TB Productions UK Ltd
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 10244937 (England and Wales)
TB Productions UK Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
TB Productions UK Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Investments
3
2,348,427
2,248,234
Cash at bank and in hand
293,828
306,111
2,642,255
2,554,345
Creditors: amounts falling due within one year
4
(2,365,497)
(2,596,423)
Net current assets/(liabilities)
276,758
(42,078)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
276,757
(42,079)
Total equity
276,758
(42,078)
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 year ended 31 December 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 members have not required the company to obtain an audit of its financial statements for the year 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 11 September 2024 and are signed on its behalf by:
R G Bartner
Director
Company Registration No. 10244937
TB Productions UK Ltd
Statement of Changes in Equity
For the year ended 31 December 2023
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
424,165
424,166
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(466,244)
(466,244)
Balance at 31 December 2022
1
(42,079)
(42,078)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
318,836
318,836
Balance at 31 December 2023
1
276,757
276,758
TB Productions UK Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
TB Productions UK Ltd 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
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 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.
1.2
Going concern
The company is dependent on a loan from its immediate parent company for its working capital. Its parent company has confirmed that it will not require repayment of this sum, £2,318,327, within 12 months of the date of signature of these accounts unless TB Productions UK Ltd is able to make such repayment without preventing it from meeting its other liabilities as they fall due or preventing it from continuing in business throughout the duration of the same 12 month period. As such the directors consider it appropriate that the company adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received and represents the company's share of profits distributed by theatrical productions in which the company has an investment. Such profits are recognised on a cash receipts basis as the company has no control or visibility over the timing or amount of profit which is distributed by those productions, provided in the normal course of business.
1.4
Current asset investment
Current asset investments represent monies invested in theatrical productions and which are repayable out of profits generated by these productions. Such investments are measured at cost less provision for impairment as fair value cannot be reliably estimated.
1.5
Cash at bank and in hand
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.
TB Productions UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
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.
1.8
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.
TB Productions UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was: 2 (2022: 2).
Key management personnel include all directors of the company who together have authority and responsibility for planning, directing and controlling the activities of the company.
2023
2022
Number
Number
Total
2
2
3
Current asset investments
2023
2022
£
£
Theatre investments / loans
2,348,427
2,248,234
Current asset investments represent non-recourse loans advanced to theatrical productions which are repayable out of the profits of those productions.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,318,327
2,589,253
Other creditors
40,000
-
Accruals and deferred income
7,170
7,170
2,365,497
2,596,423
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
TB Productions UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
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 subsidiaries within the group.
There were no transactions with related parties who are not members of the wholly owned group during the reporting period.
7
Parent company
The company's immediate parent company is Tulchin/Bartner Productions, LLC. This limited liability company, is registered in the State of Delaware, of the United States of America.
There is no single ultimate controlling party.