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Registered number: 09708551









LTC OTB LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LTC OTB LIMITED
REGISTERED NUMBER: 09708551

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
12,489,200
12,766,621

  
12,489,200
12,766,621

Current assets
  

Debtors
  
3,044,874
2,326,160

  
3,044,874
2,326,160

Creditors: amounts falling due within one year
 6 
(15,157,576)
(14,692,178)

Net current liabilities
  
 
 
(12,112,702)
 
 
(12,366,018)

Total assets less current liabilities
  
376,498
400,603

Creditors: amounts falling due after more than one year
 7 
(819,068)
(839,208)

  

Net liabilities
  
(442,570)
(438,605)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
(442,571)
(438,606)

  
(442,570)
(438,605)


Page 1

 
LTC OTB LIMITED
REGISTERED NUMBER: 09708551
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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

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



N F Starr
Director

Date: 24 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The principal activity of the Company is the provision of an auditorium and related facilities to a group company for the purpose of staging 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.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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.

The following principal accounting policies have been applied:

  
2.2

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 London 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.

Page 3

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

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 for the year of £3,965 and had, as at the Statement of Financial Position date, a net liability position of £442,570. Its parent company was owed £14,993,435 and without this, the Company would be in a net asset position. 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, 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. 

 
2.4

Revenue

Revenue is generated from recharging rent, service charges and its associated depreciation for the Bridge Theatre to London Theatre Company Productions Ltd. 
Revenue is recognised in the period in which the rent, service charge and depreciation occur.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Company as lessee

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

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

Page 4

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.


Leasehold improvements
-
5-100 years straight line
Fixtures and fittings
-
5-50 years 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 Income and Retained Earnings.

Page 5

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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. 
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 income and retained earnings.
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 accruals, and amounts due to related companies 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 6

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Taxation

Both a deferred tax asset on losses and deferred tax liability on fixed asset asset timing differences exist for the Company, however the directors have made the decision not to recognise either in the financial statements, in order for the financial statements to remain true and fair. 
The deferred tax asset exists due to the ownership of the fixed assets generating a substantial amount of tax losses that remain unused in the business. As the capital allowances in excess of depreciation is what created the deferred tax liability, and the fact that these losses remain unused have created a deferred tax asset, it does not feel meaningful to disclose one without the other. 
Were these to be disclosed in the financial statements, the deferred tax liability would be £5.9m and the deferred tax asset would be £6m. 


5.


Tangible fixed assets





Fixtures and fittings
Leasehold improvements
Total

£
£
£



Cost


At 1 October 2023
400,864
14,305,733
14,706,597


Disposals
(113,318)
(9,900)
(123,218)



At 30 September 2024

287,546
14,295,833
14,583,379



Depreciation


At 1 October 2023
344,021
1,595,955
1,939,976


Charge for the year on owned assets
4,821
272,479
277,300


Disposals
(113,197)
(9,900)
(123,097)



At 30 September 2024

235,645
1,858,534
2,094,179



Net book value



At 30 September 2024
51,901
12,437,299
12,489,200



At 30 September 2023
56,843
12,709,778
12,766,621



Page 7

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
138,000
-

Amounts owed to group undertakings
14,993,435
14,665,192

Accrual
26,141
26,986

15,157,576
14,692,178


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


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Rent accrual
819,068
839,208

819,068
839,208



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



9.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 8

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


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:

2024
2023
£
£


Not later than 1 year
460,000
460,000

Later than 1 year and not later than 5 years
1,840,000
1,840,000

Later than 5 years
17,135,000
17,595,000

19,435,000
19,895,000





11.Other financial commitments

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. 


12.


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.


13.


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 9

 
LTC OTB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.3 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.

The audit report was signed on 25 March 2025 by Myfanwy Neville FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

Page 10