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Registered number: 10757639









ER PRODUCTIONS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
M E L Webber 
R K Hagan 




Company secretary
M E L Webber



Registered number
10757639



Registered office
Unit G Panorama
Bridge Close

Dartford

Kent

DA2 6QP




Independent auditors
Barnes Roffe LLP
Chartered Accountants and Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
ER PRODUCTIONS HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12 - 13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 36


 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their strategic report for the year ended 31 January 2024.

Business review
 
The group has undergone an expansion in the year with additional revenue being derived from foreign countries and a new subsidiary being set up in Spain during the year.
As part of this expansion the group has looked to consolidate on its very pleasing results from the prior year by investing in more equipment and staffing to ensure the directors vision for growth is achievable. This vision of growth is driven not only by the demand in the UK market but looking at opportunities around the world driven by the expansion into new territories.
Due to the consolidation process the profit before tax for the year has reduced to £3.4m from £5.1m in the prior year. The directors however consider that EBITDA is a better measure of the company’s performance which generated £5.67m in the year.

Principal risks and uncertainties
 
The group's principal risk relates to the status of the entertainment industry and the demand for tours. In addition the group are subject to the fluctating foreign exhchange rates. The directors of the group continually monitor these risks.

Financial key performance indicators
 
As referred to in the Business review the key perfomance indicator used by the group is that of EBITDA along with turnover.


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



M E L Webber
Director

Date: 30 October 2024

Page 1

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,793,439 (2023 - £3,950,287).

The directors have taken the payment of a final dividend amounting to £1,667,541 (2023 - £1,754,362).

Directors

The directors who served during the year were:

M E L Webber 
R K Hagan 

Future developments

Post year end the group has received additional investment to continue with its growth strategy.

Page 2

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

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 and the group'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 and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M E L Webber
Director

Date: 30 October 2024

Page 3

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ER PRODUCTIONS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of ER Productions Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 group's and of the parent company's affairs as at 31 January 2024 and of the group's profit 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 group 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 group's or the parent 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 4

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ER PRODUCTIONS HOLDINGS 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ER PRODUCTIONS HOLDINGS LIMITED (CONTINUED)



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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
  o Companies Act 2006
  o FRS102
  o Health and Safety legislation
  o Employment legislation
  o Tax legislation
  o International Laser Display Association (ILDA)
  o Institution of Occupational Safety and Health (IOSH)
• We assessed the compliance with the laws and regulations identified above through making     enquiries of management, reviewing board minutes, inspecting certificates of compliance and inspecting   legal correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates    were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 6

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ER PRODUCTIONS HOLDINGS LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; 
• Revenue recognition; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants and Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
 
Date: 
30 October 2024
Page 7

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,588,220
17,667,840

Cost of sales
  
(12,416,874)
(10,424,558)

Gross profit
  
6,171,346
7,243,282

Administrative expenses
  
(2,534,769)
(1,945,497)

Operating profit
 5 
3,636,577
5,297,785

Interest receivable and similar income
 9 
834
1,259

Interest payable and similar expenses
 10 
(286,101)
(202,640)

Profit before taxation
  
3,351,310
5,096,404

Tax on profit
 11 
(557,871)
(1,146,117)

Profit for the financial year
  
2,793,439
3,950,287

  

Unrealised surplus on revaluation of tangible fixed assets
  
1,748,549
-

Movement of tax relating to unrealised gain
  
(345,622)
-

Other comprehensive income for the year
  
1,402,927
-

Total comprehensive income for the year
  
4,196,366
3,950,287

Profit for the year attributable to:
  

Owners of the parent company
  
2,793,439
3,950,287

The notes on pages 18 to 36 form part of these financial statements.

Page 8

 
ER PRODUCTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 10757639

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
417,220
564,474

Tangible fixed assets
 14 
14,569,251
12,456,087

  
14,986,471
13,020,561

Current assets
  

Stocks
 16 
66,485
66,485

Debtors
 17 
2,995,785
2,564,179

Cash at bank and in hand
 18 
1,947,261
1,694,805

  
5,009,531
4,325,469

Creditors: amounts falling due within one year
 19 
(2,696,494)
(2,606,689)

Net current assets
  
 
 
2,313,037
 
 
1,718,780

Total assets less current liabilities
  
17,299,508
14,739,341

Creditors: amounts falling due after more than one year
 20 
(4,873,244)
(5,070,378)

Provisions for liabilities
  

Deferred taxation
 22 
(1,524,116)
(1,295,640)

Net assets
  
10,902,148
8,373,323


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Revaluation reserve
  
1,640,507
237,580

Other reserves
  
799,926
799,926

Profit and loss account
  
8,460,715
7,334,817

  
10,902,148
8,373,323


Page 9

 
ER PRODUCTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 10757639
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf: 




M E L Webber
Director

Date: 30 October 2024

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
ER PRODUCTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 10757639

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
1,899,336
1,895,599

Current assets
  

Debtors
 17 
987,239
654,883

  
987,239
654,883

Creditors: amounts falling due within one year
 19 
(12,238)
(240,001)

Net current assets
  
 
 
975,001
 
 
414,882

Total assets less current liabilities
  
2,874,337
2,310,481

  

Creditors: amounts falling due after more than one year
 20 
(1,376,821)
(809,481)

  

Net assets
  
1,497,516
1,501,000


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Profit and loss account
  
1,496,516
1,500,000

  
1,497,516
1,501,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf: 


M E L Webber
Director

Date: 30 October 2024

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 

 
ER PRODUCTIONS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024



Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£


At 1 February 2023
1,000
237,580
799,926
7,334,817
8,373,323





Profit for the year
-
-
-
2,793,439
2,793,439


Surplus on revaluation of freehold property
-
1,402,927
-
-
1,402,927


Dividends: Equity capital
-
-
-
(1,667,541)
(1,667,541)



At 31 January 2024
1,000
1,640,507
799,926
8,460,715
10,902,148



Page 12

 

 
ER PRODUCTIONS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023



Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£


At 1 February 2022
1,000
237,580
799,926
5,138,892
6,177,398





Profit for the year
-
-
-
3,950,287
3,950,287


Dividends: Equity capital
-
-
-
(1,754,362)
(1,754,362)



At 31 January 2023
1,000
237,580
799,926
7,334,817
8,373,323



The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
ER PRODUCTIONS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2023
1,000
1,500,000
1,501,000



Profit for the year
-
1,583,138
1,583,138

Dividends: Equity capital
-
(1,586,622)
(1,586,622)


At 31 January 2024
1,000
1,496,516
1,497,516



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022
1,000
1,500,000
1,501,000



Profit for the year
-
1,669,231
1,669,231

Dividends: Equity capital
-
(1,669,231)
(1,669,231)


At 31 January 2023
1,000
1,500,000
1,501,000


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
ER PRODUCTIONS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,793,439
3,950,287

Adjustments for:

Amortisation of intangible assets
147,254
122,712

Depreciation of tangible assets
2,035,391
1,790,733

Loss on disposal of tangible assets
1,175
5,830

Interest paid
286,101
202,640

Interest received
(834)
(1,259)

Taxation charge
557,871
1,146,117

Decrease in stocks
-
59,470

(Increase) in debtors
(431,606)
(1,325,366)

(Decrease) in creditors
(72,458)
(183,434)

Corporation and withholding tax paid
(512,256)
10,178

Net cash generated from operating activities

4,804,077
5,777,908


Cash flows from investing activities

Purchase of tangible fixed assets
(2,401,581)
(2,724,696)

Sale of tangible fixed assets
400
-

Interest received
834
1,259

Net cash from investing activities

(2,400,347)
(2,723,437)
Page 15

 
ER PRODUCTIONS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(197,632)
(116,403)

Dividends paid
(1,667,541)
(1,754,362)

Interest paid
(286,101)
(202,640)

Net cash used in financing activities
(2,151,274)
(2,073,405)

Net increase in cash and cash equivalents
252,456
981,066

Cash and cash equivalents at beginning of year
1,694,805
713,739

Cash and cash equivalents at the end of year
1,947,261
1,694,805


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,947,261
1,694,805

1,947,261
1,694,805


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
ER PRODUCTIONS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
Other non-cash changes
At 31 January 2024
£

£

£

£

Cash at bank and in hand

1,694,805

-

252,456

1,947,261

Debt due after 1 year

(5,053,452)

197,632

-

(4,855,820)

Debt due within 1 year

(333,292)

-

-

(333,292)


(3,691,939)
197,632
252,456
(3,241,851)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

ER Productions Holdings Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Unit G Panorama, Bridge Close,  Dartford, DA2 6QP. The principal activity of the company during the year has been that of a holding company. 
Thre principal activity of the group during the year has been the provision of laser equipment and technical support to the leisure and entertainment industry. 

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 5 years.




Page 21

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Freehold property
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 22

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


 
Page 23

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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 group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the directors are required to make estimates and judgements. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis.
Key estimates include depreciation charges which are further disclosed in note 2.12.

Page 24

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

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


2024
2023
£
£

Sale and rent of equipment
18,562,310
17,651,562

Rental income
25,910
16,278

18,588,220
17,667,840


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,614,343
7,999,804

Rest of Europe
2,769,594
2,684,667

Rest of the world
5,204,283
6,983,369

18,588,220
17,667,840



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
55,219
(30,520)

Other operating lease rentals
424,589
143,725

Depreciation
2,035,624
1,790,733


6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
33,000
-

Other non audit services
29,446
55,403

Page 25

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


group
group
company
company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,644,947
2,701,470
-
-

Social security costs
419,081
286,114
-
-

Cost of defined contribution scheme
55,758
38,884
-
-

4,119,786
3,026,468
-
-


The average monthly number of employees, including the directors, during the year was as follows:



group
group
company
company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Other employees
58
41
-
-

60
43
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
20,000
20,000

20,000
20,000


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
834
1,259

834
1,259

Page 26

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
279,252
191,000

Other loan interest payable
6,849
10,344

Other interest payable
-
1,296

286,101
202,640


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
594,633
651,075

Adjustments in respect of previous periods
228
(6,597)


594,861
644,478


Foreign tax on income for the year
80,156
-

Deferred tax


Origination and reversal of timing differences
(117,146)
501,639


Tax on profit
557,871
1,146,117
Page 27

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,351,310
5,096,404


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
805,324
968,317

Effects of:


Non-tax deductible amortisation of goodwill and impairment
35,385
27,978

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,476
5,946

Capital allowances for year in excess of depreciation
(151,506)
(357,679)

Adjustments to tax charge in respect of prior periods
228
(6,597)

Deferred tax movement
(117,146)
501,639

Differences in tax rates used on foreign subsidiaries
(34,734)
-

Unrelieved tax losses carried forward
10,844
6,513

Total tax charge for the year
557,871
1,146,117


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
1,667,541
1,754,362

1,667,541
1,754,362

Page 28

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets

group and company





Goodwill

£



Cost


At 1 February 2023
736,270



At 31 January 2024

736,270



Amortisation


At 1 February 2023
171,796


Charge for the year on owned assets
147,254



At 31 January 2024

319,050



Net book value



At 31 January 2024
417,220



At 31 January 2023
564,474



Page 29

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
6,138,538
14,320,988
126,621
2,141,967
284,857


Additions
-
2,177,155
61,590
108,852
53,984


Disposals
-
-
(4,977)
-
-


Transfers between classes
-
(7,995)
7,995
-
-


Revaluations
1,382,486
-
-
-
-



At 31 January 2024

7,521,024
16,490,148
191,229
2,250,819
338,841



Depreciation


At 1 February 2023
252,213
9,366,022
86,249
670,192
182,208


Charge for the year on owned assets
113,850
1,483,443
16,205
391,901
29,992


Disposals
-
-
(3,402)
-
-


Transfers between classes
-
(2,832)
2,832
-
-


On revalued assets
(366,063)
-
-
-
-



At 31 January 2024

-
10,846,633
101,884
1,062,093
212,200



Net book value



At 31 January 2024
7,521,024
5,643,515
89,345
1,188,726
126,641



At 31 January 2023
5,886,325
4,954,966
40,372
1,471,775
102,649
Page 30

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 February 2023
23,012,971


Additions
2,401,581


Disposals
(4,977)


Transfers between classes
-


Revaluations
1,382,486



At 31 January 2024

26,792,061



Depreciation


At 1 February 2023
10,556,884


Charge for the year on owned assets
2,035,391


Disposals
(3,402)


Transfers between classes
-


On revalued assets
(366,063)



At 31 January 2024

12,222,810



Net book value



At 31 January 2024
14,569,251



At 31 January 2023
12,456,087

Page 31

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Fixed asset investments

company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
1,895,599


Additions
3,737



At 31 January 2024
1,899,336





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Mediashare Limited
(i)
Ordinary
95%
ER Living Limited
(i)
Ordinary
100%
Explosive Solutions Group Limited
(i)
Ordinary
100%
ER Productions Europe SL
(ii)
Ordinary
100%
ER Productions Australia Pty (Incorporated in Australia)
(iii)
Ordinary
100%
Mediashare Middle East Entertainment LLC (Incorporated in the Kingdom of Saudi Arabia)
(iv)
Ordinary
100%
Pyrojunkies Limited
(i)
Ordinary
100%
Pyrowarehouse Limited
(i)
Ordinary
100%

(i) Unit G, Panorama, Bridge Close, Dartford, Kent, DA2 6QP.
(ii)  Company incorporated in Spain.
(iii)  Company incorporated in Australia.
(iv)  Company incorporated in the Kingdom of Saudi Arabia.
Explosive Solutions Group Limited and Pyrojunkies Limited are exempt by s479A of the companies Act 2006 from the requirement to audit their individual accounts.

Page 32

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 January 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Mediashare Limited
6,620,441
1,386,816

ER Living Limited
3,503,847
1,350,529

Explosive Solutions Group Limited
107,728
507

ER Productions Europe SL
38,737
55,663

ER Productions Australia Pty (Incorporated in Australia)
(8,284)
(8,338)

Mediashare Middle East Entertainment LLC (Incorporated in the Kingdom of Saudi Arabia)
161,826
242,438

Pyrojunkies Limited
458,677
(86,365)

Pyrowarehouse Limited
100
-


16.


Stocks

group
group
2024
2023
£
£

Raw materials and consumables
66,485
66,485

66,485
66,485



17.


Debtors

group
group
company
company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
143,844
147,328


Trade debtors
1,892,975
1,828,397
-
-

Other debtors
936,968
625,267
843,395
507,555

Called up share capital not paid
2
2
-
-

Prepayments and accrued income
165,840
110,513
-
-

2,995,785
2,564,179
987,239
654,883


Page 33

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Cash and cash equivalents

group
group
2024
2023
£
£

Cash at bank and in hand
1,947,261
1,694,805

1,947,261
1,694,805



19.


Creditors: Amounts falling due within one year

group
group
company
company
2024
2023
2024
2023
£
£
£
£

Bank loans
333,292
333,292
-
-

Trade creditors
809,342
574,898
-
-

Corporation tax
677,248
514,487
-
-

Other taxation and social security
401,421
192,164
-
-

Other creditors
113,856
297,902
12,238
240,001

Accruals and deferred income
361,335
693,946
-
-

2,696,494
2,606,689
12,238
240,001



20.


Creditors: Amounts falling due after more than one year

group
group
company
company
2024
2023
2024
2023
£
£
£
£

Bank loans
4,855,820
5,053,452
-
-

Amounts owed to group undertakings
-
-
1,376,821
792,555

Other creditors
-
16,926
-
16,926

Accruals and deferred income
17,424
-
-
-

4,873,244
5,070,378
1,376,821
809,481


Bank loans amounting to £5,189,112 (2023 - £5,386,744) are secured over the investment and the freehold property

Page 34

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


Loans


Analysis of the maturity of loans is given below:


group
group
2024
2023
£
£

Amounts falling due within one year

Bank loans
333,292
333,292

Amounts falling due 1-2 years

Bank loans
632,930
333,292

Amounts falling due 2-5 years

Bank loans
1,673,790
1,773,791

Amounts falling due after more than 5 years

Bank loans
2,549,100
2,946,369

5,189,112
5,386,744



22.


Deferred taxation


group



2024
2023


£

£






At beginning of year
(1,295,640)
(794,001)


Credited/(charged) to profit or loss
117,146
(501,639)


Charged to other comprehensive income
(345,622)
-



At end of year
(1,524,116)
(1,295,640)







The provision for deferred taxation is made up as follows:

group
group
2024
2023
£
£

Accelerated capital allowances
(1,524,116)
(1,295,640)

(1,524,116)
(1,295,640)

Page 35

 
ER PRODUCTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary B shares of £1.00 each
500
500
500 (2023 - 500) Ordinary C shares of £1.00 each
500
500

1,000

1,000



24.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group  to the fund and amounted to £55,715 (2023 - £36,494). Contributions totalling £22,604 (2023 - £8,928) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 January 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


group
group
2024
2023
£
£

Not later than 1 year
292,200
325,200

Later than 1 year and not later than 5 years
490,350
785,550

782,550
1,110,750

26.


Controlling party

No one individual has ultimate control of the company.

 
Page 36