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Registered number: 01600924









NEDERLANDER THEATRES (ALDWYCH) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2023

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
COMPANY INFORMATION


Directors
R E Nederlander 
M V Codron 
J B Katzman 
J L Nederlander 




Company secretary
J B Katzman



Registered number
01600924



Registered office
124 Finchley Road

London

NW3 5JS




Trading Address
Aldwych Theatre Offices
Aldwych

London

WC2B 4DF






Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Registered Auditors

124 Finchley Road

London

NW3 5JS





 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9
Statement of Cash Flows
 
10
Analysis of Net Debt
 
11
Notes to the Financial Statements
 
12 - 25


 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 30 December 2023.

Principal activity
The principal activity of the Company 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 Company's turnover and gross profit continued to compare favourably to pre-Covid 19 pandemic levels operating under normal conditions for the full period. As a result, the company has reported a profit after tax for the period of £1,502,537 (2022: £1,158,860).
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 succesful 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 of complete closure of the production.  The company carefully manages this risk by using its experience when finding a suitable productions that it believes will be successful, both for the company and the producer. The company ensures it can attrach productions that it believes will be succesful by bveing 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 company 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 shows                    411       405
Theatre open weeks                 52         52
Get in and get out weeks            0           0
Dark weeks                                0           0

 



This report was approved by the board on 15 January 2025 and signed on its behalf.



J B Katzman
Director

Page 1

 
NEDERLANDER THEATRES (ALDWYCH) 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:

R E Nederlander 
M V Codron 
J B Katzman 
J L Nederlander 

Results and dividends

The profit for the period, after taxation, amounted to £1,502,537 (2022 - £1,160,150).

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 Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Company’s management continues to build strong relationships within the industry to ensure that the Aldwych 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 THEATRES (ALDWYCH) 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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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 15 January 2025 and signed on its behalf.
 





J B Katzman
Director

Page 3

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) LIMITED
 

Opinion


We have audited the financial statements of Nederlander Theatres (Aldwych) Limited (the 'Company') for the period ended 30 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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 Company's affairs as at 30 December 2023 and of its 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 Company 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 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 THEATRES (ALDWYCH) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) 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 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 THEATRES (ALDWYCH) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) 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
Registered Auditors
  
124 Finchley Road
London
NW3 5JS

16 January 2025
Page 7

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
26,567,614
22,346,885

Cost of sales
  
(18,805,888)
(15,454,216)

Gross profit
  
7,761,726
6,892,669

Distribution costs
  
(3,868,040)
(3,495,074)

Administrative expenses
  
(2,010,845)
(1,943,000)

Other operating income
 5 
81,613
73,707

Operating profit
 6 
1,964,454
1,528,302

Interest receivable and similar income
 10 
30,760
3,114

Profit before tax
  
1,995,214
1,531,416

Tax on profit
 11 
(492,677)
(371,266)

Profit after tax
  
1,502,537
1,160,150

  

  

Retained earnings at the beginning of the period
  
6,868,677
5,708,527

  
6,868,677
5,708,527

Profit for the period
  
1,502,537
1,160,150

Retained earnings at the end of the period
  
8,371,214
6,868,677

The notes on pages 12 to 25 form part of these financial statements.

Page 8

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
REGISTERED NUMBER: 01600924

BALANCE SHEET
AS AT 30 DECEMBER 2023

30 December
31 December
2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
992,858
1,103,219

  
992,858
1,103,219

Current assets
  

Stocks
 13 
22,859
48,934

Debtors: amounts falling due within one year
 14 
8,466,673
2,338,921

Cash at bank and in hand
 15 
3,036,495
6,666,458

  
11,526,027
9,054,313

Creditors: amounts falling due within one year
 16 
(4,039,671)
(3,263,855)

Net current assets
  
 
 
7,486,356
 
 
5,790,458

Total assets less current liabilities
  
8,479,214
6,893,677

Provisions for liabilities
  

Deferred tax
 18 
(83,000)
-

  
 
 
(83,000)
 
 
-

Net assets
  
8,396,214
6,893,677


Capital and reserves
  

Called up share capital 
 19 
25,000
25,000

Profit and loss account
  
8,371,214
6,868,677

  
8,396,214
6,893,677


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 January 2025.




J B Katzman
Director

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 

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
1,502,537
1,160,150

Adjustments for:

Depreciation of tangible assets
110,361
121,573

Interest received
(30,760)
(3,114)

Taxation charge
492,677
371,266

Decrease/(increase) in stocks
26,075
(11,208)

(Increase) in debtors
(6,254,002)
(212,721)

Increase/(decrease) in creditors
584,389
(19,278)

Corporation tax (paid)/received
(92,000)
-

Net cash generated from operating activities

(3,660,723)
1,406,668


Cash flows from investing activities

Interest received
30,760
3,114

Net cash from investing activities

30,760
3,114


Net (decrease)/increase in cash and cash equivalents
(3,629,963)
1,409,782

Cash and cash equivalents at beginning of period
6,666,458
5,256,676

Cash and cash equivalents at the end of period
3,036,495
6,666,458


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,036,495
6,666,458

3,036,495
6,666,458


The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 

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

6,666,458

(3,629,963)

3,036,495


6,666,458
(3,629,963)
3,036,495

The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

1.


General information

Nederlander Theatre (Aldwych) Limited is a private company limited by shares and incorporated in England. The address of its principal place of business is 49 Aldwych, London, WC2B 4DP. The company operates the Aldwych Theatre in London and its income is derived from box office, merchandise and bar sales, theatre rental, overhead recoveries and commissions on ticket sales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Going concern

The Company meet their day to day working capital requirements through the utilisation of its own funds.
After reviewing the company's forecasts, at the time of approving these financial statements, the directors have a reasonable expectation that the 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 company's financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding 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 Aldwych 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 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.

Page 12

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
Period of lease
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
25%
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.

 
2.5

Operating leases: the Company 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.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out 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 sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

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

 
2.8

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.

Page 13

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

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

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 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 Company'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 14

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.9
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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

Page 15

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

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

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

 
2.12

Interest income

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

 
2.13

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.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised through profit or loss.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.15

Comparatives

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

Page 16

 
NEDERLANDER THEATRES (ALDWYCH) 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.
Stock provisioning
When calculating any stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of the goods which are subject to market trends and forces.
Impairment 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 the year end based on invoices received after the year end, work undertaken which has not been invoiced based on quotations or estimates of amounts that maybe due for payment.


4.


Turnover

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


2023
2022
£
£

Box office and ancillary income
20,621,802
17,261,822

Other direct income
2,338,444
1,856,757

Overheads recovered
3,607,368
3,228,306

26,567,614
22,346,885


All turnover arose within the United Kingdom.

Page 17

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Net rents receivable
81,613
73,707

81,613
73,707



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
510,065
445,730


7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
25,000
Page 18

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

8.


Employees

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


2023
2022
£
£

Wages and salaries
2,459,114
2,409,343

Social security costs
238,355
247,452

Cost of defined contribution scheme
47,929
45,759

2,745,398
2,702,554


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


        2023
        2022
            No.
            No.







Directors
4
4



Management
2
2



Theatre staff
73
61

79
67

During the year total remuneration to key management personnel amounted to £373,591 (2022: £363,935).


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
20,153
25,201

20,153
25,201



10.


Interest receivable

2023
2022
£
£


Other interest receivable
30,760
3,114

30,760
3,114

Page 19

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
283,677
300,339

Adjustments in respect of previous periods
-
127,927


283,677
428,266


Total current tax
283,677
428,266

Deferred tax


Origination and reversal of timing differences
209,000
(57,000)

Total deferred tax
209,000
(57,000)


Tax on profit
492,677
371,266

Factors affecting tax charge for the period

The tax assessed for the period is lower than (2022 - higher 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
1,995,214
1,531,416


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
468,875
290,969

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
897
735

Depreciation
25,935
23,099

Capital allowances
(14,723)
(14,464)

Adjustments to tax charge in respect of prior periods
-
127,927

Utilisation of tax losses brought forward
(197,307)
-

Deferred tax
209,000
(57,000)

Total tax charge for the period
492,677
371,266

Page 20

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

12.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
1,758,104
1,448,183
3,206,287



At 30 December 2023

1,758,104
1,448,183
3,206,287



Depreciation


At 1 January 2023
746,957
1,356,111
2,103,068


Charge for the period on owned assets
70,326
40,035
110,361



At 30 December 2023

817,283
1,396,146
2,213,429



Net book value



At 30 December 2023
940,821
52,037
992,858



At 31 December 2022
1,011,147
92,072
1,103,219




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


30 December
31 December
2023
2022
£
£

Long leasehold
940,821
1,011,147

940,821
1,011,147


Page 21

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

13.


Stocks

30 December
31 December
2023
2022
£
£

Finished goods and goods for resale
22,859
48,934

22,859
48,934



14.


Debtors

30 December
31 December
2023
2022
£
£


Trade debtors
8,256,325
1,909,770

Prepayments and accrued income
210,348
303,151

Deferred taxation
-
126,000

8,466,673
2,338,921



15.


Cash and cash equivalents

30 December
31 December
2023
2022
£
£

Cash at bank and in hand
3,036,495
6,666,458

3,036,495
6,666,458


Page 22

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

30 December
31 December
2023
2022
£
£

Trade creditors
579,547
610,301

Amounts owed to associates
71,121
68,717

Corporation tax
492,016
300,339

Other taxation and social security
272,234
247,126

Accruals and deferred income
2,624,753
2,037,372

4,039,671
3,263,855



17.


Financial instruments

30 December
31 December
2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
8,256,325
1,909,770


Financial liabilities


Financial liabilities measured at amortised cost
(579,547)
(610,301)


Financial assets measured at amortised cost comprise trade debtors.


Financial liabilities measured at amortised cost comprise trade creditors.


18.


Deferred taxation






2023


£






At beginning of year
126,000


Charged to profit or loss
(209,000)



At end of year
(83,000)

Page 23

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
 
18.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

30 December
31 December
2023
2022
£
£


Accelerated capital allowances
(83,000)
(85,000)

Tax losses carried forward
-
211,000

(83,000)
126,000


19.


Share capital

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



8,000 (2022 - 8,000) Ordinary shares of £1.00 each
8,000
8,000
17,000 (2022 - 17,000) 'A' Ordinary shares of £1.00 each
17,000
17,000

25,000

25,000



20.


Reserves

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.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. The contributions made during the period amounted to £47,929 (2022: £45,759). Contributions totalling £4,478 (2022: £3,785) were payable to the fund at the reporting date and included in creditors.

Page 24

 
NEDERLANDER THEATRES (ALDWYCH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

22.


Commitments under operating leases

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

30 December
31 December
2023
2022
£
£


Not later than 1 year
546,227
492,796

Later than 1 year and not less than 5 years
2,236,000
2,031,632

Later than 5 years
7,406,750
7,237,689

10,188,977
9,762,117


23.


Related party transactions

Administrative expenses include a charge for rent of £502,565 (2022: £445,730) payable to an entity in which two directors have an interest.
Administrative expenses include recharges totalling £581,505 (2022: £438,809) payable to a company with some common directors.  At the balance sheet date, trade creditors include £71,121 (2022: £86,703) due in respect of these charges.
Administrative expenses include consultancy fees of £176,350 (2022: £161,129) payable to a company in which one of the directors has a material interest.  At the balance sheet date, accruals include £57,837 (2022: £100,957) in respect of these fees.
Administrative expenses and distribution costs include management fees and commission of £194,584 (2022: £274,453) payable to a company in which one of the directors has a material interest.  At the balance sheet date, creditors include £62,832 (2022: £5,615) due in respect of these amounts.
During the year the company generated turnover, fees and commission of £19,739,026 (2022: £15,171,777) from a company which has common directors. Debtors include an amount of £8,237,097 (2022: £1,875,808) due from the company.


24.


Controlling party

The ultimate controlling parties are J L Nederlander and R E Nederlander.

 
Page 25