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Registration number: 05375630

Gripping Theatre Productions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Gripping Theatre Productions Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Gripping Theatre Productions Ltd

(Registration number: 05375630)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fiixed assets

 

Tangible assets

4

148,440

102,700

Investments

5

202

202

 

148,642

102,902

Current assets

 

Debtors

6

359,273

207,321

Cash at bank and in hand

 

89,908

120,840

 

449,181

328,161

Creditors: Amounts falling due within one year

7

(177,339)

(100,182)

Net current assets

 

271,842

227,979

Total assets less current liabilities

 

420,484

330,881

Creditors: Amounts falling due after more than one year

7

(17,708)

(30,208)

Provisions for liabilities

(29,913)

(18,018)

Net assets

 

£372,863

£282,655

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

15,571

15,571

Retained earnings

357,192

266,984

Shareholders' funds

 

£372,863

£282,655

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

Mrs S M Parry
Director

   
     
 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Briarwood
Bristol
BS9 3SS

These financial statements were authorised for issue by the Board on 9 October 2024.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

3 years straight-line basis

Motor vehicles

4 years straight-line basis

Tour equipment

5 years straight-line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 8).

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Tour equipment
 £

Total
£

Cost or valuation

At 1 January 2023

9,386

146,135

249,668

405,189

Additions

1,638

-

79,566

81,204

Disposals

-

-

(18,553)

(18,553)

At 31 December 2023

11,024

146,135

310,681

467,840

Depreciation

At 1 January 2023

6,308

87,208

208,973

302,489

Charge for the year

1,474

11,256

22,734

35,464

Eliminated on disposal

-

-

(18,553)

(18,553)

At 31 December 2023

7,782

98,464

213,154

319,400

Carrying amount

At 31 December 2023

£3,242

£47,671

£97,527

£148,440

At 31 December 2022

£3,078

£58,927

£40,695

£102,700

5

Investments

2023
£

2022
£

Investments in subsidiaries

£202

£202

Subsidiaries

£

Cost or valuation

At 1 January 2023

202

Provision

Carrying amount

At 31 December 2023

£202

At 31 December 2022

£202

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

196,020

138,604

Amounts owed by related parties

8

8,543

39,745

Prepayments

 

16,639

14,184

Other debtors

 

138,071

14,788

   

£359,273

£207,321

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13,713

13,713

Trade creditors

 

29,938

25,891

Taxation and social security

 

23,650

8,480

Accruals and deferred income

 

3,609

3,646

Other creditors

 

106,429

48,452

 

£177,339

£100,182

Loans and borrowings include a Bounce Back Loan.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

£17,708

£30,208

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

£5,000

-

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

39,745

39,745

Repaid

(31,202)

(31,202)

At end of period

£8,543

£8,543

2022

Subsidiary
£

Total
£

At start of period

62,307

62,307

Repaid

(22,562)

(22,562)

At end of period

£39,745

£39,745

Terms of loans to related parties

The loans to subsidiary companies are unsecured, interest free and repayable on demand.
 

Loans from related parties

2023

Subsidiary
£

Other related parties
£

Total
£

At start of period

-

27,904

27,904

Advanced

20,179

63,926

84,105

At end of period

£20,179

£91,830

£112,009

2022

Other related parties
£

Total
£

Advanced

27,904

27,904

At end of period

£27,904

£27,904

Terms of loans from related parties

The loans from subsidiary companies are unsecured, interest free and repayable on demand.
 The other related party is a director. The loan is unsecured, interest free and repayable on demand.

 

Gripping Theatre Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100