitlement to a share of a third party's licensing income), income is recognised when the relevant licensees or sub-licensees approve the royalties in accordance with contractual obligations of the relevant licence agreements

In relation to fees from productions under the company's control or in common control, income is recognised when the relevant production company approves the fees in accordance with the contractual obligations of the third party investment agreements for the relevant production. If there are no third party investment agreements, income is recognised in accordance with custom and practice in the theatre production industry.

 

In relation to all other classes of business including fees from productions under the control of third parties, turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales.

1.3
Cash and cash equivalents

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.

1.4
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.

TC BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Fair value measurement of financial instruments

Investments in productions are included at amounts invested less amounts recovered and after making provisions for losses, where recovery of outstanding investments are not anticipated.

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.

1.5
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.

1.6
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.7
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.

TC BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.

1.8
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.

1.9
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.

1.10
Going concern

The company is supported by interest free loans amounting to £2,299,505 (2021 - £2,299,603 ) provided by it's directors. The directors are not planning to recall the loans in the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TC BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 2).

2021
2020
Number
Number
2
2
4
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
478,675
495,421
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
2,122
13,583
6
Current asset investments
2021
2020
£
£
Investments in productions - unlisted
478,675
495,421
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,317
25,795
Corporation tax
-
0
40
Other creditors
2,302,655
2,303,653
2,306,972
2,329,488
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