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Registered number: 02937519









ACT PRODUCTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ACT PRODUCTIONS LIMITED
REGISTERED NUMBER: 02937519

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
8,169
9,430

Current asset investments
 6 
32,996
59,250

Cash at bank and in hand
 7 
81,397
25,527

  
122,562
94,207

Creditors: amounts falling due within one year
 8 
(1,978,464)
(1,864,947)

Net current liabilities
  
 
 
(1,855,902)
 
 
(1,770,740)

Total assets less current liabilities
  
(1,855,902)
(1,770,740)

Creditors: amounts falling due after more than one year
 9 
(18,000)
(26,000)

  

Net liabilities
  
(1,873,902)
(1,796,740)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(1,873,904)
(1,796,742)

  
(1,873,902)
(1,796,740)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.




R C Wingate
Director
Page 1

 
ACT PRODUCTIONS LIMITED
REGISTERED NUMBER: 02937519
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ACT Productions Limited is a private company limited by shares and incorporated in England. The address of its registered office is 124 Finchley Road, London NW3 5JS.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net liabilities of £1,873,902 (2022: £1,796,740) and in order to continue trading is dependent on funding from its UK parent company. The company has received assurances from its UK parent company, ACT Entertainment Group Limited, that it will continue to provide financial support to the company for at least twelve months from the date of approval of these financial statements. 
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the aforementioned support. 

 
2.3

Revenue

Revenue comprises management fees receivable and other income arising from the participation in theatrical productions. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable excluding value added tax. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investments in productions

Investments in theatrical productions are recognised at the recoupable amount at the balance sheet date being the amount invested less amounts recovered, plus anticipated profits and after making provision for losses where recovery of outstanding investments in full is not anticipated.

 
2.6

Debtors

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

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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 from banks and other third parties and loans to related parties.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Foreign currency

Functional and presentation currency
The Company's functional and presentational currency is GBP.

Page 4

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Furniture, fittings and equipment

£



Cost or valuation


At 1 January 2023
4,669


Disposals
(2,704)



At 31 December 2023

1,965



Depreciation


At 1 January 2023
4,669


Disposals
(2,704)



At 31 December 2023

1,965



Net book value



At 31 December 2023
-



At 31 December 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
1,765
2,177

Other debtors
5,466
5,923

Prepayments and accrued income
938
1,330

8,169
9,430



6.


Current asset investments

2023
2022
£
£

Unlisted investments
32,996
59,250

32,996
59,250


Page 6

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
81,397
25,527

81,397
25,527



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,000
8,000

Trade creditors
20,242
32,658

Amounts owed to group undertakings
1,859,976
1,673,586

Other taxation and social security
1,031
1,997

Other creditors
80,215
139,706

Accruals and deferred income
9,000
9,000

1,978,464
1,864,947



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,000
26,000

18,000
26,000


Page 7

 
ACT PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,000
8,000


8,000
8,000

Amounts falling due 1-2 years

Bank loans
8,000
16,000


8,000
16,000

Amounts falling due 2-5 years

Bank loans
10,000
10,000


10,000
10,000


26,000
34,000



11.


Related party transactions

At the balance sheet date, creditors include £26,408 (2022: £59,433) owed to the director.
At the balance sheet date, creditors include £1,404 (2022: £2,511) owed to Associated Capital Theatres Limited, a fellow subsidiary company. 
At the balance sheet date, creditors include £1,858,572 (2022: £1,672,185) owed to ACT Entertainment Group Limited, the UK parent company.


12.


Controlling party

The company's immediate parent company is ACT Entertainment Group Limited, a company registered in England.
The company's ultimate parent company was Act Holdings Limited, a company registered in Bermuda. ACT Holdings Limited disposed of its shareholding on 1 April 2023 to R C Wingate.
The ultimate controlling party is R C Wingate, who is a director of the company.

 
Page 8