Company registration number 14051666 (England and Wales)
CTKW PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 01 MARCH 2023 TO 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CTKW PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CTKW PRODUCTIONS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30.11.23
28.02.23
Notes
£
£
£
£
Current assets
Debtors
4
88,577
961,256
Cash at bank and in hand
122,049
263,020
210,626
1,224,276
Creditors: amounts falling due within one year
5
(883,000)
(1,722,120)
Net current liabilities
(672,374)
(497,844)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(672,375)
(497,845)
Total equity
(672,374)
(497,844)

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 period ended 30 November 2023 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 member has not required the company to obtain an audit of its financial statements for the period 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 12 August 2024 and are signed on its behalf by:
Mr K Wax
Mr B Hatton
Director
Director
Company Registration No. 14051666
CTKW PRODUCTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 19 April 2022
-
0
-
0
-
0
Period ended 28 February 2023:
Loss and total comprehensive income for the period
-
(497,845)
(497,845)
Issue of share capital
1
-
1
Balance at 28 February 2023
1
(497,845)
(497,844)
Period ended 30 November 2023:
Loss and total comprehensive income for the period
-
(174,530)
(174,530)
Balance at 30 November 2023
1
(672,375)
(672,374)
CTKW PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

CTKW Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor, Imperial House, 8 Kean Street, London, WC2B 4AS.

1.1
Reporting period

These financial statements have been prepared for the 9 month period from 1 March 2023 to 30 November 2023. The previous period ran from 19 April 2022, the date of incorporation, to 28 February 2023. The company's accounting period was shortened to submit an early claim for theatre tax credit to assist cash flow. For this reason the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.3
Going concern

The company has raised investments totalling £590,000 from independent investors known as "theatrical angels", which were used to fund the production costs of creating and producing theatrical show "Hey Duggee". These investments are repayable at the discretion of the directors, through the generation of running profits of the shows.

 

At the year end the amount outstanding on these investments was £590,000 ((28.02.23 £590,000). In the event that the directors consider 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 £75,000 from Kenny Wax Limited (28.02.23 £75,000), a company owned by the director Mr K Wax and £75,000 (28.02.23 £101,000) from the co-producer. 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.

1.4
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.

In relation to theatrical productions produced and managed by the company, turnover represents producers share of the net box office income for the production, with associated production and running costs relating to these shows being presented as production and cost of sales.

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

CTKW PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
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.

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.

1.7
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.

CTKW PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

30.11.23
2023
Number
Number
Total
14
8
4
Debtors
30.11.23
2023
Amounts falling due within one year:
£
£
Trade debtors
41,184
699,578
Other debtors
47,393
261,678
88,577
961,256
CTKW PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
30.11.23
2023
£
£
Trade creditors
876,085
1,676,052
Taxation and social security
-
0
37,742
Other creditors
6,915
8,326
883,000
1,722,120
6
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

During the period, the company paid management charges, producer fees, tour booking, marketing, office costs, bookkeeping, payroll and accountancy charges of £104,759 (28.02.23 £81,399) to Kenny Wax Limited, a company owned by the director Mr. K Wax.

 

The company also paid royalties of £7,438 (28.02.23 £13,193) to Kenneth H Wax Ltd, a company owned by the director Mr. K Wax.

 

The aggregate amounts outstanding to these companies at the year end was £3,197.

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