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Registered number: 10379773









LONDON THEATRE COMPANY PRODUCTIONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
N R Hytner 
N F Starr 




Registered number
10379773



Registered office
C/O Womble Bond Dickinson (Uk) LLP
4 More London Riverside

London

SE1 2AU




Trading Address
The Bridge Theatre
3 Potters Fields Park

London

SE1 2SG






Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Comprehensive Income
 
 
10
Statement of Financial Position
 
 
11
Statement of Changes in Equity
 
 
12
Notes to the Financial Statements
 
 
13 - 29


 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report on the affairs of London Theatre Company Productions Limited (the ‘Company’), a subsidiary of the London Theatre Company group (the 'Group') for the 52-week period to 30 September 2024 (the ‘period’)

Strategic review
 
The principal activity of the Group continued to be that of producing new theatrical productions and running the Bridge Theatre. The period was the seventh year of operations at the Bridge since its opening in October 2017 as London's first wholly new commercial theatre of scale to be built in eighty years. The year also saw creative and international growth in Lightroom, LTC's co-venture in its premises at King's Cross. 
We write this report shortly after the successful opening of 
Richard II and as we've announced for the  the Bridge a continuing programme through 2025 and 2026 of high-definition classics in fixed runs. To follow Richard II comes a revival of the immersive A Midsummer Night's Dream, one of the Bridge's big hits from 2019 -- and giving the 100,000 new bookers we've accumulated with Guys & Dolls a treat to return for. Also announced and selling strongly is the Sondheim/Lapine musical Into The Woods directed by Jordan Fein and designed by Tom Scutt, who were responsible for last summer's big musical hit Fiddler on the Roof at the Open Air Theatre.  For the remaining production for the year we have the director Simon Stone who we hope will make his home in London with us.
Our return to the programming model of four productions a year has been timely. The Bridge holds an increasing appeal for actors, directors and audience, and the advance bookings for Richard II were strong when we announced the show in June 2024. It had sold half its tickets before it opened. Its in-the-round format has produced the highest seated capacity at 1,041 seats, playing to full houses. 
The decision to extend Guys & Dolls  -- a huge hit with critics and audiences in its first runs --  for the second time to the end of 2024 was a mistake in hindsight: a dip in audiences over its second summer led to a loss for the year of £4.413m. Total gross tickets sales over the year were at £12.03m, compared to a prior year of £13.19m. Theatre tax credits are also a significant contributor to our group financial model and our claim for the year was £573k  (22/23 £1.54m). Trading operations improved this year with food and bar sales of £1.438 m (22/23 £1.189m). 
Lightroom opened at the same time as 
Guys & Dolls and has synergies with the creative and business innovations of LTC while on a track towards scale and international expansion. It is now in its second fundraising round to finance a growing slate of IP and collaborations which has included David HockneyTom Hanks and Vogue, and will in the near term include Prehistoric PlanetDavid Bowie and Aardman.
LTC is also now moving ahead with a wholly-owned film development arm, Tower Bridge Films, which will primarily commission and develop screenplays for Nicholas Hytner to direct and, on occasion, to produce for other directors. 
We remain deeply grateful to those who have worked tirelessly over the year running 
Guys & Dolls and bringing Richard II production to life. We continue to be grateful to the Culture Recovery Fund whose loan has remained a crucial source of support and to the Treasury for the enhanced Theatre Tax Relief which has made a material difference in our ability to stage our productions.

Page 1

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
Commercial risk & financial sustainability
The Group’s principal risk is a downturn in theatre attendance and the failure to achieve box office targets, through unsuccessful productions or due to the impact of the economic climate on theatre attendance in general.  This financial risk has been exacerbated by the increase in the costs of production including, but not limited to, rises in costs of staging, utilities and the cost of employing people especially with the increases in London Living wage and the recent National Insurance increases. The risk is mitigated by the continuing increase in London theatre audiences over the mid- and long-term.
We are committed to offset this risk by continuing to attract our loyal audience and new customers with distinctive and high-quality productions utilising our unique auditorium. Further mitigation comes through annual budgeting, monthly management reporting, regular reviews of pricing and reviews of our business model with the Board.
Cash flow risk
The challenges of the last 6 months of this financial year meant that we breached the covenants of the Culture Recovery Fund Loan and were unable to make a repayment due in September 2024 and in February & March 2025. We have updated the Arts Council regularly on our financial performance and cash flow and we are in negotiations with the Culture Recovery fund to re-profile our loan. We are hopeful that we will have come to a new agreement by the summer of 2025 and remain committed to repaying our loan back whilst ensuring the financial stability of the London Theatre Company. 
Credit risk
 
Credit risk is mitigated as the Group largely operates it own ticketing, with sales to the general public settled at the point of purchase and low credit risk on its merchant provider. A small number of sales are made via their part agents, though strong contractual protection and close monitoring of debtors limits risk.
Health, safety & security risk 
The Group mitigates the inherent risks of theatre production and presentation (e.g. manual handling) and the challenges of operating a busy public venue through a robust management and reporting structure for safety issues, staff training and investigation of near misses and incidents, drawing on specialist external support where required. 

Financial key performance indicators
 
The Group considers its key financial performance indicators to be turnover and profit before tax. Details of these can be found on page 10 of these financial statements.

Page 2

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Other key performance indicators
 
The Directors also examine the performance and position of the business by reference to a range of non-financial metrics, including productions and overall performance numbers, attendances and occupancy and total ticket sales.


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



N F Starr
Director

Date: 24 March 2025

Page 3

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the audited financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited 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' ("FRS 102"). 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 audited financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the audited 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 audited 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.

Principal activity

The principal activity of the Company is to develop and run independent theatres and produce new and distinctive theatrical productions.

Results and dividends

The loss for the year, after taxation, amounted to £4,412,932 (2023 - loss £1,120,197).

The directors recommend that no dividend is paid.

Directors

The directors who served during the year were:

N R Hytner 
N F Starr 

Page 4

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

Auditors

Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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







N F Starr
Director

Date: 24 March 2025

Page 5

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 

Opinion


We have audited the financial statements of London Theatre Company Productions Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 September 2024 and of its loss for the year 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.


Material uncertainty related to going concern


We draw attention to note 2.4 in the financial statements, which indicates that the Company and Group's forecasted cashflow projections for the 12 months from the date of signing indicate that the Group's cashflow position is expected to remain positive, thus enabling them to meet all debts arising as they fall due, however this is dependent on the renegotiated payment terms and covenants of the Cultural Recovery Fund being accepted by the Arts Council, who have advanced a sum of £6.5m to the London Theatre Company Holdings Limited (the 'Parent'). While the Cultural Recovery Fund has previously confirmed to the directors its intention to continue to support cultural organisations such as the London Theatre Company, it is still the legal position that the Fund could require immediate repayment of these loans following a breach of this covenant and defaulting on the current repayment terms. If the Cultural Recovery Fund did choose this course of action, the Group would need to find alternative funding to meet this liability, resulting in a material uncertainty that could cast significant doubt on the Group's or the Company's ability to continue as a 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 if these terms are successfully renegotiated. Our opinion is not modified in respect of this matter.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

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


Key audit matters 
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report. 


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 year 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.


Page 7

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.



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:
Enquiring of management and those charged with governance around actual and potential litigation and claims;
Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing Council meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing the general ledger in detail for all transactions with related parties;
Performing walkthrough testing to ensure systems and controls are operating as recorded, where appropriate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 8

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


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Myfanwy Neville FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
 
London
  

25 March 2025
Page 9

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,738,816
14,641,603

Cost of sales
  
(10,975,245)
(9,784,056)

Gross profit
  
2,763,571
4,857,547

Administrative expenses
  
(7,895,298)
(6,932,913)

Other operating income
 5 
715,783
950,453

Operating loss
 6 
(4,415,944)
(1,124,913)

Interest receivable and similar income
  
3,012
4,716

Loss before tax
  
(4,412,932)
(1,120,197)

Loss for the financial year
  
(4,412,932)
(1,120,197)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(4,412,932)
(1,120,197)

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
REGISTERED NUMBER: 10379773

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
230,164
179,956

Investments
 13 
1
1

  
230,165
179,957

Current assets
  

Stocks
  
16,155
25,317

Debtors: amounts falling due within one year
 14 
8,221,745
7,535,159

Bank and cash balances
  
83,549
116,376

  
8,321,449
7,676,852

Creditors: amounts falling due within one year
 15 
(22,525,452)
(17,417,715)

Net current liabilities
  
 
 
(14,204,003)
 
 
(9,740,863)

Total assets less current liabilities
  
(13,973,838)
(9,560,906)

  

Net liabilities
  
(13,973,838)
(9,560,906)


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
 17 
(13,973,938)
(9,561,006)

  
(13,973,838)
(9,560,906)


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




N F Starr
Director

Date: 24 March 2025

The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
(8,440,809)
(8,440,709)



Loss for the year
-
(1,120,197)
(1,120,197)



At 1 October 2023
100
(9,561,006)
(9,560,906)



Loss for the year
-
(4,412,932)
(4,412,932)


At 30 September 2024
100
(13,973,938)
(13,973,838)


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The principal activity of the Company is to develop and run independent theatres and produce new and distinctive theatrical productions.
The Company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is C/O Womble Bond Dickinson (Uk) LLP, 4 More London Riverside, London, United Kingdom, SE1 2AU.
The trading address is The Bridge Theatre, 3 Potters Fields Park, London, SE1 2SG.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of London Theatre Company Holdings Limited as at 30 September 2024 and these financial statements may be obtained from the registered office.

Page 13

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Exemption for qualifying entities under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions. Subject to certain conditions which have been complied with, including notification of, and no objection to, the use of exemptions by the Company. The Company has taken advantage of the following exemptions, under FRS 102 paragraph 1. 12(b) on the basis that it is a qualifying entity and the ultimate parent undertaking, London Theatre Company Holdings Limited, includes the equivalent disclosures in its own consolidated financial statements. These exemptions are: 
a) the requirement to prepare a statement of cash flows; 
b) the non-disclosure of key management personnel compensation in total as required by FRS 102 paragraph 33.7.

 
2.4

Going concern

The directors have assessed whether the Company has adequate resources to meet its obligations as they fall due for the period covering 12 months from the date of the approval of these financial statements, considering in particular challenges that the pandemic and the post-pandemic world have posed for the Company and the wider Group's activities (London Theatre Company Group), upon which the Company is reliant  to generate working capital to fund its financial overheads. The Company made a loss of £4,412,932 during the year and had, as at the Statement of Financial Position date, a net liability position of £13,973,838. The Company is reliant on the continued support of its parent ('LTC Holdings'), which has pledged its full support to the Company. LTC Holdings has an outstanding shareholder loan, advanced pre-pandemic to facilitate cash flow management, as well as £6.5m in debt from the Culture Recovery Fund.  The Board undertakes scenario planning and financial cashflow modelling on an ongoing basis, covering at least 12 months from the date of signing of the financial statements, to ensure they keep abreast of the group’s financial position.  The Board are also aware that while these forecasts show the ability of the LTC Holdings and the group to continue to meet its debts as they fall due, they are also likely to breach one of the cash-holding covenants of the Culture Recovery Fund loan, and will be reliant on the Culture Recovery Fund’s continued support, so as not to withdraw this funding.  Should the Culture Recovery Fund choose to withdraw the funding, LTC Holdings would need to seek alternative sources of funding in order to meet its debts as they fall due, however in order to do this they need to renegotiate the repayment terms of the Cultural Recovery Fund loan, and will be reliant on the Culture Recovery Fund’s continued support, so as not to withdraw this funding. Should the Culture Recovery Fund choose to withdraw the funding, LTC Holdings would need to seek alternative sources of funding in order to meet its debts as they fall due, and would no longer be in a position to be able to continue to support this company. 
In light of all the above, the directors have prepared these accounts on a going concern basis. 

 
2.5

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-
Page 14

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.5
Foreign currency translation (continued)

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
2.6

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:

Sale of tickets
Revenue from ticket sales is recognised on the date of the performance for which the tickets were purchased.
Membership sales
Revenue from membership sales accrues evenly over the period of membership.
Cinema streaming
Revenue from cinema streaming is recognised whilst the shows are being broadcasted.
Other income
Other income relates to food, beverage and merchandise sales. Revenue is recognised at the point of sale.
Other income also relates to management recharges for services incurred on behalf of group companies. Revenue is recognised  at the point the service is provided. 
Other income also relates to co-production income that relates to productions created with other production companies. Revenue is recognised when the performance obligations of the contracts have been met.

Page 15

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with fair value of goods and services received.

Page 16

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in the Statement of Comprehensive Income 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.


 
2.11

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. A reliable estimate of the useful life has been made of 5 years.

 
2.12

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
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.

The estimated useful lives range as follows:

Fixtures and fittings
-
3 year straight line
Computer equipment
-
3 year straight line
Theatre technical equipment
-
5 year straight line

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 the Statement of Comprehensive Income.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks comprise food and beverages, and merchandise 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.

  
2.15

Production costs

Production costs, including rehearsal costs, are recognised in the Statement of Compehensive Income on the date of the press night performance, on the assumption that the production income is expected to exceed the costs incurred. 
Should costs be incurred in excess of what is expected to be recouped through box office sales, these costs are then expensed immediately to the Statement of Comprehensive Income. 

 
2.16

Financial instruments


The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and other debtors and creditors and loans to and from related parties. 

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.

 
Page 18

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
 

Page 19

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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 liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) has had a significant effect on amounts recognised in the financial statements.
(i) Share-based payments
Certain employees have been granted share options by the parent company that require a fair value methodology to value the options at the date of grant as detailed in accounting policy 2.9 and note 18.
(ii) Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and accounting policy 2.12 for the useful economic lives for each class of assets. 
(iii) Useful economic life of intangible assets
The annual amortisation charge for intangible assets is sensitive to technological advances. The useful economic life of the capitalised website costs is reassessed annually and is amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the changing need for the website's offering. See note 11 for the carrying amount of the website costs and accounting policy 2.11 for the useful economic lives for each class of assets. 
(iv) Recognition of a deferred tax asset
A deferred tax asset is not recognised in these financial statements arising from accumulated trading losses from our year. The extent to which this asset is recognised is based on an estimation of expected future profits, calculated using the most recent cashflow forecasts projections prepared by management. The estimation of these is therefore judgemental by nature. See note 10 and accounting policy 2.10 for the amount of deferred tax recognised during the year.

Page 20

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

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


2024
2023
£
£

Box Office
12,031,533
13,185,935

Cinema streaming & special events
1,142
18,908

Membership Income
26,513
49,547

Bar and Food sales
1,438,402
1,188,862

Event Income
23,200
17,000

Trading Income
218,026
181,351

13,738,816
14,641,603


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
715,783
950,453

715,783
950,453



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation and amortisation
100,936
93,746

Auditors remuneration
23,043
31,250

Other operating lease rentals
449,819
496,359

Share based payment
4,461
56,149

Page 21

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

During the year, 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
23,043
26,750


8.


Employees

2024
2023
£
£

Wages and salaries
3,551,231
2,862,678

Social security costs
278,700
246,462

Cost of defined contribution scheme
78,475
71,441

3,908,406
3,180,581


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


        2024
        2023
            No.
            No.







Front of house
134
138



Head office
28
37

162
175


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
252,376
286,416

252,376
286,416


The highest paid director received remuneration of £126,188 (2023 - £143,208).

Page 22

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

A deferred tax asset in relation to accumulated losses has been recognised in previous years to the extent that future projections and forecasts indicated that it will be used in the foreseeable future, which for the purpose of this estimate is within the next five years. Each year, projections and forecasts are reviewed to ensure any deferred tax asset recognised is reasonable in light of the Company's ability to use this against future profits in the foreseeable future. No deferred tax asset has been recognised for 2024.


Page 23

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Intangible assets




Development expenditure

£



Cost


At 1 October 2023
184,497



At 30 September 2024

184,497



Amortisation


At 1 October 2023
184,497



At 30 September 2024

184,497



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 24

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Theatre technical equipment
Total

£
£
£
£



Cost 


At 1 October 2023
69,587
135,320
672,156
877,063


Additions
19,401
35,894
95,849
151,144


Disposals
(25,656)
(34,447)
(117,000)
(177,103)



At 30 September 2024

63,332
136,767
651,005
851,104



Depreciation


At 1 October 2023
41,344
96,422
559,341
697,107


Charge for the year on owned assets
16,216
30,917
53,803
100,936


Disposals
(25,656)
(34,447)
(117,000)
(177,103)



At 30 September 2024

31,904
92,892
496,144
620,940



Net book value



At 30 September 2024
31,428
43,875
154,861
230,164



At 30 September 2023
28,243
38,898
112,815
179,956

A loan issued to the parent company has been secured by a first fixed and floating charge over the
property and assets of this Company.

Page 25

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
1



At 30 September 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

London Theatre Company Staging Limited
Staging theatrical productions
Ordinary
100%

Page 26

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
297,471
416,293

Amounts owed by group undertakings
7,282,931
6,514,547

Amounts owed by joint ventures and associated undertakings
62,551
47,810

Other debtors
443,825
513,208

Prepayments and accrued income
134,967
43,301

8,221,745
7,535,159


Amounts due from group companies are unsecured, interest free and repayable on demand.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
558,635
125,377

Amounts owed to group undertakings
18,684,083
14,008,367

Other taxation and social security
61,099
68,055

Other creditors
445,258
664,630

Accruals and deferred income
2,776,377
2,551,286

22,525,452
17,417,715


Amounts due to group companies are unsecured, interest free and repayable on demand.

Page 27

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



17.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


18.


Share-based payments

The parent company, London Theatre Company Holdings Limited, offers a share-based payment scheme to some of its employees. The options are granted with a fixed exercise price, are exercisable after the date of grant and expire 10 years after this date. The fair value calculation has been provided by an expert third party and uses an average of the Black-Scholes and binomial option pricing models with the parameters explained more fully in the financial statements of the parent company.
The fair value of these options is recognised on a straight line basis over the vesting period. The total charge for the year in respect of these share-based payments was £4,461 (2023: £56,149). The charge is treated as an expense in this company's Statement of Comprehensive Income. The corresponding reserve is held within equity in the parent company's Statement of Financial Position.


19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,860 (2023: £33,634) were payable to the fund at the Statement of Financial Position date and are included in creditors. The pension cost charge represents contributions payable by the Company and amounted to £78,475 (2023: £71,441).


20.


Commitments under operating leases

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



Theatre lease
The Company has a licence fee agreement with another subsidiary of the parent for the use of the theatre. This is a rolling agreement and therefore there is no commitment.

Page 28

 
LONDON THEATRE COMPANY PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings on the grounds that consolidated financial statements are prepared by the immediate parent company and are publicly available. 


22.


Controlling party

The Company is a wholly-owned subsidiary of London Theatre Company Holdings Limited, a company registered in England and Wales. 
London Theatre Company Holdings Limited prepare consolidated accounts which are available at its Registered Office at C/O Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, United Kingdom, SE1 2AU
                                                  
There is no ultimate controlling party.

 
Page 29