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Sage Accounts Production Advanced 2023 - FRS102_2023
999,507
999,507
219,892
219,892
779,615
61,848
61,848
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xbrli:shares
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2023-12-31
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2023-12-31
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COMPANY REGISTRATION NUMBER:
14701399
Pretty Woman UK Tour Limited |
|
Filleted Unaudited Financial Statements |
|
Pretty Woman UK Tour Limited |
|
Period from 2 March 2023 to 31 December 2023
Officers and professional advisers |
1 |
|
|
Report to the board of directors on the preparation of the unaudited statutory financial statements |
3 |
|
|
Statement of financial position |
4 |
|
|
Notes to the financial statements |
6 |
|
|
Pretty Woman UK Tour Limited |
|
Officers and Professional Advisers |
|
The board of directors |
M C Lynas (Appointed 2 March 2023)
|
|
A J Speers (Appointed 2 March 2023)
|
|
|
Registered office |
2nd Floor Alexander House |
|
Church Path |
|
Woking |
|
GU21 6EJ |
|
|
Accountants |
Bailhache Linton LLP |
|
Accountants |
|
Bourne House |
|
475 Godstone Road |
|
Whyteleafe |
|
Surrey |
|
CR3 0BL |
|
|
Pretty Woman UK Tour Limited |
|
Period from 2 March 2023 to 31 December 2023
The directors present their report and the unaudited financial statements of the company for the period ended
31 December 2023
.
Principal activities
The company was incorporated on 2 March 2023. The principal activity of the company is that of touring theatrical productions.
Directors
The directors who served the company during the period were as follows:
M C Lynas |
(Appointed
2 March 2023) |
A J Speers |
(Appointed
2 March 2023) |
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
5 March 2024
and signed on behalf of the board by:
Registered office: |
2nd Floor Alexander House |
Church Path |
Woking |
GU21 6EJ |
|
Pretty Woman UK Tour Limited |
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Pretty Woman UK Tour Limited |
|
Period from 2 March 2023 to 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pretty Woman UK Tour Limited for the period ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Bailhache Linton LLP
Accountants
Bourne House
475 Godstone Road
Whyteleafe
Surrey
CR3 0BL
5 March 2024
Pretty Woman UK Tour Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible fixed assets |
5 |
779,615 |
|
|
|
Current assets
Debtors |
6 |
629,592 |
Cash at bank and in hand |
1,848,952 |
|
------------ |
|
2,478,544 |
|
|
|
Prepayments and accrued income |
146,736 |
|
|
Creditors: amounts falling due within one year |
7 |
2,689,436 |
|
------------ |
Net current liabilities |
64,156 |
|
--------- |
Total assets less current liabilities |
715,459 |
|
|
|
Provisions for liabilities |
8 |
61,848 |
|
--------- |
Net assets |
653,611 |
|
--------- |
|
|
|
Capital and reserves
Called up share capital |
10 |
1 |
Profit and loss account |
653,610 |
|
--------- |
Shareholder funds |
653,611 |
|
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Pretty Woman UK Tour Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
5 March 2024
, and are signed on behalf of the board by:
Company registration number:
14701399
Pretty Woman UK Tour Limited |
|
Notes to the Financial Statements |
|
Period from 2 March 2023 to 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Alexander House, Church Path, Woking, GU21 6EJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from theatrical productions is recognised by reference to the date the performance took place.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. The company capitalises pre-production development costs incurred subsequent to the green-lighting of a new production to the extent that the directors have a reasonable belief that the production will recoup. Costs capitalised exclude marketing and promotional expenditure incurred in relation to the production. All relevant development expenditure is capitalised within intangible assets as pre-production costs and the company does not distinguish between the cost of physical assets, such as the set, and the development of broader aspects of the show, as the distinction is not useful and the expenditure is considered as a whole.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
|
Pre-production costs |
- |
Over the life of the production* |
|
|
|
|
*The amortisation period commences from the date of opening of the production. The estimated life of the production is under continual re-assessment, with the impact of any changes to the estimated life on the amortisation period being accounted for prospectively.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
20
.
5.
Intangible fixed assets
|
Pre-production costs |
|
£ |
Cost |
|
Additions |
999,507 |
|
--------- |
At 31 December 2023 |
999,507 |
|
--------- |
Amortisation |
|
Charge for the period |
219,892 |
|
--------- |
At 31 December 2023 |
219,892 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
779,615 |
|
--------- |
|
|
6.
Debtors
|
31 Dec 23 |
|
£ |
Trade debtors |
126,673 |
Other debtors |
502,919 |
|
--------- |
|
629,592 |
|
--------- |
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
|
£ |
Trade creditors |
110,549 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
264,618 |
Social security and other taxes |
357,465 |
Other creditors |
1,956,804 |
|
------------ |
|
2,689,436 |
|
------------ |
|
|
8.
Provisions for liabilities
|
Deferred tax (note 9) |
|
£ |
At 2 March 2023 |
– |
Additions |
61,848 |
|
-------- |
At 31 December 2023 |
61,848 |
|
-------- |
|
|
9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
31 Dec 23 |
|
£ |
Included in provisions for liabilities (note 8) |
61,848 |
|
-------- |
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
31 Dec 23 |
|
£ |
Unused tax losses |
(
131,485) |
Theatrical fixed assets |
194,904 |
Short term timing differences |
(
1,571)
|
|
--------- |
|
61,848 |
|
--------- |
|
|
10.
Called up share capital
Issued, called up and fully paid
|
31 Dec 23 |
|
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
|
---- |
---- |
|
|
|
11.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned group members. Related parties by virtue of common directorships: During the period the company made sales of £2,099,067 to ATG (Venues) Ltd, the company also made purchases of £245,478 from ATG (Venues) Ltd. At the period end £98,833 was owed to the company inrespect of sales. During the period the company made sales of £486,585 to Glasgow Theatres Ltd, the company also made purchases of £46,136 from Glasgow Theatres Ltd. During the period the company made sales of £262,486 to Theatre Management Ltd, the company also made purchases of £32,257 from Theatre Management Ltd. During the period the company made purchases of £154,747 and received non-recourse loans of £261,226 from The Ambassador Theatre Group Ltd. At the period end £381,309 was owed to The Ambassador Theatre Group Ltd. During the period the company made purchases of £43,309 from Lewis Ward Licensing Inc. At the period end £37,869 was owed to Lewis Ward Licensing Inc. Related parties by virtue of shareholding in ultimate parent company: During the period the company made purchases of £26,130 from Chestnut Ridge Productions Inc. At the period end £19,889 was owed to Chestnut Ridge Productions Inc. During the period the company made purchases of £62,032 from Lawton Productions. At the period end £51,683 was owed to Lawton Productions. During the period the company made purchases of £5,583 from Nice Productions Inc. At the period end £4,882 was owed to Nice Productions Inc.
12.
Parent company
The immediate parent company is Pretty Woman UK Tour Holdings Limited, a company incorporated in England and Wales. The company's registered office is 2nd Floor Alexander House, Church Path, Woking, Surrey, GU21 6EJ. The ultimate parent company is Lewis Ward UK Tour LLC, a company incorporated in the USA. There is no ultimate controlling party
.