Registered number:
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
COMPANY INFORMATION
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
CONTENTS
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023
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.
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.
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.
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.
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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.
The directors who served during the period were:
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).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) LIMITED
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 policies. The 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).
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.
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) LIMITED (CONTINUED)
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEDERLANDER THEATRES (ALDWYCH) LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Registered Auditors
124 Finchley Road
NW3 5JS
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
REGISTERED NUMBER: 01600924
BALANCE SHEET
AS AT 30 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 25 form part of these financial statements.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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
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).
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. 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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
2.Accounting policies (continued)
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
2.Accounting policies (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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. 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.
The comparatives are for the period from 26 December 2021 to 31 December 2022.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
18.Deferred taxation (continued)
Profit and loss account
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.
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NEDERLANDER THEATRES (ALDWYCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
The ultimate controlling parties are J L Nederlander and R E Nederlander.
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