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Registered number: 11233876









NEAL STREET PRODUCTIONS (BROADWAY) LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
COMPANY INFORMATION


Directors
N Brown 
P Harris 
A McMullen 
S Mendes 
C Newling 
V Turton 




Registered number
11233876



Registered office
Berkshire House
168-173 High Holborn

London

WC1V 7AA




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Registered Auditors

124 Finchley Road

London

NW3 5JS





 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of income and retained earnings
 
7
Balance sheet
 
8
Notes to the financial statements
 
9 - 16


 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

N Brown 
P Harris 
A McMullen 
S Mendes 
C Newling 
V Turton 

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 26 September 2024 and signed on its behalf.
 





N Brown
Director

Page 2

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 

Opinion


We have audited the financial statements of Neal Street Productions (Broadway) Limited (the 'Company') for the year ended 31 December 2023, which comprise the statement of income and retained earnings, the balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


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.


Page 3

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEAL STREET PRODUCTIONS (BROADWAY) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Page 4

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEAL STREET PRODUCTIONS (BROADWAY) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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.


Auditors' 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 auditors' 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.


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates.  There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 5

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEAL STREET PRODUCTIONS (BROADWAY) LIMITED (CONTINUED)


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 2006Our 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 auditors' 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.





Paul Taiano (senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Registered Auditors
  
124 Finchley Road
London
NW3 5JS

26 September 2024
Page 6

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
-
114,707

Gross profit
  
-
114,707

Administrative expenses
  
(4,084)
(8,749)

Operating (loss)/profit
  
(4,084)
105,958

Interest payable and similar expenses
  
(818)
-

(Loss)/profit before tax
  
(4,902)
105,958

Tax on (loss)/profit
  
-
(20,123)

(Loss)/profit after tax
  
(4,902)
85,835

  

  

Retained earnings at the beginning of the year
  
276,052
190,217

  
276,052
190,217

(Loss)/profit for the year
  
(4,902)
85,835

Retained earnings at the end of the year
  
271,150
276,052

The notes on pages 9 to 16 form part of these financial statements.

Page 7

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
REGISTERED NUMBER: 11233876

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
276,151
304,261

  
276,151
304,261

Creditors: amounts falling due within one year
 11 
(5,000)
(28,208)

Net current assets
  
 
 
271,151
 
 
276,053

Total assets less current liabilities
  
271,151
276,053

  

Net assets
  
271,151
276,053


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
271,150
276,052

  
271,151
276,053


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




N Brown
Director

The notes on pages 9 to 16 form part of these financial statements.

Page 8

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Neal Street Productions (Broadway) Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is Berkshire House, 168-173 High Holborn, London, United Kingdom, WC1V 7AA. 

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of DLG Acquisitions Limited as at 31 December 2023 and these financial statements may be obtained from Berkshire House, 168-173 High Holburn, London, WC1V 7AA.

Page 9

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue comprises producer fees, royalties and office charges and are recorded in the period in which they are due in accordance with the production agreements.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

Debtors

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

 
2.8

Creditors

Short term creditors are measured at the transaction price.

Page 10

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 to and from related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilites as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Impairment of investments
The company makes an estimate of the recoverable value of investments in theatrical productions.  When assessing impairment, management considers factors including the performance of the productions per the production accounts, advanced ticket sales, the ageing profile and historical experience.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.

Page 11

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Secondary rights income
-
50,478

Producer fees
-
11,743

Production profit share
-
52,486

-
114,707


Analysis of turnover by country of destination:

2023
2022
£
£

United States of America
-
114,707

-
114,707



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
-
679


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,500
5,700

Page 12

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees




The average monthly number of employees, including the directors who received no remuneration, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
6
6


8.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
818
-

818
-


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
20,123


-
20,123


Total current tax
-
20,123

Page 13

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(4,902)
105,958


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(1,152)
20,132

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
192
-

Unrelieved tax losses carried forward
960
-

Other differences leading to an increase (decrease) in the tax charge
-
(9)

Total tax charge for the year
-
20,123


10.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
270,846
304,261

Other debtors
5,305
-

276,151
304,261



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
20,132

Accruals and deferred income
5,000
8,076

5,000
28,208


Page 14

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
270,846
304,261




Financial assets measured at amortised cost comprise amounts owed from group companies.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



14.


Reserves

Profit and loss account

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.


15.


Related party transactions

As a 100% owned subsidiary, the Company has taken advantage of the exemption available under Section 33 of FRS 102 from disclosing transactions with group companies.
There were no other related party transactions.


16.


Parent and ultimate undertaking

The company’s immediate and ultimate parent undertaking is DLG Acquisitions Limited. DLG Acquisitions Limited is the parent undertaking of the smallest and the largest group to consolidate these financial statements at 31 December 2023. Copies of its group financial statements, which include the company, are available from Berkshire House, 168-173 High Holborn, London, WC1V 7AA. The ultimate controlling parties at the balance sheet date are Liberty Global plc and Warner Bros. Discovery, Inc., which own LGCI HoldCo I B.V. and Discovery International UK Holdings Limited respectively, which are joint owners of DLG Acquisitions Limited.

Page 15

 
NEAL STREET PRODUCTIONS (BROADWAY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Events after the reporting period

On 16 February 2024, the Company’s ultimate controlling parties announced that they had agreed to sell the DLG Acquisitions Limited Group to Redbird IMI JV Aggregator, L.P. The sale completed on 16 May 2024. There are no adjustments to the Report and financial statements as a result of the sale. Redbird IMI JV Aggregator, L.P. are now the Company’s ultimate controlling party.
There were no other significant events after the balance sheet date which would materially affect the financial statements.
 

 
Page 16