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Registered number: 12543875









LTC TALKING HEADS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LTC TALKING HEADS LIMITED
REGISTERED NUMBER: 12543875

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
239,421
272,422

  
239,421
272,422

Creditors: amounts falling due within one year
 5 
(124,496)
(157,964)

Net current assets
  
 
 
114,925
 
 
114,458

Total assets less current liabilities
  
114,925
114,458

  

Net assets
  
114,925
114,458


Capital and reserves
  

Called up share capital 
 6 
1
1

Profit and loss account
 7 
114,924
114,457

  
114,925
114,458


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 2 to 6 form part of these financial statements.

Page 1

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

1.


General information

The principal activity of the Company is that of television production and distribution. The Company was established at the start of the Covid pandemic to produce a remake of Alan Bennett's original Talking Heads monologues, together with two new pieces, in accordance with social distancing rules, with its collective of writer, actors, directors, producer and heads of department waiving usual fees to facilitate a donation of over £1m to NHS Charities Together. The success of international distribution subsequently enabled a second substantial charity donation to the Theatre Artists Fund. 
The Company is a private limited 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:

Page 2

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

2.Accounting policies (continued)

 
2.2

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 £467 and had, as at the Statement of  Financial Position date, a net asset position of £114,925. The Company was incorporated during 2021 to produce a televised series, funded by the BBC and filmed at the Bridge, to raise funds for the NHS Charities Together in response to the pandemic. All surplus generated within this entity relating to the initial production of the series was donated. The Company will now continue to trade as various overseas territories have purchased rights to distribute the series around the world, which they will retain the profits from. In terms of its going concern status, the Company fully funded the donation through its own activities. 
The Company’s only going concern risk is the fact that it is ultimately owned by London Theatre Company Holdings Limited “LTC Holdings”, a company that has received a £6.5m loan from the Culture Recovery Fund.  The Board of LTC Holdings 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.



 
2.3

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. 

Income in relation to the BBC production contract is recognised in accordance with the various phases of the project as detailed in the legal agreement. Income from the foreign transmission of the Talking Heads productions is recognised on the broadcast date.

Page 3

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

2.Accounting policies (continued)

 
2.4

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.



3.


Employees




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


4.


Debtors

As restated
2024
2023
£
£


Amounts owed by group undertakings
133,629
169,247

Other debtors
105,792
103,175

239,421
272,422


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


5.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Other taxation and social security
-
4,685

Other creditors
120,496
147,646

Accruals and deferred income
4,000
5,633

124,496
157,964


Page 4

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

6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



7.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


8.


Prior year adjustment

A prior year adjustment has been made to more accurately reflect the cessation of a license in place with regards to an overseas distributor. This was in relation to income and cost of sales recognised in the year ended 30 September 2022. This has resulted in a decrease in 2022 sales of £147,646 and a decrease in cost of sales of £137,311. Therefore there was a decrease in retained earnings of £10,335 impacting the 2023 and 2024 financial accounts.
The impact of the above adjustment has resulted in an increase of debtors of £137,311 and an increase of creditors of £147,646, therefore a net impact of £10,335. 


9.Other financial commitments

A charge is registered in the name of the Company. This relates to a loan received by the parent company, which is secured by a first fixed and floating charge against all the property and assets of the Company.


10.


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. 


11.


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 5

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

12.


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 2.2 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 6