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Theatrical Rights Worldwide Limited
























Financial statements



for the year ended 31 December 2023



Registered number: 10760952

 
Theatrical Rights Worldwide Limited - Registered number:10760952


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
130

Tangible assets
 5 
1,144
7,071

  
1,144
7,201

Current assets
  

Debtors: amounts falling due within one year
 6 
241,910
193,324

Cash at bank and in hand
  
6,119,056
4,074,144

  
6,360,966
4,267,468

Creditors: amounts falling due within one year
 7 
(4,855,147)
(3,806,122)

Net current assets
  
 
 
1,505,819
 
 
461,346

Total assets less current liabilities
  
1,506,963
468,547

Deferred tax
 8 
-
(1,800)

Provisions
  
-
-

  
 
 
-
 
 
(1,800)

Net assets
  
1,506,963
466,747


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,506,863
466,647

  
1,506,963
466,747


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




Page 1

 
Theatrical Rights Worldwide Limited - Registered number:10760952


Statement of financial position (continued)
As at 31 December 2023

................................................
Stephen Spiegel
Director

Date: 7 February 2025

Page 2

 
Theatrical Rights Worldwide Limited
 


Statement of changes in equity
for the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
466,647
466,747


Comprehensive income for the year

Profit for the year

-
1,040,216
1,040,216


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,040,216
1,040,216


Total transactions with owners
-
-
-


At 31 December 2023
100
1,506,863
1,506,963


The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
Theatrical Rights Worldwide Limited
 


Statement of changes in equity
for the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(163,845)
(163,745)


Comprehensive income for the year

Profit for the year

-
630,492
630,492


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
630,492
630,492


Total transactions with owners
-
-
-


At 31 December 2022
100
466,647
466,747


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
Theatrical Rights Worldwide Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

1.


General information

Theatrical Rights Worldwide Limited is a private company limited by shares and incorporated in England & Wales. The registered address is c/o 130 Wood Street, London, EC2V 6DL and the principal place of business is 3rd Floor, 19 Margaret Street, London W1W 8RR. The company number is 10760952.

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Going concern

The director regularly reviews cash available and the working capital cycle in light of shows to be performed and licenses granted to the company. 
The company has also received assurance from its parent company that it will continue to give financial support to the company for a period of at least 12 months from the date of approval of these financial statements.
The director therefore considers that the company has sufficient financial resources to continue for the foreseeable future and as such has prepared the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 5

 
Theatrical Rights Worldwide Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

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

Rendering of services

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

 
2.5

Operating leases: the 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.

Page 6

 
Theatrical Rights Worldwide Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

 
2.8

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.

Page 7

 
Theatrical Rights Worldwide Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
20%
Computer equipment
-
20%

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.

 
2.9

Debtors

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

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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.


3.


Employees

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


        2023
        2022
            No.
            No.







Average number of employees
4
4

Page 8

 
Theatrical Rights Worldwide Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
5,000



At 31 December 2023

5,000



Amortisation


At 1 January 2023
4,870


Charge for the year
130



At 31 December 2023

5,000



Net book value



At 31 December 2023
-



At 31 December 2022
130



Page 9

 
Theatrical Rights Worldwide Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
43,633


Additions
1,373



At 31 December 2023

45,006



Depreciation


At 1 January 2023
36,562


Charge for the year
7,300



At 31 December 2023

43,862



Net book value



At 31 December 2023
1,144



At 31 December 2022
7,071


6.


Debtors

2023
2022
£
£


Trade debtors
59,210
159,844

Other debtors
170,628
33,480

Deferred taxation
12,072
-

241,910
193,324


Included within other debtors is a rent deposit of £28,980 (2022 - £28,980) due in over one year.

Page 10

 
Theatrical Rights Worldwide Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
18,472
83,597

Amounts owed to group undertakings
3,046,447
1,919,961

Corporation tax
318,694
48,814

Other taxation and social security
29,296
12,467

Other creditors
322,838
386,069

Accruals and deferred income
1,119,400
1,355,214

4,855,147
3,806,122



8.


Deferred taxation




2023


£






At beginning of year
(1,800)


Charged to profit or loss
13,872



At end of year
12,072

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(250)
(1,800)

Short term timing differences
12,322
-

12,072
(1,800)


Deferred taxation is calculated at the rate of 25% (2022: 25%). 

Page 11

 
Theatrical Rights Worldwide Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

9.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
46,690
46,690

Later than 1 year and not later than 5 years
132,288
178,978

178,978
225,668


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 February 2025 by Simon Wax (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 12