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Registered number: 10535553









LONDON THEATRE COMPANY STAGING LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LONDON THEATRE COMPANY STAGING LIMITED
REGISTERED NUMBER: 10535553

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
-
1,399

Debtors: amounts falling due within one year
 4 
16,666,422
13,599,547

Cash at bank and in hand
  
121,511
197,581

  
16,787,933
13,798,527

Creditors: amounts falling due within one year
 5 
(14,773,931)
(12,358,521)

Net current assets
  
 
 
2,014,002
 
 
1,440,006

Total assets less current liabilities
  
2,014,002
1,440,006

  

Net assets
  
2,014,002
1,440,006


Capital and reserves
  

Called up share capital 
 6 
1
1

Profit and loss account
 7 
2,014,001
1,440,005

  
2,014,002
1,440,006


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 7 form part of these financial statements.

Page 1

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

1.


General information

The principal activity of the Company is 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.

 
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 profit for the year of £573,996 and had, as at the Statement of  Financial Position date, a net asset position of £2,014,002. 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
Page 2

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

2.Accounting policies (continued)


2.3
Going concern (continued)

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 commission, where London Theatre Company Productions Ltd ("Productions") commissions London Theatre Company Staging Ltd to produce each production.
Revenue is recognised on a production by production basis, on the date of the press night, as this is when the Company has fulfilled its obligation under the terms of the production commissioning agreement.

 
2.5

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in Statement of Income and Retained Earnings 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.


  
2.7

Production costs

Costs for future productions, including rehearsal costs, creative team fees and the cost of materials, are accounted for as work in progress and are released when the revenue from a specific production is received, subject to any impairment adjustment.

 
2.8

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.

Page 3

 
LONDON THEATRE COMPANY STAGING 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 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 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2023 - 31).

Page 4

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

4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
15,802,558
11,845,207

Other debtors
144,217
106,502

Prepayments and accrued income
662,469
1,647,838

Production work in progress
57,178
-

16,666,422
13,599,547


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


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Petty cash
6
-

Trade creditors
350,677
110,264

Amounts owed to group undertakings
13,968,570
12,085,970

Other taxation and social security
67,511
63,969

Other creditors
32,918
10,959

Accruals and deferred income
354,249
87,359

14,773,931
12,358,521


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


6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1


Page 5

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

7.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £30,500 (2023: £8,111) were payable to the fund at the Statement of Financial Position date and are included in creditors.


9.Other financial commitments

A loan received by the parent company 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 6

 
LONDON THEATRE COMPANY STAGING 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 2.3 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 7