Company Registration No. SC235693 (Scotland)
M & M Theatrical Productions Ltd
Unaudited accounts
for the year ended 31 March 2024
M & M Theatrical Productions Ltd
Unaudited accounts
Contents
M & M Theatrical Productions Ltd
Company Information
for the year ended 31 March 2024
Directors
Christopher Mitchell
Emma Mitchell
Jacqueline E Mitchell
Fraser McAusland
Martin J Sweeney
Company Number
SC235693 (Scotland)
Registered Office
7 Green Street Lane
Ayr
KA8 8BL
Scotland
M & M Theatrical Productions Ltd
Statement of financial position
as at 31 March 2024
Intangible assets
3,532,200
4,120,900
Tangible assets
666,432
666,370
Debtors
1,934,055
1,636,349
Cash at bank and in hand
339,150
570,077
Creditors: amounts falling due within one year
(3,417,992)
(4,008,129)
Net current liabilities
(1,144,787)
(1,801,703)
Total assets less current liabilities
3,053,845
2,985,567
Creditors: amounts falling due after more than one year
(247,601)
(376,386)
Provisions for liabilities
Deferred tax
(129,841)
(82,351)
Net assets
2,676,403
2,526,830
Called up share capital
100
100
Profit and loss account
2,676,303
2,526,730
Shareholders' funds
2,676,403
2,526,830
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by
Christopher Mitchell
Director
Company Registration No. SC235693
M & M Theatrical Productions Ltd
Notes to the Accounts
for the year ended 31 March 2024
M & M Theatrical Productions Ltd is a private company, limited by shares, registered in Scotland, registration number SC235693. The registered office is 7 Green Street Lane, Ayr, KA8 8BL, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies
Act 2006 as applicable to companies subject to the small companies regime. The 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds
and the carrying value of the asset, and is credited or charged to profit or loss.
Land & buildings
4% Straight line
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
varying rates
Computer equipment
20% Straight line
Other tangible fixed assets
varying rates
M & M Theatrical Productions Ltd
Notes to the Accounts
for the year ended 31 March 2024
Intangible fixed assets- Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of
net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less
accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful
life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit
from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at
least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable
amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair
value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development
expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be
demonstrated.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method 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. Financial assets
classified as receivable within one year are not amortised.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are initially recognised at transaction price unless the arrangement
constitutes a financing transaction, where the debt instrument is measured at the present value of the future
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are
not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method .
M & M Theatrical Productions Ltd
Notes to the Accounts
for the year ended 31 March 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds
are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a
liability.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs- retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are
received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
M & M Theatrical Productions Ltd
Notes to the Accounts
for the year ended 31 March 2024
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion
of the company.
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Intangible fixed assets
Goodwill
At 31 March 2024
5,887,000
Charge for the year
588,700
At 31 March 2024
2,354,800
At 31 March 2024
3,532,200
At 31 March 2023
4,120,900
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
198,928
190,287
485,170
87,739
962,124
Additions
-
48,804
81,272
51,143
181,219
Disposals
-
-
(81,223)
-
(81,223)
At 31 March 2024
198,928
239,091
485,219
138,882
1,062,120
At 1 April 2023
5,340
75,110
207,504
7,800
295,754
Charge for the year
16,523
27,643
67,830
23,473
135,469
On disposals
-
-
(35,535)
-
(35,535)
At 31 March 2024
21,863
102,753
239,799
31,273
395,688
At 31 March 2024
177,065
136,338
245,420
107,609
666,432
At 31 March 2023
193,588
115,177
277,666
79,939
666,370
Amounts falling due within one year
Trade debtors
234,548
61,566
Accrued income and prepayments
1,330,000
1,330,000
Other debtors
369,507
244,783
M & M Theatrical Productions Ltd
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
110,000
107,001
Obligations under finance leases and hire purchase contracts
49,988
47,204
Trade creditors
78,250
227,111
Taxes and social security
178,189
219,274
Other creditors
137,542
88,128
Loans from directors
2,519,428
2,840,730
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
183,333
296,332
Obligations under finance leases and hire purchase contracts
64,268
80,054
9
Average number of employees
During the year the average number of employees was 17 (2023: 15).