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Registered number: 02761565









THE ADELPHI THEATRE COMPANY LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
J L Nederlander 
J B Katzman 
D P Atkins 
L I Chapman 




Registered number
02761565



Registered office
65 Drury Lane

London

WC2B 5SP




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS




Bankers
Bank of Scotland
Ground Floor

10 Gresham Street

London

EC2V 7AE





 
THE ADELPHI THEATRE COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 24


 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

Principal Activities
 
The company's shares with voting rights are owned 50% by J Ned Inc and 50% by Adelphi Theatre Holdings Limited (formerly New London Theatre Limited).
The principal activites of the company continued to be that of management, maintenance and refurbishment of the Adelphi theatre and the provision of theatre related services to producers and promoters. The company's activities are expected to continue for the foreseeable future.
 

Business review
 
During the entire financial period Bob Gale’s and Robert Zemeckis’s Back To The Future continued to play at The Adelphi Theatre, and was seen by 545 thousand visitors (2023: 554 thousand). In addition, the theatre hosted a number of concerts on the show’s rest days. 
The ongoing success of the resident show and concert programming meant that turnover for the period reported in financial statements was £34.0m (2023: £34.6m) and resulted in retained profits for the period of £4.0m (2023: £4.0m). After taking account of the £4.0m dividend paid in respect of 2023 trading, net assets remained unchanged at £5.8m.
We continue to focus on mitigating the impact of the difficult economic conditions in the UK on our producers, staff and customers in order to enable the theatre to continue to trade successfully. 
 

Principal risks and uncertainties
 
The company faces competitive pressures from other theatre owning companies in London to attract and stage successful productions. There is also a risk that once the production is in the theatre, it is not popular with the public. The company carefully manages this risk by using its experience to only select productions that it believes will be successful, both for the company itself and the producer. The company ensures it can attract productions that it believes will be successful by being focused on providing quality service to producers, being able to react quickly to producer queries and to maintain and develop strong relationships with new and continuing theatre producers.

The company has no financial instruments apart from cash, trade debtors and trade creditors, all arising in the normal course of business. There are no foreign operations of the company and all transactions are conducted in sterling. The main financial risks to which the company is exposed are liquidity risk and credit risk. These risks are managed by ensuring sufficient liquidity is available to meet foreseeable needs.
 

Page 1

 
THE ADELPHI THEATRE COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Financial key performance indicators
 
The company uses a number of key performance indicators to track performance. Key areas of focus include the following metrics and how they compare throughout the year with the budget set by the directors:
  - Number of performances
  - Attendance figures
  - Average ticket price
  - Box office takings
  - Advance bookings
  - In theatre spend per head
From the list above, the most important drivers are attendance figures of 545,024 (2023: 553,998) and box office takings of £22.9m (2023: £23.5m). 


This report was approved by the board on 13 March 2025 and signed on its behalf.





L I Chapman
Director

Page 2

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The directors present their report and the financial statements for the period ended 30 June 2024.

Directors

The directors who served during the period were:

J L Nederlander 
J B Katzman 
D P Atkins 
L I Chapman 

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.

Results and dividends

The profit for the period, after taxation, amounted to £3,996,132 (2023 - £3,965,646).

Dividends of £4,000,000 (2023 - £2,000,000) were paid during the period.

Going concern

After making reasonable enquiries and considering the trading forecasts of the company, the directors have a
reasonable expectation that the company has adequate resources to continue in operational existence for at
least twelve months from the date of signing these financial statements. Accordingly, they continue to adopt the
going concern basis in preparing the company's financial statements.

Page 3

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Environmental matters

The Adelphi Theatre Company Limited recognises the importance of its environmental responsibilities and
implements policies to reduce any damage that might be caused by the company's activities. The company
operates initiatives designed to minimise the company's impact on the environment. These policies include
recycling and reduction of energy consumption.

Employee involvement

Details of the number of employees and related costs can be found in note 7 to the financial statements.
The company aims to: secure good relations between management and all employees; to promote a better
understanding of the issues influencing the company's business; to improve productivity; to enhance the quality
of working life and to gain the commitment of all concerned to the company's business objectives. Disabled
persons are considered for employment, training, career development and promotion on the basis of their
aptitudes and abilities, in common with all employees of the company.
Employees are informed on matters relevant to them through periodic meetings. Employee representatives are
consulted regularly on a wide range of matters affecting their interests.

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 13 March 2025 and signed on its behalf.
 





L I Chapman
Director

Page 4

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADELPHI THEATRE COMPANY LIMITED
 

Opinion


We have audited the financial statements of The Adelphi Theatre Company Limited (the 'company') for the period ended 30 June 2024, 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 June 2024 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 5

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADELPHI THEATRE COMPANY 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 3, 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 6

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADELPHI THEATRE COMPANY 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 7

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ADELPHI THEATRE COMPANY LIMITED (CONTINUED)


Use of our report
 

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





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

25 March 2025
Page 8

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
33,972,933
34,581,443

Cost of sales
  
(26,275,975)
(26,960,839)

Gross profit
  
7,696,958
7,620,604

Administrative expenses
  
(2,657,659)
(2,613,398)

Operating profit
 5 
5,039,299
5,007,206

Interest receivable and similar income
 8 
290,992
55,165

Profit before tax
  
5,330,291
5,062,371

Tax on profit
 9 
(1,334,159)
(1,096,725)

Profit after tax
  
3,996,132
3,965,646

  

  

Retained earnings at the beginning of the period
  
4,144,346
2,178,700

  
4,144,346
2,178,700

Profit for the period
  
3,996,132
3,965,646

Dividends declared and paid
  
(4,000,000)
(2,000,000)

Retained earnings at the end of the period
  
4,140,478
4,144,346

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
THE ADELPHI THEATRE COMPANY LIMITED
REGISTERED NUMBER: 02761565

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
2 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
55,043
32,922

  
55,043
32,922

Current assets
  

Stocks
 11 
69,062
75,540

Debtors: amounts falling due within one year
 12 
1,382,743
1,457,054

Cash at bank and in hand
 13 
9,972,272
9,000,525

  
11,424,077
10,533,119

Creditors: amounts falling due within one year
 14 
(5,638,442)
(4,721,495)

Net current assets
  
 
 
5,785,635
 
 
5,811,624

Total assets less current liabilities
  
5,840,678
5,844,546

  

Net assets
  
5,840,678
5,844,546


Capital and reserves
  

Called up share capital 
 17 
200
200

Share premium account
  
1,700,000
1,700,000

Profit and loss account
  
4,140,478
4,144,346

  
5,840,678
5,844,546


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.




L I Chapman
J B Katzman
Director
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
THE ADELPHI THEATRE COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

30 June
2 July
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
3,996,132
3,965,646

Adjustments for:

Depreciation of tangible assets
27,673
13,834

Interest received
(290,992)
(55,165)

Taxation charge
1,334,159
1,096,725

Decrease/(increase) in stocks
6,478
(23,598)

Decrease in debtors
35,195
564,587

Increase/(decrease) in creditors
872,574
(51,804)

Corporation tax (paid)
(1,250,669)
(723,231)

Net cash generated from operating activities

4,730,550
4,786,994


Cash flows from investing activities

Purchase of tangible fixed assets
(49,795)
(9,772)

Interest received
290,992
55,165

Net cash from investing activities

241,197
45,393

Cash flows from financing activities

Dividends paid
(4,000,000)
(2,000,000)

Net cash used in financing activities
(4,000,000)
(2,000,000)

Net increase in cash and cash equivalents
971,747
2,832,387

Cash and cash equivalents at beginning of period
9,000,525
6,168,138

Cash and cash equivalents at the end of period
9,972,272
9,000,525


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
9,972,272
9,000,525

9,972,272
9,000,525


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

The Adelphi Theatre Company Limited is a private company limited by shares and incorporated in England and Wales. The address of its principal place of business is Adelphi Theatre, Strand, London, WC2R 0NS. The company operates the Adelphi Theatre in London and its income is derived from box office, merchandise and bar sales, overhead recoveries and commissions on ticket sales.

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

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 takings
Box office income comprises the sale of tickets and is recorded after the deduction of commissions. It is initially recorded as deferred income and recognised as revenue once the performance to which it relates has taken place.
Retail sales
Retail income comprise sales of food, drink and merchandise at the theatre and is recognised at the point of sale. Retail income also includes income from hiring the theatre's conference rooms for private use.
Recoveries
Wages and overhead recoveries comprise contributions by the producers towards the theatre's management, box office and technical staff costs and other overheads during the run of productions.
Ticketing commissions
Ticketing commissions comprises fees payable to the company in relation to ticketing services provided to producers.

 
2.3

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 12

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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

Land and buildings
-
Between 10% per annum & over the term of the lease
Fixtures and fittings
-
33% on cost



 
2.4

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 reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately through profit or loss. 

 
2.5

Debtors

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

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 

 
2.7

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.  

 
2.8

Creditors

Short term creditors are measured at transaction price.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 13

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Operating leases: the company as lessee

Leases that do not transfer all of the risks and rewards of ownership are classified as operating leases.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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

Current and deferred taxation

The tax expense for the period 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 reporting date in the country 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. Deferred tax is determined using tax rated and laws that have been enacted or substantively enacted by the reporting date. 

 
2.13

Share capital

Ordinary shares are classed as equity.

Page 14

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgements 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 liabilitiesas at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. 
The following are the company's key areas of estimation uncertainty:
Tangible assets
Tangible assets are depreciated over their useful lives taking into acount 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. 
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 may be due for payment. 


4.


Turnover

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


2024
2023
£
£

Box office takings
23,698,025
24,340,116

Recoveries
4,700,104
4,361,836

Retail sales
3,965,833
4,142,371

Ticketing commissions
1,608,971
1,737,120

33,972,933
34,581,443


2024
2023
£
£

United Kingdom
33,972,933
34,581,443

33,972,933
34,581,443


All turnover arose within the United Kingdom.

Page 15

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
27,673
13,834

Fees payable to the company's auditor for the audit of the company's
annual accounts
22,858
25,635

Other operating lease rentals
1,200,000
1,200,000

Defined contribution pension cost
68,292
63,113


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
22,858
25,635

Page 16

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
3,295,906
2,903,071

Social security costs
331,572
294,017

Cost of defined contribution scheme
68,292
63,113

3,695,770
3,260,201


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


        2024
        2023
            No.
            No.







Office and management
6
6



Theatre staff
83
67

89
73

During the period, no director received any remuneration in respect of services to the company (2023: £Nil).


8.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
290,992
55,165

Page 17

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
969,550
758,961

Adjustments in respect of previous periods
2,309
105,720


971,859
864,681


Consortium taxation relief
323,184
252,987


1,295,043
1,117,668


Total current tax
1,295,043
1,117,668

Deferred tax


Origination and reversal of timing differences
42,768
22,100

Changes to tax rates
-
4,856

Adjustments in respect of previous periods
(3,652)
(47,899)

Total deferred tax
39,116
(20,943)


Taxation on profit on ordinary activities
1,334,159
1,096,725
Page 18

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,330,291
5,062,371


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,332,573
1,035,718

Effects of:


Expenses not deductible for tax purposes
8,305
5,184

Adjustments to tax charge in respect of prior periods
(1,345)
57,821

Land remediation relief
(5,374)
(6,855)

Tax rate changes
-
4,857

Total tax charge for the period
1,334,159
1,096,725


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 3 July 2023
2,829,216
345,026
3,174,242


Additions
-
49,795
49,795



At 30 June 2024

2,829,216
394,821
3,224,037



Depreciation


At 3 July 2023
2,829,216
312,104
3,141,320


Charge for the period on owned assets
-
27,674
27,674



At 30 June 2024

2,829,216
339,778
3,168,994



Net book value



At 30 June 2024
-
55,043
55,043



At 2 July 2023
-
32,922
32,922


11.


Stocks

30 June
2 July
2024
2023
£
£

Finished goods and goods for resale
69,062
75,540

69,062
75,540


Page 20

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

12.


Debtors

30 June
2 July
2024
2023
£
£


Trade debtors
1,035,068
1,079,704

Other debtors
71,713
47,717

Prepayments and accrued income
20,567
35,122

Deferred taxation
255,395
294,511

1,382,743
1,457,054



13.


Cash and cash equivalents

30 June
2 July
2024
2023
£
£

Cash at bank and in hand
9,972,272
9,000,525

9,972,272
9,000,525



14.


Creditors: Amounts falling due within one year

30 June
2 July
2024
2023
£
£

Trade creditors
752,689
658,225

Corporation tax
195,503
221,903

Other taxation and social security
492,087
425,842

Other creditors
1,113,986
431,452

Accruals and deferred income
3,084,177
2,984,073

5,638,442
4,721,495


Page 21

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Financial instruments

30 June
2 July
2024
2023
£
£

Financial assets


Financial assets measured at fair value
1,106,781
1,127,421


Financial liabilities


Financial liabilities measured at fair value
1,866,675
1,091,185


Financial assets measured at fair value through profit or loss comprise trade and other debtors.


Financial liabilities measured at fair value through profit or loss comprise trade and other creditors.


16.


Deferred taxation






2024
2023


£

£






At beginning of year
294,511
273,568


Charged to profit or loss
(39,116)
20,943



At end of year
255,395
294,511

The provision for deferred taxation is made up as follows:

30 June
2 July
2024
2023
£
£


Short term timing differences
4,410
9,419

Depreciation in excess of capital allowances
250,985
285,092

255,395
294,511

Page 22

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

17.


Share capital

30 June
2 July
2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) 'A' Ordinary shares of £1.00 each
50
50
50 (2023 - 50) 'B' Ordinary shares of £1.00 each
50
50
499,999 (2023 - 499,999) 'A' Participating shares of -£0.0001 each
50
50
500,001 (2023 - 500,001) 'B' Participating shares of - £0.0001 each
50
50

200

200

The ordinary shares carry one voting right per share. The participating shares have no rights to vote at general meetings of the company. All classess of shares rank equally on a winding up. The ordinary shares have no rights to dividends. The participating shares have equal rights to dividends. 



18.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £68,292 (2023: £63,113). Contributions totalling £36,127 (2023: £1,178) were payable to the fund at the reporting date. 


19.


Commitments under operating leases

At 30 June 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
2 July
2024
2023

£
£


Not later than 1 year
1,200,000
1,200,000

Later than 1 year and not later than 5 years
4,800,000
4,800,000

Later than 5 years
5,710,685
6,910,685

11,710,685
12,910,685

Page 23

 
THE ADELPHI THEATRE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

20.


Related party transactions

At the balance sheet date debtors include £961,535 (2023: £1,020,397) due from associated companies and creditors include £719,783 (2023: £155,616) due to associated companies. In addition, creditors include £323,761 (2023: £252,987) in respect of consortium tax relief payable to a company which is one of the company's shareholders.
   
Administrative expenses include rent of £1,200,000 (2023: £1,200,000) payable to entities which are the company's shareholders and management charges of £361,322 (2023: £195,161) payable to an associated company. 
The company paid consultancy fees of £131,682 (2023: £183,495) to a company controlled by one of the directors. 


21.


Controlling party

The company is under the control of J Ned Inc and Adelphi Theatre Holdings Limited (formerly New London Theatre Limited). 

 
Page 24