When I Drive Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 80 St Martin's Lane, London, WC2N 4AA.
These financial statements have been prepared for the 5 month period from 1 October 2023 to 29 February 2024 (2023 was for the period from 20 October 2022, the date of incorporation, to 30 September 2023).
The company's accounting period was shortened to submit an early claim of theatre tax credit to assist cash flow. For the above reason, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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 £.
In relation to all other classes of business, turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales
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.
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, 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.
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.
Going Concern
The company has raised investments totalling £296,747, from independent investors known as "theatrical angels", which were used to fund the production costs of creating and producing the theatrical show "Bonnie & Clyde: The Musical". These investments are repayable at the discretion of the directors, through the generation of running profits of the show. At the period end the amount outstanding on these investments was £296,747 (2023 - £Nil). In the event that the directors considers the investments not recoupable in the foreseeable future, then these amounts would be written off to the profit and loss account.
For cashflow purposes the company also received loans of £206,850 from Adama Entertainment (2023 £Nil), a company jointly controlled by the director Mr A Paulden. These loans attract 0% interest and are not repayable on demand.
As a result of the above, the directors have reasonable expectation that the company has adequate resources and they are of the opinion that there are no material uncertainties about the ability of the company to continue in operational existence for the foreseeable future. Thus they consider it appropriate to adopt the going concern basis of accounting in preparing the annual financial statements
In the application of the company’s accounting policies, the director is 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.
The average monthly number of persons (including directors) employed by the company during the period was:
During the period the company entered into the following transactions with related parties:
During the year the company paid management charges, producer fees, office costs, fixed fees and royalties of £52,532 (2023 - £Nil) to Adama Entertainment Limited (previous name DLAP Limited), a company jointly controlled by the director Mr A Paulden.
The company also paid royalties of £2,955 (2023 - £Nil) to The Creative Rights Company International Limited, a company in which the director Mr A Paulden holds a participating interest.
The aggregate amounts outstanding to these companies at the year end was £52,819 (2023 - £Nil).