UK George III Investment Ltd
Unaudited Financial Statements
For Filing with Registrar
For the Period ended 31 December 2023
Company Registration No. 10933854 (England and Wales)
UK George III Investment Ltd
Company Information
Director
J Seller
Secretary
M Edelman
Company number
10933854
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
c/o Levine Plotkin & Menin LLP
888 Seventh Avenue
10th Floor
New York
United States of America
NY 10106
UK George III Investment Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 6
UK George III Investment Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2023
Notes
£
£
£
£
Fixed assets
Investments
2
1
1
Current assets
Debtors
4
1,381,136
2,539,358
Cash at bank and in hand
2,780,973
642,914
4,162,109
3,182,272
Creditors: amounts falling due within one year
5
(792,799)
(641,324)
Net current assets
3,369,310
2,540,948
Net assets
3,369,311
2,540,949
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
3,369,310
2,540,948
Total equity
3,369,311
2,540,949
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 9 February 2024
J Seller
Director
Company Registration No. 10933854
UK George III Investment Ltd
Statement of Changes in Equity
For the period ended 31 December 2023
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 3 January 2022
1
3,355,892
3,355,893
Period ended 1 January 2023:
Profit and total comprehensive income for the period
-
3,402,190
3,402,190
Dividends
-
(4,217,134)
(4,217,134)
Balance at 1 January 2023
1
2,540,948
2,540,949
Period ended 2 January 2022:
Profit and total comprehensive income for the period
-
2,609,823
2,609,823
Dividends
-
(1,781,461)
(1,781,461)
Balance at 31 December 2023
1
3,369,310
3,369,311
UK George III Investment Ltd
Notes to the Financial Statements
For the period ended 31 December 2023
Page 3
1
Accounting policies
Company information
UK George III Investment 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.
The company has taken the following exemptions under the small companies regime:
The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.
1.2
Reporting period
The accounting period for the company runs to the Sunday nearest to 31 December each year. These financial statements therefore present the results from 2 January 2023 to 31 December 2023.
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.
Turnover represents return on investments in theatrical productions made in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
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.
UK George III Investment Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
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.
A joint venture entity is an entity whereby a contractual agreement exists between the company and one or more joint venture partners which establishes joint control over the economic activity of the joint venture entity.
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 only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.
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.
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.
1.8
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.
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 end 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.
UK George III Investment Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.9
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.
2
Fixed asset investments
2023
2023
£
£
Investments
1
1
Movements in fixed asset investments
Shares in joint venture entities
£
Cost or valuation
At 2 January 2023 & 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 1 January 2023
1
3
Joint ventures
Details of the company's joint ventures at 31 December 2023 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
George III Productions Ltd
UK
A Ordinary shares
50.00
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,381,135
2,539,357
Other debtors
1
1
1,381,136
2,539,358
UK George III Investment Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
480
Corporation tax
446,370
205,627
Other taxation and social security
132,361
266,781
Other creditors
1
1
Accruals and deferred income
214,067
168,435
792,799
641,324
6
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
7
Related party transactions
During the period the company's share of income and dividends from George III Productions Limited was £3,508,852 (2022: £4,327,407). George III Productions Limited is a joint venture entity in which the company owns 50% of the voting share capital.
As at the balance sheet date George III Productions Ltd owed the company £1,381,135 (2022: £2,539,357).
8
Controlling party
The immediate parent company is Hamilton UK LLC, a company registered in the USA, by virtue of its ownership of 100% of the issued share capital of the company.