Dover Fault Limited
Unaudited Financial Statements
For the period ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 11421976 (England and Wales)
Dover Fault Limited
Company Information
Directors
R Adams
J W Brant
S B Frost
J A Smith
Secretary
K Barraball
Company number
11421976
Registered office
7 Savoy Court
London
United Kingdom
WC2R 0EX
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Dover Fault Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Dover Fault Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
70
70
Current assets
Debtors
7
209,794
840,565
Creditors: amounts falling due within one year
8
(209,750)
(2,069,317)
Net current assets/(liabilities)
44
(1,228,752)
Total assets less current liabilities
114
(1,228,682)
Provisions for liabilities
9
(128,202)
Net assets/(liabilities)
114
(1,356,884)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
113
(1,356,885)
Total equity
114
(1,356,884)
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 31 January 2024 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 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.
Dover Fault Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
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:
J W Brant
Director
Company Registration No. 11421976
Dover Fault Limited
Statement of Changes in Equity
For the period ended 31 January 2024
Page 3
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 3 January 2022
1
(549,504)
(549,503)
Period ended 1 January 2023:
Loss and total comprehensive income for the period
-
(807,381)
(807,381)
Balance at 1 January 2023
1
(1,356,885)
(1,356,884)
Period ended 31 January 2024:
Profit and total comprehensive income for the period
-
1,356,998
1,356,998
Balance at 31 January 2024
1
113
114
Dover Fault Limited
Notes to the Financial Statements
For the period ended 31 January 2024
Page 4
1
Accounting policies
Company information
Screeched-In Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34-41 Charing Cross Road, London, United Kingdom, WC2H 0AR.
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 associated with the production of Come From Away at the Phoenix Theatre in the West End of London closed on 7 January 2023 following a successful run. Since the closure of the production, the company has ceased to actively trade and the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the goingtrue concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments are required to the financial statements as a result of them being prepared on a basis other than that of a going concern.
1.3
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Turnover from theatrical productions, including theatre tickets and royalties, are recognised by reference to the performance date.
1.4
Intangible fixed assets other than goodwill
Pre-production costs
Intangible assets represent capitalised pre-production costs, which are those development expenses incurred before a theatrical production is played before a live, paying audience for the first time. Such costs are initially recognised at cost and amortised over the expected lifetime of the production, subject to any impairment losses being recognised.
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
1
Accounting policies
(Continued)
Page 6
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.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 for the year. Taxable profit differs from net profit 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 end date.
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 end 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
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.
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was: 0 (2023: 0).
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.
2024
2023
Number
Number
Total
3
Intangible fixed assets
Pre-production costs
£
Cost
At 2 January 2023 and 31 January 2024
2,384,270
Amortisation and impairment
At 2 January 2023 and 31 January 2024
2,384,270
Carrying amount
At 31 January 2024
At 1 January 2023
The above intangible fixed assets relate to the pre-production development costs of the production 'Come from Away'. The costs are amortised over the expected lifetime of the production.
4
Fixed asset investments
2024
2023
£
£
Investments
70
70
Investments in subsidiary undertakings are recognised at cost.
The company holds 70% of the Ordinary share capital of Screeched-In Limited.
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
4
Fixed asset investments
(Continued)
Page 8
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 2 January 2023 & 31 January 2024
70
Carrying amount
At 31 January 2024
70
At 1 January 2023
70
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
Page 9
5
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Screeched-In Limited
England
Ordinary
70.00
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
209,794
712,363
Carrying amount of financial liabilities
Measured at amortised cost
209,750
2,069,317
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
450,568
Amounts owed by group undertakings
209,794
Other debtors
261,795
Prepayments and accrued income
128,202
209,794
840,565
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
(113)
Amounts owed to group undertakings
209,863
1,623,060
Other creditors
446,257
209,750
2,069,317
9
Provisions for liabilities
2024
2023
£
£
-
128,202
Dover Fault Limited
Notes to the Financial Statements (Continued)
For the period ended 31 January 2024
9
Provisions for liabilities
(Continued)
Page 10
This provision was in relation to the contractual liability of the company, when ending its tenancy at the theatre, to "remove all scenery, costumes and properties which are the property of the producers and at their own expense reinstate the theatre".
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
1 Ordinary share of £1 each was allotted and fully paid for cash at par during the period.
11
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
Smith & Brant Theatricals Limited
J A Smith an J W Brant are directors of Smith & Brant Theatricals Limited.
As at the balance sheet date the company owed Smith & Brant Theatricals Limited £62.968 (2023 : £300,000).
Screeched-In Limited
During the period Screeched-In Limited charged the company -£611,692 (2023: £9,931,035) for services provided under a commissioning agreement. As at the balance sheet date the company was due from Screeched-In Limited £209,794 (2023: owed to Screeched-In Limited £1,061,018).
12
Parent company
The ultimate parent company is Cold Towel LLC, a company incorporated in the state of Delaware, United States of America. The ultimate controlling party is shared between R Adams, S Frost and K Alhadeff by virtue of their shareholdings in Cold Towel LLC.
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