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Registration number: 05375630

Gripping Theatre Productions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Gripping Theatre Productions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Gripping Theatre Productions Ltd

(Registration number: 05375630)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fiixed assets

 

Tangible assets

4

102,700

78,710

Investments

5

202

202

 

102,902

78,912

Current assets

 

Stocks

-

3,759

Debtors

6

207,321

186,122

Cash at bank and in hand

 

120,840

39,453

 

328,161

229,334

Creditors: Amounts falling due within one year

7

(100,182)

(91,488)

Net current assets

 

227,979

137,846

Total assets less current liabilities

 

330,881

216,758

Creditors: Amounts falling due after more than one year

7

(30,208)

-

Provisions for liabilities

(18,018)

(13,994)

Net assets

 

£282,655

£202,764

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

15,571

15,571

Retained earnings

266,984

187,093

Shareholders' funds

 

£282,655

£202,764

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Gripping Theatre Productions Ltd

(Registration number: 05375630)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 

T C Payne
Director

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Briarwood
Bristol
BS9 3SS

These financial statements were authorised for issue by the Board on 30 September 2023.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received, using the accrual model.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

3 years straight-line basis

Motor vehicles

4 years straight-line basis

Tour equipment

5 years straight-line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2021 - 4).

4

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Tour equipment
 £

Total
£

Cost or valuation

At 1 January 2022

5,833

118,610

220,687

345,130

Additions

3,553

27,525

28,981

60,059

At 31 December 2022

9,386

146,135

249,668

405,189

Depreciation

At 1 January 2022

5,238

71,459

189,723

266,420

Charge for the year

1,070

15,749

19,250

36,069

At 31 December 2022

6,308

87,208

208,973

302,489

Carrying amount

At 31 December 2022

£3,078

£58,927

£40,695

£102,700

At 31 December 2021

£595

£47,151

£30,964

£78,710

5

Investments

2022
£

2021
£

Investments in subsidiaries

£202

£202

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Subsidiaries

£

Cost or valuation

At 1 January 2022

202

Provision

Carrying amount

At 31 December 2022

£202

At 31 December 2021

£202

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

138,604

80,610

Amounts owed by related parties

8

39,745

62,307

Prepayments

 

14,184

9,075

Other debtors

 

14,788

34,130

   

£207,321

£186,122

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

13,713

59,142

Trade creditors

 

25,891

8,898

Taxation and social security

 

8,480

4,443

Accruals and deferred income

 

3,646

5,169

Other creditors

 

48,452

13,836

 

£100,182

£91,488

Loans and borrowings include a Bounce Back Loan of £50,000.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

£30,208

-

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Related party transactions

Loans to related parties

2022

Subsidiary
£

Total
£

At start of period

62,307

62,307

Repaid

(22,562)

(22,562)

At end of period

£39,745

£39,745

2021

Subsidiary
£

Total
£

At start of period

53,236

53,236

Advanced

9,071

9,071

At end of period

£62,307

£62,307

Terms of loans to related parties

The loans to subsidiary companies are unsecured, interest free and repayable on demand.
 

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100