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Registration number: 11671505

Wishful Thinking Musicals Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Wishful Thinking Musicals Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 4

 

Wishful Thinking Musicals Limited

Company Information

Directors

S L Vaughan

R Simmonds

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Wishful Thinking Musicals Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

66,643

32,373

Cash at bank and in hand

 

11,495

6,745

 

78,138

39,118

Creditors: Amounts falling due within one year

5

(599,635)

(532,872)

Net liabilities

 

(521,497)

(493,754)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(521,501)

(493,758)

Shareholders' deficit

 

(521,497)

(493,754)

For the financial year ending 31 March 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................

S L Vaughan

Director

Company registration number: 11671505

 

Wishful Thinking Musicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the production of musicals.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a loss for the year ended 31 March 2023 and had a net deficiency of assets at that date amounting to £521,497. At this date an amount of £568,027 was due to the parent undertaking, who has confirmed it will not call for repayment until such time as the company has sufficient working capital and has also agreed to advance further funds if required, to enable the company to meet its future obligations.

The directors have considered the current inflationary increases and economic uncertainty and the directors' view is that the impact on the company will be manageable, as the company continues to operate and has few fixed overheads.

After making enquiries and taking into account the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for media production services rendered. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue as the relevant performance criteria in its sales contracts are met.

 

Wishful Thinking Musicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model as a grant relating to revenue, which has been recognised in other operating income in the period of the related expenditure.

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Debtors

2023
£

2022
£

Other debtors

66,643

32,373

66,643

32,373

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

6,608

-

Amounts owed to group undertakings

568,027

507,704

Other creditors

25,000

25,168

599,635

532,872