Tina Turner Musical Limited
Directors' Report and Financial Statements
For the period ended 31 December 2023
Company Registration No. 10537136 (England and Wales)
Tina Turner Musical Limited
Company Information
Directors
A A G M De Bok
F J M A G Mooren
Mr E Van Es
Company number
10537136
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Tina Turner Musical Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 20
Tina Turner Musical Limited
Strategic Report
For the period ended 31 December 2023
Page 1

The directors present the strategic report for the period ended 31 December 2023.

Principal activities, business review and future developments

The principal activity of the company is that of the production and management of the dramatic-musical work Tina – The Tina Turner Musical in the West End, London. There have been no changes to the company’s activities in the period under review. The run of the production is open ended and is expected to continue for the foreseeable future.

Principal risks and uncertainties

The principal activity of the company is that of the production of theatrical shows, which is speculative by its nature and carries a degree of risk. Whilst there are many examples of theatrical shows that have not succeeded, there are also many examples of theatrical shows which have run for many years and have been financially successful.

Key performance indicators

The company uses key performance indicators in operating the business and the board drives business performance through setting clearly defined budgets from which it derives key performance indicators which are reviewed on a regular basis. Appropriate action is taken when required to enhance the financial results of the business. The key performance indicators that the company uses in operating the business are outlined below:

Financial risks

The main financial risks arising from the company’s activities are credit risk, interest rate risk and liquidity risk. These risks are monitored on an ongoing basis and the board do not consider them to be significant.

The company’s risk mitigation policy, in respect of credit risk, is to only deal with established reputable companies. The board does not consider this to be a significant risk.

The company holds cash reserves in a combination of short term deposits and current accounts which earn interest at a floating rate. The interest rate risk is not considered to be significant.

The working capital requirements of the company are funded principally out of cash reserves.

 

On behalf of the board

Mr E Van Es
Director
18 September 2024
Tina Turner Musical Limited
Directors' Report
For the period ended 31 December 2023
Page 2

The directors present their report and financial statements for the period of period ended 31 December 2023

Principal activities

The principal activity of the company is that of theatrical productions.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A A G M De Bok
F J M A G Mooren
Mr E Van Es
Auditor

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr E Van Es
Director
18 September 2024
Tina Turner Musical Limited
Directors' Responsibilities Statement
For the period ended 31 December 2023
Page 3

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial period. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

Tina Turner Musical Limited
Independent Auditor's Report
To the Members of Tina Turner Musical Limited
Page 4
Opinion

We have audited the financial statements of Tina Turner Musical Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or to cease its operations, and as they have concluded that the company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

 

In our evaluation of the directors’ conclusions, we considered the inherent risks to the company’s business model and analysed how those risks might affect the company’s financial resources or ability to continue operations over the going concern period.

 

Our conclusions based on this work:

 

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the company will continue in operation.

Tina Turner Musical Limited
Independent Auditor's Report (Continued)
To the Members of Tina Turner Musical Limited
Page 5

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Tina Turner Musical Limited
Independent Auditor's Report (Continued)
To the Members of Tina Turner Musical Limited
Page 6
Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Tina Turner Musical Limited
Independent Auditor's Report (Continued)
To the Members of Tina Turner Musical Limited
Page 7

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Twum-Ampofo
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
19 September 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Tina Turner Musical Limited
Statement of Income and Retained Earnings
For the period ended 31 December 2023
Page 8
52 weeks
52 weeks
ended
ended
31 December
1 January
2023
2023
Notes
£
£
Turnover
2
18,193,260
14,645,905
Cost of sales
(16,301,157)
(12,453,528)
Gross profit
1,892,103
2,192,377
Administrative expenses
(2,292,032)
(2,328,087)
Other operating income
59,824
135,710
Operating loss
3
(340,105)
-
Interest receivable and similar income
6
312
-
0
Loss before taxation
(339,793)
-
0
Tax on loss
7
283,660
165,219
(Loss)/profit for the financial period
(56,133)
165,219
Retained earnings brought forward
595,887
430,668
Retained earnings carried forward
539,754
595,887

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Tina Turner Musical Limited
Balance Sheet
As at 31 December 2023
Page 9
31 December
1 January
2023
2023
Notes
£
£
£
£
Current assets
Debtors
9
1,389,773
1,246,504
Cash at bank and in hand
6,602,133
5,937,554
7,991,906
7,184,058
Creditors: amounts falling due within one year
10
(7,168,692)
(6,341,111)
Net current assets
823,214
842,947
Provisions for liabilities
Provisions
11
(283,459)
(247,059)
(283,459)
(247,059)
Net assets
539,755
595,888
Capital and reserves
Called up share capital
14
1
1
Profit and loss reserves
539,754
595,887
Total equity
539,755
595,888
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr E  Van Es
Director
Company Registration No. 10537136
Tina Turner Musical Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 10
1
Accounting policies
Company information

Tina Turner Musical Limited (Company Registration Number 10537136) is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Reporting period

These financial statements are prepared for a period of 52 weeks to 31 December 2023 (prior period: 52 weeks to 1 January 2023).

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.

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 financial statements have been prepared on the going concern basis which the directors consider appropriate for the reasons outlined below. true

 

The directors have prepared monthly cash flow forecasts to July 2025. Based on these forecasts, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from theatrical productions is recognised by reference to the date the performance took place.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 11

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 is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

1.6
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.

1.7
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 12
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit or loss for the period. Taxable profit or loss differs from net profit or loss as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 13
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
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 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.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 14
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2023
£
£
Turnover analysed by class of business
Box office income
18,193,260
14,645,905
2023
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,193,260
14,645,905
2023
2023
£
£
Other significant revenue
Interest income
312
-
3
Operating loss
2023
2023
Operating loss for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,750
14,500
4
Employees

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

2023
2023
Number
Number
78
77
Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
4
Employees
(Continued)
Page 15

Their aggregate remuneration comprised:

53 weeks
52 weeks
ended
ended
2 January
27 December
2023
2023
£
£
Wages and salaries
6,737,526
6,077,185
Social security costs
141,051
125,146
Pension costs
119,778
94,444
6,998,355
6,296,775

Directors are remunerated elsewhere in the group and the proportion of their time spent on the affairs of the Company is not considered to be material.

5
Other operating income
52 weeks
52 weeks
ended
ended
31 December
1 January
2023
2023
£
£
Other operating income includes the following:
Merchandise income
57,221
43,106
Insurance claims receivable
-
75,231
Sundry income
2,603
17,373
59,824
135,710
6
Interest receivable and similar income
2023
2023
£
£
Interest income
Other interest income
312
-
0
Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 16
7
Taxation
52 weeks
52 weeks
ended
ended
31 December
1 January
2023
2023
£
£
Current tax
UK corporation tax credit for the current period
(295,269)
(137,678)
Deferred tax
Origination and reversal of timing differences
(10,661)
(27,541)
Adjustment in respect of prior periods
22,270
-
0
Total deferred tax
11,609
(27,541)
Total tax credit
(283,660)
(165,219)

The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

52 weeks
52 weeks
ended
ended
31 December
1 January
2023
2023
£
£
Loss before taxation
(339,793)
-
0
Expected tax credit based on the effective rate of corporation tax in the UK of 20.00% (2023: 20.00%)
(67,959)
-
0
Tax effect of expenses that are not deductible in determining taxable profit
77,704
95,966
Adjustments in respect of prior years
22,270
-
0
Theatre tax credit enhanced expenditure
(305,014)
(233,644)
Deferred theatrical tax credit enhanced expenditure
(10,661)
(27,541)
Taxation credit for the period
(283,660)
(165,219)

The current tax figure includes the effect of Theatre Tax Relief credits (introduced in the Finance Act 2014) payable to the company that have arisen from expenditure on theatrical productions at 20% of 80% of qualifying core expenditure.

 

An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. The deferred tax arises solely on the unpaid core expenditure that will be claimed when it is paid. This is calculated as 20% of 80% of this unpaid amount and is unrelated to the rate of corporation tax.

Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 17
8
Intangible fixed assets
Pre-production costs
£
Cost
At 2 January 2023 and 31 December 2023
4,354,133
Amortisation and impairment
At 2 January 2023 and 31 December 2023
4,354,133
Carrying amount
At 31 December 2023
-
0
At 1 January 2023
-
0
9
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
709,118
528,050
Corporation tax recoverable
415,582
482,377
Amounts owed by group undertakings
1
1
Other debtors
4,164
40,221
Prepayments and accrued income
136,736
82,344
1,265,601
1,132,993
Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
9
Debtors
(Continued)
Page 18
2023
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 13)
124,172
113,511
Total debtors
1,389,773
1,246,504
10
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
746,333
569,780
Amounts due to group undertakings
2,038,024
1,781,201
Corporation tax
471,674
471,674
Other taxation and social security
746,883
525,742
Other creditors
2,730,711
3,525,848
Accruals and deferred income
435,067
137,477
7,168,692
7,011,722
11
Provisions for liabilities
2023
2023
£
£
Get out provision
283,459
247,059

The get out provision represents an estimate of the cost of restoring the theatre to its original condition. The liability will crystallise at the time that the producers make the decision to close the production. At the present time the directors expect the run of the show to continue for the foreseeable future so the expected date of payment is uncertain.

Movements on provisions:
Get out provision
£
At 2 January 2023
247,059
Additional provisions in the year
36,400
At 31 December 2023
283,459
Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 19
12
Retirement benefit schemes
2023
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,778
94,444

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2023
2023
Balances:
£
£
Unpaid qualifying core expenditure
124,172
113,511
2023
Movements in the period:
£
Asset at 2 January 2023
(113,511)
Credit to profit or loss
(10,661)
Asset at 31 December 2023
(124,172)

The deferred tax asset set out above is expected to reverse within 12-24 months and relates to core expenditure qualifying for Theatre Tax Relief in future periods.

14
Share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
Tina Turner Musical Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 20
15
Ultimate controlling party

The immediate parent company is Stage Entertainment Productions B.V. a private limited company incorporated in The Netherlands, by virtue of its ownership of 100% of the issued share capital of the company.

 

The ultimate parent company is Advance Publications Inc., a company incorporated in the United States of America, by virtue of its indirect ownership of 100% of the issued share capital of Stage Entertainment Productions B.V.

 

There is no individual or corporate body which holds a majority shareholding in Advance Publications Inc. and as such the directors consider there is no ultimate controlling party of the group.

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