Company registration number 15065460 (England and Wales)
TR HEELS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TR HEELS LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
TR HEELS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 JULY 2024
- 1 -

The director presents his annual report and financial statements for the period ended 31 July 2024.

Principal activities

The principal activity of the company was that of producers, promoters and managers of live theatre shows.

 

The company commenced trading on 5th February 2024.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

Mr A Paulden
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A Paulden
Director
4 March 2025
TR HEELS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
545,427
150
Cash at bank and in hand
9,065
-
0
554,492
150
Creditors: amounts falling due within one year
5
(6,423,759)
-
0
Net current (liabilities)/assets
(5,869,267)
150
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
(5,869,417)
-
0
Total equity
(5,869,267)
150

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 4 March 2025
Mr A Paulden
Director
Company Registration No. 15065460
TR HEELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 August 2023
-
0
-
0
-
0
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
0
-
0
Issue of share capital
150
-
150
Balance at 31 December 2023
150
-
0
150
Period ended 31 July 2024:
Loss and total comprehensive income for the period
-
(5,869,417)
(5,869,417)
Balance at 31 July 2024
150
(5,869,417)
(5,869,267)
TR HEELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

TR Heels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 80 St Martin's Lane, London, WC2N 4AA.

1.1
Reporting period

These financial statements have been prepared for the 7 month period ended 31 July 2024 (2023 was for the 5 month period from 11 August 2023, the date of incorporation, to 31 December 2023). The company's accounting period was shortened to submit an early claim of theatre tax credit to assist cashflow. For the above reason, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

All income is recognised once the company has entitlement to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably.

In relation to theatrical productions produced and managed by the company, turnover represents producers share of the net box office income for the production, with associated production and running costs relating to these shows being presented as production and cost of sales.

In relation to all other classes of business, turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TR HEELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TR HEELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.11

Going Concern

The financial statements have been prepared on a going concern basis, notwithstanding that the company has net current liabilities of £(5,869,267) as at 31 July 2024.

 

The director has considered the company's financial position and cash flow requirements for the foreseeable future. The company is reliant on the continued financial support of its investor, who has confirmed their intention to provide ongoing funding and not to demand repayment of existing loans or investments until such time as the company achieves profitability.

 

Based on these commitments, the directors believe that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly they have adopted the going concern basis in preparing these financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
30
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
545,427
150
TR HEELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,368,043
-
0
Other creditors
55,716
-
0
6,423,759
-
0
6
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

During the period the company paid producer fees, management charges, office costs, accountancy and producer fixed fees of £304,700 (2023 - £Nil) to Adama Entertainment Limited, a company controlled by the director Mr A Paulden.

 

The company also paid royalties of £11,119 (2023 - £Nil) to Adama Entertainment Limited.

 

The aggregate amount outstanding to this company at the year end was £75,032.

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