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Registered number: 02583337









NEDERLANDER DOMINION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2023

 
NEDERLANDER DOMINION LIMITED
 
 
COMPANY INFORMATION


Directors
J B Katzman 
J L Nederlander 




Company secretary
J B Katzman



Registered number
02583337



Registered office
124 Finchley Road

London

NW3 5JS




Trading Address
Dominion Theatre
268-269 Tottenham Court Road

London

W1T 7AQ






Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
NEDERLANDER DOMINION LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Income and Retained Earnings
 
8
Consolidated Balance Sheet
 
9
Company Balance Sheet
 
10
Consolidated Statement of Cash Flows
 
11
Consolidated Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 31


 
NEDERLANDER DOMINION LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023

Introduction
 
The directors present their strategic report for the period ended 30 December 2023.
Principal activity
The principal activity of the Group continued to be that of theatre managers and ancillary activities.

Business review
 
As shown in the statement of income and retained earnings set out on page 8, the Group's turnover and gross profit continued to compare favourably to pre-Covid 19 pandemic levels. As a result, the group has reported a profit after tax for the period of £2,613,891 (2022: £3,733,047).
The Directors are confident that the company will continue to be profitable in 2024 and that it has adequate resources to continue operationally for a period of at least 12 months.

Principal risks and uncertainties
 
The company faces competitive pressures from other theatres in London to attract and stage successful productions. There is also a risk that once the production opens in the theatre it is not popular with the public resulting in reduced income for the theatre. The company carefully manages this risk by using its experience in deciding which productions will be staged at the theatre. The company ensures it can attract the right productions by being focused on providing quality service to producers, being able to react quickly to producer queries and to maintain and develop strong relationships with new and continuing theatre producers.
The group has no financial instruments apart from cash, trade debtors and trade creditors, all arising in the normal course of business. The main financial risks to which the company is exposed include liquidity risk and credit risk. These risks are managed by ensuring sufficient liquidity is available to meet foreseeable needs.

Financial key performance indicators
 
The key performance indicators that the company use in operating the business are outlined below. The movement in these indicators is consistent with the financial results reported in these finanicial statements.
     
2023  2022
Number of performances            348             362
Shows (weeks)       44      46
Get In/Get Out (weeks)                5                   7
Dark period (weeks)                3                   0


This report was approved by the board on 9 January 2025 and signed on its behalf.



J B Katzman
Director

Page 1

 
NEDERLANDER DOMINION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023

The directors present their report and the financial statements for the period ended 30 December 2023.

Directors

The directors who served during the period were:

J B Katzman 
J L Nederlander 

Results and dividends

The profit for the period, after taxation, amounted to £2,613,891 (2022 - £3,733,047).

The directors do not recommend a dividend payment for the period ended 30 December 2023 (2022: £nil).

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.

Future developments

The Group’s management continues to build strong relationships within the industry to ensure that the Dominion Theatre is occupied with popular and high quality productions. To ensure that the theatre remains an attractive venue, the company has a planned rolling repairs, renewals and refurbishment programme which further enhances both back and front of house operations for the company’s end users. Monitoring the performance of productions during their run and working closely with the producers allows effective planning for scheduling shows with the theatre.

Page 2

 
NEDERLANDER DOMINION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023

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

This report was approved by the board on 9 January 2025 and signed on its behalf.
 





J B Katzman
Director

Page 3

 
NEDERLANDER DOMINION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER DOMINION LIMITED
 

Opinion


We have audited the financial statements of Nederlander Dominion Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 December 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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 30 December 2023 and of the Group's profit for the period 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

 
NEDERLANDER DOMINION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER DOMINION 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 period 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.


Page 5

 
NEDERLANDER DOMINION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER DOMINION LIMITED (CONTINUED)


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.


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:

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


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


Page 6

 
NEDERLANDER DOMINION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER DOMINION LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Paul Taiano (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

11 January 2025
Page 7

 
NEDERLANDER DOMINION LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
32,925,017
35,024,418

Cost of sales
  
(20,858,370)
(22,719,323)

Gross profit
  
12,066,647
12,305,095

Distribution costs
  
(4,850,283)
(4,147,814)

Administrative expenses
  
(3,962,357)
(3,800,050)

Other operating income
 5 
108,689
(98,699)

Operating profit
 6 
3,362,696
4,258,532

Interest receivable and similar income
 10 
42,957
10,203

Interest payable and expenses
 11 
(1,762)
(110,029)

Profit before tax
  
3,403,891
4,158,706

Tax on profit
 12 
(790,000)
(425,659)

Profit after tax
  
2,613,891
3,733,047

  

  

Retained earnings at the beginning of the period
  
7,039,200
3,306,153

  
7,039,200
3,306,153

Profit for the period attributable to the owners of the parent
  
2,613,891
3,733,047

Retained earnings at the end of the period
  
9,653,091
7,039,200


The notes on pages 13 to 31 form part of these financial statements.

Page 8

 
NEDERLANDER DOMINION LIMITED
REGISTERED NUMBER: 02583337

CONSOLIDATED BALANCE SHEET
AS AT 30 DECEMBER 2023

30 December
30 December
31 December
31 December
2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible fixed assets
  
2,198,310
2,590,052

  
2,198,310
2,590,052

Current assets
  

Stocks
 16 
48,976
43,112

Debtors: amounts falling due within one year
 17 
21,478,400
4,160,675

Cash at bank and in hand
 18 
2,634,622
7,970,780

  
24,161,998
12,174,567

Creditors: amounts falling due within one year
 19 
(16,332,217)
(7,350,419)

Net current assets
  
 
 
7,829,781
 
 
4,824,148

Total assets less current liabilities
  
10,028,091
7,414,200

Provisions for liabilities
  

Net assets
  
10,028,091
7,414,200


Capital and reserves
  

Called up share capital 
 22 
250,000
250,000

Capital redemption reserve
  
125,000
125,000

Profit and loss account
  
9,653,091
7,039,200

  
10,028,091
7,414,200


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2025.




J B Katzman
Director

The notes on pages 13 to 31 form part of these financial statements.

Page 9

 
NEDERLANDER DOMINION LIMITED
REGISTERED NUMBER: 02583337

COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2023

30 December
30 December
31 December
31 December
2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
2,198,310
2,590,052

Investments
 15 
100
100

  
2,198,410
2,590,152

Current assets
  

Stocks
 16 
48,976
43,112

Debtors: amounts falling due within one year
 17 
21,478,400
4,160,675

Cash at bank and in hand
 18 
2,632,905
7,969,063

  
24,160,281
12,172,850

Creditors: amounts falling due within one year
 19 
(16,525,577)
(7,663,567)

Net current assets
  
 
 
7,634,704
 
 
4,509,283

Total assets less current liabilities
  
9,833,114
7,099,435

  

  

Net assets excluding pension asset
  
9,833,114
7,099,435

Net assets
  
9,833,114
7,099,435


Capital and reserves
  

Called up share capital 
 22 
250,000
250,000

Capital redemption reserve
  
125,000
125,000

Profit and loss account brought forward
  
6,724,435
3,154,413

Profit for the period
  
2,733,679
3,570,022

Profit and loss account carried forward
  
9,458,114
6,724,435

  
9,833,114
7,099,435


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2025.


J B Katzman
Director

The notes on pages 13 to 31 form part of these financial statements.

Page 10

 
NEDERLANDER DOMINION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 DECEMBER 2023

30 December
31 December
2023
2022
£
£

Cash flows from operating activities

Profit for the financial period
2,613,891
3,733,047

Adjustments for:

Depreciation of tangible assets
391,742
391,742

Interest paid
1,762
110,029

Interest received
(42,957)
(10,203)

Taxation charge
790,000
425,659

(Increase) in stocks
(5,864)
(3,264)

Decrease/(increase) in debtors
2,882,094
(2,067,150)

(Increase) in amounts owed by associates
(20,528,180)
(78,532)

Increase in creditors
6,634,157
1,236,237

Increase in amounts owed to associates
3,000,000
-

Corporation tax (paid)/received
(1,113,998)
-

Net cash generated from operating activities

(5,377,353)
3,737,565


Cash flows from investing activities

Interest received
42,957
10,203

Net cash from investing activities

42,957
10,203

Cash flows from financing activities

Repayment of loans
-
(4,000,000)

Interest paid
(1,762)
(110,029)

Net cash used in financing activities
(1,762)
(4,110,029)

Net (decrease) in cash and cash equivalents
(5,336,158)
(362,261)

Cash and cash equivalents at beginning of period
7,970,780
8,333,041

Cash and cash equivalents at the end of period
2,634,622
7,970,780


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,634,622
7,970,780

2,634,622
7,970,780


The notes on pages 13 to 31 form part of these financial statements.

Page 11

 
NEDERLANDER DOMINION LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 DECEMBER 2023




At 1 January 2023
Cash flows
At 30 December 2023
£

£

£

Cash at bank and in hand

7,970,780

(5,336,158)

2,634,622


7,970,780
(5,336,158)
2,634,622

The notes on pages 13 to 31 form part of these financial statements.

Page 12

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

1.


General information

Nederlander Dominion 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 and its principal place of business is the The Dominion Theatre, 268-269 Tottenham Court Road, Fitzrovia, London W1T 7AQ.

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 Income and Retained Earnings 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 Group and its own subsidiaries ("the Group") as they formed 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 Statement of Financial Position, 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.

 
2.3

Going concern

The Group and Company meet their day to day working capital requirements through the utilisation of its own funds and other loan facilities.
After reviewing the Group and Company's forecasts, at the time of approving these financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for a period of at least 12 months. The directors therefore consider it appropriate to adopt the going concern basis in preparing the Group and Company's financial statements.

Page 13

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

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:

Box office income comprises the sale of tickets and booking fees for productions held at the Dominion Theatre and are initially recorded as deferred income and are released to income once the performance to which the advance sale has taken place.
Bar and merchandise income comprises sale of food, drink and merchandise at the theatre and is recognised at the point of sale.
Restoration levy income comprises an additional charge to the theatre ticket price as a contribution to the maintenance of the theatre and is recognised when the performance to which the ticket sale relates takes place.
Wages and overhead recoveries comprise contributions by the producers towards the theatre's front of house staff and other overheads during the run of productions.
Commissions on sale of tickets comprise the theatre's fees for direct ticket sales by the theatre and is recognised when the performance to which the ticket sale relates takes place.

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% on cost
Fixtures, fittings and equipment
-
10-20% on cost
Computer equipment
-
20% on cost

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.

Page 14

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Valuation of investments

Subsidiary undertakings
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in subsidiary are assessed for impairment and any impairment losses recognised immediately in profit or loss. 

 
2.8

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 first in, first out basis. 
At each reporting 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.

 
2.9

Debtors

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

 
2.10

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.

Page 15

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

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 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 16

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payments 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

Page 17

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Interest income

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

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised through profit or loss.
The current corporation 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 Group operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.16

Comparatives

The comparatives are for the period 26 December 2021 to 31 December 2022. 

 
2.17

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.

Page 18

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
I
mpairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.
Accruals
The Company makes an estimate of accruals at year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment. 


4.


Turnover

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


2023
2022
£
£

Box office and ancillary income
25,350,376
27,154,505

Overheads recovered
3,845,830
3,947,811

Other direct income
3,728,811
3,922,102

32,925,017
35,024,418


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
108,689
(98,699)

108,689
(98,699)


Page 19

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Defined contribution pension cost
61,972
54,420

Other operating lease rentals
1,972,880
1,932,255

Directors remuneration
30,000
30,000

Fees payable to the Group's auditor for the audit of the Company's annual financial statements
28,950
27,000


7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
28,950
27,000

Page 20

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

8.


Employees

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


Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,989,045
2,684,196
2,873,088
2,590,865

Social security costs
284,550
279,195
284,550
279,195

Cost of defined contribution scheme
61,972
54,420
61,972
54,420

3,335,567
3,017,811
3,219,610
2,924,480


During the period total remuneration to key management personnel amounted to £514,725 (2022: £406,601).

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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Management
5
5
5
5



Theatre staff
87
81
87
81

94
88
94
88


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
35,204
35,201

35,204
35,201



10.


Interest receivable

2023
2022
£
£


Other interest receivable
42,957
10,203

42,957
10,203

Page 21

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
1,762
110,029

1,762
110,029


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
812,724

Adjustments in respect of previous periods
-
139,935


Total current tax
-
952,659

Deferred tax


Origination and reversal of timing differences
790,000
(527,000)

Total deferred tax
790,000
(527,000)


Taxation on profit on ordinary activities
790,000
425,659
Page 22

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,403,891
4,158,706


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
799,914
790,154

Effects of:


Expenses not deductible for tax purposes
8,536
8,092

Depreciation in excess of capital allowances
39,832
22,523

Deferred tax
790,000
(527,000)

Adjustments to tax charge in respect of prior periods
-
133,122

Utilisation of tax losses brought forward
(848,282)
-

Other tax adjustments
-
(1,232)

Total tax charge for the period
790,000
425,659


13.


Parent company profit for the year

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 Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the period was £2,733,679 (2022 -  £3,570,022).

Page 23

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

14.


Tangible fixed assets

Group








Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,026,531
5,732,724
26,789
6,786,044



At 30 December 2023

1,026,531
5,732,724
26,789
6,786,044



Depreciation


At 1 January 2023
508,226
3,660,977
26,789
4,195,992


Charge for the period on owned assets
23,711
368,031
-
391,742



At 30 December 2023

531,937
4,029,008
26,789
4,587,734



Net book value



At 30 December 2023
494,594
1,703,716
-
2,198,310



At 31 December 2022
518,305
2,071,747
-
2,590,052




The net book value of land and buildings may be further analysed as follows:


30 December
31 December
2023
2022
£
£

Long leasehold
494,594
518,305

494,594
518,305


Page 24

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company









Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2023
1,026,531
5,732,724
26,789
6,786,044



At 30 December 2023

1,026,531
5,732,724
26,789
6,786,044



Depreciation


At 1 January 2023
508,226
3,660,977
26,789
4,195,992


Charge for the period on owned assets
23,711
368,031
-
391,742



At 30 December 2023

531,937
4,029,008
26,789
4,587,734



Net book value



At 30 December 2023
494,594
1,703,716
-
2,198,310



At 31 December 2022
518,305
2,071,747
-
2,590,052





The net book value of land and buildings may be further analysed as follows:


30 December
31 December
2023
2022
£
£

Long leasehold
494,594
518,305

494,594
518,305


Page 25

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

15.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 30 December 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Dominion Events Limited
124 Finchley Road, London NW3 5JS
Ordinary
100%

The aggregate of the share capital and reserves as at 30 December 2023 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

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

Dominion Events Limited
195,077
180,212


16.


Stocks

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Goods for resale
48,976
43,112
48,976
43,112

48,976
43,112
48,976
43,112


Page 26

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

17.


Debtors

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£


Trade debtors
200,185
2,201,680
200,185
2,201,680

Amounts owed by associated undertakings
20,618,141
89,961
20,618,141
89,961

Other debtors
465,200
122,481
465,200
122,481

Prepayments and accrued income
77,874
839,553
77,874
839,553

Deferred taxation
117,000
907,000
117,000
907,000

21,478,400
4,160,675
21,478,400
4,160,675



18.


Cash and cash equivalents

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,634,622
7,970,780
2,632,905
7,969,063

2,634,622
7,970,780
2,632,905
7,969,063



19.


Creditors: Amounts falling due within one year

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Trade creditors
5,591,593
1,429,833
5,591,593
1,429,833

Amounts owed to group undertakings
-
-
202,760
362,135

Amounts owed to associates
3,000,000
-
3,000,000
-

Corporation tax
-
652,359
-
614,119

Other taxation and social security
619,855
146,282
619,855
146,282

Other creditors
672,471
2,525,528
672,471
2,525,248

Accruals and deferred income
6,448,298
2,596,417
6,438,898
2,585,950

16,332,217
7,350,419
16,525,577
7,663,567


Page 27

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

20.


Financial instruments

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
-
-
-
-

Financial assets that are debt instruments measured at amortised cost
21,283,526
2,414,122
21,283,526
2,414,122

21,283,526
2,414,122
21,283,526
2,414,122


Financial liabilities

Financial liabilities measured at amortised cost
9,264,064
3,955,361
9,466,824
4,317,496


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by associated undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to associated undertakings and other creditors.


21.


Deferred taxation


Group



2023


£






At beginning of year
907,000


Credit to profit or loss
(790,000)



At end of year
117,000

Page 28

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
 
21.Deferred taxation (continued)

Company


2023


£






At beginning of year
907,000


Credit to profit or loss
(790,000)



At end of year
117,000

Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(120,096)
(153,862)
(120,096)
(153,862)

Tax losses carried forward
237,096
1,060,862
237,096
1,060,862

117,000
907,000
117,000
907,000


22.


Share capital

30 December
31 December
2023
2022
£
£
Allotted, called up and fully paid



250,000 (2022 - 250,000) Ordinary shares of £1.00 each
250,000
250,000



23.


Reserves

Capital redemption reserve

The nominal value of own shares that have been acquired by the company or cancelled.

Profit and loss account

Cumulative net gains and losses recognised in the statement of income and retained earnings and the statement of other comprehensive income less any amounts reflected directly in other reserves.

Page 29

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

24.


Pension commitments

The group operates a defined contributions pension scheme.The assets of the schemes are held separately from those of the group in an independently administered funds. The pension cost charge represents contributions payable by the company to the funds. The contributions made during the period amounted to £61,972 (2022: £54,420). Contributions totalling £12,960 (2022: £15,914) were payable to the fund at the reporting date and included in creditors.


25.


Commitments under operating leases

At 30 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
30 December
Group
31 December
Company
30 December
Company
31 December
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
1,972,880
1,972,880
1,972,880
1,972,880

Later than 1 year and not later than 5 years
7,891,520
7,891,520
7,891,520
7,891,520

Later than 5 years
27,620,320
29,593,200
27,620,320
29,593,200

37,484,720
39,457,600
37,484,720
39,457,600

Page 30

 
NEDERLANDER DOMINION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

26.


Related party transactions

During the period the parent company made the following related party transactions:
Administrative expenses include consultancy fees of £67,849 (2022: £61,851) payable to a company in which one of the directors has a material interest.
Administrative expenses include rent of £1,972,880 (2022: £1,932,255) payable to an entity in which the directors have an interest.  At the reporting date, creditors include £nil (2022: £1,999,590) owed to the entity.  The loan is repayable on demand and is not interest bearing.
During the period, the company recharged costs of £581,505 (2022: £438,809) to a company under common control. At the balance sheet date, debtors include £71,121 (2022: £89,961) due from the company.
During the period, the company owed £2,993,000 (2022:£nil) to a company in which one of the directors has a material interest.
During the year the company generated turnover, fees and commission of £25,712,204 (2022: £24,383,757) from a company which has common directors. Trade creditors include an amount of £3,692,717 (2022: trade debtors include £1,855,262) due to this company.
During the period, advances totalling £3,000,000 (2022: £nil) were received from a company under common control. At the balance sheet date, creditors include £3,000,000 (2022: £nil) due to the company.  The loan is repayable on demand and is not interest bearing.
During the period, advances totalling £20,547,020 (2022: £nil) were made to a company under common control. At the balance sheet date, debtors include £20,547,020 (2022: £nil) due from the company.  The loan is repayable on demand and is not interest bearing.


27.


Controlling party

During the period to 30 December 2023, the company was under the control of J L Nederlander.

Page 31