Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-307false2022-10-01The principal activity of the company is a producer of theatrical productions and a provider of theatre production financing.7truetrue 10814603 2022-10-01 2023-09-30 10814603 2021-10-01 2022-09-30 10814603 2023-09-30 10814603 2022-09-30 10814603 2021-10-01 10814603 c:Director7 2022-10-01 2023-09-30 10814603 d:CurrentFinancialInstruments 2023-09-30 10814603 d:CurrentFinancialInstruments 2022-09-30 10814603 d:CurrentFinancialInstruments 6 2023-09-30 10814603 d:CurrentFinancialInstruments 6 2022-09-30 10814603 d:Non-currentFinancialInstruments 2023-09-30 10814603 d:Non-currentFinancialInstruments 2022-09-30 10814603 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10814603 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 10814603 d:ShareCapital 2022-10-01 2023-09-30 10814603 d:ShareCapital 2023-09-30 10814603 d:ShareCapital 2021-10-01 2022-09-30 10814603 d:ShareCapital 2022-09-30 10814603 d:ShareCapital 2021-10-01 10814603 d:SharePremium 2022-10-01 2023-09-30 10814603 d:SharePremium 2023-09-30 10814603 d:SharePremium 2021-10-01 2022-09-30 10814603 d:SharePremium 2022-09-30 10814603 d:SharePremium 2021-10-01 10814603 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 10814603 d:RetainedEarningsAccumulatedLosses 2023-09-30 10814603 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 10814603 d:RetainedEarningsAccumulatedLosses 2022-09-30 10814603 d:RetainedEarningsAccumulatedLosses 2021-10-01 10814603 d:OtherDeferredTax 2023-09-30 10814603 d:OtherDeferredTax 2022-09-30 10814603 c:OrdinaryShareClass1 2022-10-01 2023-09-30 10814603 c:OrdinaryShareClass1 2023-09-30 10814603 c:OrdinaryShareClass1 2022-09-30 10814603 c:OrdinaryShareClass2 2022-10-01 2023-09-30 10814603 c:OrdinaryShareClass2 2023-09-30 10814603 c:OrdinaryShareClass2 2022-09-30 10814603 c:OrdinaryShareClass3 2022-10-01 2023-09-30 10814603 c:OrdinaryShareClass3 2023-09-30 10814603 c:FRS102 2022-10-01 2023-09-30 10814603 c:Audited 2022-10-01 2023-09-30 10814603 c:FullAccounts 2022-10-01 2023-09-30 10814603 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10814603 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 10814603 2 2022-10-01 2023-09-30 10814603 6 2022-10-01 2023-09-30 10814603 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10814603









PLAYING FIELD (THEATRE) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PLAYING FIELD (THEATRE) LIMITED
REGISTERED NUMBER: 10814603

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
777,116

Debtors: amounts falling due within one year
 5 
521,804
507,577

Current asset investments
 6 
9,175,462
8,171,470

Cash at bank and in hand
  
473,892
1,991,265

  
10,171,158
11,447,428

Creditors: amounts falling due within one year
 7 
(2,821,867)
(2,547,433)

Net assets
  
7,349,291
8,899,995


Capital and reserves
  

Called up share capital 
 9 
4,974
4,454

Share premium account
 10 
13,297,181
11,361,698

Profit and loss account
 10 
(5,952,864)
(2,466,157)

  
7,349,291
8,899,995


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




Ms L Popham
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
PLAYING FIELD (THEATRE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
2,647
4,647,133
(1,487,231)
3,162,549



Loss for the year
-
-
(978,926)
(978,926)


Contributions by and distributions to owners

Shares issued during the year
1,913
6,714,565
-
6,716,478

Shares redeemed during the year
(106)
-
-
(106)



At 1 October 2022
4,454
11,361,698
(2,466,157)
8,899,995



Loss for the year
-
-
(3,486,707)
(3,486,707)

Shares issued during the year
520
1,935,483
-
1,936,003


At 30 September 2023
4,974
13,297,181
(5,952,864)
7,349,291


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Playing Field (Theatre) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will be able to meet its liabilities as they fall due. In the opinion of the directors, the going concern basis is appropriate as the company has received adequate assurances from various individuals and organisations to continue funding the company for the foreseeable future.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue. On review of the grants and funding, the company has sufficient funds to continue for the foreseeable future. 

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Turnover comprises of revenue recognised by the company in respect of management fees, royalties and its share of profits from its investments in theatrical productions receivable for the reporting period, after recoupment of investment in the show. If the investment is unrecouped at the year end, the company's share of the show's profit is offset against the investment, with no operating profit recognised in the profit and loss account.

Page 3

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Investments in theatrical productions

Investments in theatrical productions are recognised at the recoupable amount at the balance sheet date being the amount invested less amounts recovered and provision for losses where recovery of outstanding investments in full is not anticipated.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to/from related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, 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.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investments in productions
Investment in productions are impaired taking into consideration the expected return from the show, based on future estimated box office receipts and running costs and the estimated life of the production. However, there is a certain degree of judgment involved which calls on the expertise and experience of management.

Page 5

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
7
7


5.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
-
777,116




2023
2022
£
£

Due within one year

Trade debtors
-
1,395

Other debtors
150,227
15,836

Prepayments
371,577
490,346

521,804
507,577


Page 6

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Current asset investments

2023
2022
£
£

Investments in theatrical productions
9,175,462
8,171,470


Analysis of investments in theatrical productions

2023
2022
        £
        £

As at 1 October 2022

8,171,470

4,523,018

Additions

9,038,574

6,387,758

Recoupments

(4,724,618)

(2,188,261)

Investments written off

(3,113,190)

(952,308)

Forex gains/(losses)

(196,774)

401,263

As at 30 September 2023

9,175,462

8,171,470



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
2,221,930
2,031,700

Trade creditors
5,905
21,439

Taxation and social security
3,582
-

Other creditors
1,451
75,000

Accruals and deferred income
188,999
19,294

Convertible loan notes
400,000
400,000

2,821,867
2,547,433


Other loans comprise unsecured short-term funding in relation to investments in specific theatrical productions.
Convertible loan notes are unsecured fixed-rate convertible loan note instruments and interest free, payable on conversion or redemption of the notes. 
 

Page 7

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Deferred taxation




2023


£






Deferred tax assets at 1 October 2021
777,116


Credit to profit or loss
(777,116)



Deferred tax asset at 30 September 2022
-

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses
-
777,116


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,059,470 (2022 - 3,629,466) Ordinary A shares of £0.001 each
4,059
3,629
422,971 (2022 - 422,971) Ordinary B shares of £0.001 each
423
423
492,123 (2022 - 402,123) Ordinary C shares of £0.001 each
492
402

4,974

4,454


During the year, 520,000 Ordinary A shares and 90,000 Ordinary C shares were were issued during the year.


10.


Reserves

Share premium account

The share premium account comprises any premiums received on the issue of share capital net of cost relating to issue of these shares.

Profit and loss account

The profit and loss account comprises distributable reserves. 

Page 8

 
PLAYING FIELD (THEATRE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Capital commitments


At 30 September 2023 the company had capital commitments as follows:

2023
2022
£
£


Future committed payments for various productions
1,529,198
-


12.


Related party transactions

During the period the company received short terms funding in relation to investments in specific theatrical production totalling £568,775 (2022: £153,000) from its directors. The balance is repayable when the amounts invested have been recouped together with a proportionate share of profits received from this theatrical production. No interest is payable on this short-term funding.
At the reporting date, the company owed an interest free loan to its directors of £400,000.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 4 September 2024 by Anthony Pins (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 9