Company Registration No. 12494742 (England and Wales)
Trapeze Entertainment Ltd
Financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Trapeze Entertainment Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Trapeze Entertainment Ltd
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
760
1,459
Cash at bank and in hand
1,582
2,843
2,342
4,302
Creditors: amounts falling due within one year
4
(16,872)
(9,000)
Net current liabilities
(14,530)
(4,698)
Capital and reserves
Called up share capital
5
100
100
Other reserves
12,601
Profit and loss reserves
(14,630)
(17,399)
Total equity
(14,530)
(4,698)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Emile Sherman
Director
Company Registration No. 12494742
Trapeze Entertainment Ltd
Statement of changes in equity
For the year ended 30 June 2024
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 18 October 2022
100
(11,242)
1,459
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
(6,157)
(6,157)
Balance at 30 June 2023 as restated
100
1,459
(4,698)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
(9,832)
(9,832)
Balance at 30 June 2024
100
(14,630)
(14,530)
Trapeze Entertainment Ltd
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
Trapeze Entertainment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Folgate Street, London, E1 6GL.
1.1
Reporting period
The financial statements are reported for the period from 01 July 2023 to 30 June 2024. The comparative period reports the period from 18 October 2022 to 30 June 2023. The prior period was shortened to be in line with the reporting date of the group since the acquisition by the group. As a result, the comparative figures stated in the income statement, statement of changes in equity and the related notes are not comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company made a loss on activities after tax of £9,832 (2023: £6,157) and was in a net liabilities position of £14,530 (2023: £4,698). The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continue to be financially supported by the parent See-Saw Films Limited, which has been confirmed in writing. The annual financial statements have therefore been prepared on a going concern basis.true
1.4
Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it
is probable they will be recovered.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Trapeze Entertainment Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Trapeze Entertainment Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,459
Other debtors
760
760
1,459
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,800
Amounts owed to group undertakings
6,000
Corporation tax
72
Other creditors
9,000
9,000
16,872
9,000
Amounts owed to group undertakings due within one year are unsecured, interest free and payable on demand.
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
On 17 October 2022, See-Saw Films Limited acquired the shares of Trapeze Entertainment Limited.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Moses Nyachae
Statutory Auditors:
Moses Nyachae
Date of audit report:
28 March 2025
Trapeze Entertainment Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
7
Related party transactions
The company has taken advantage under paragraph 33.1 (a) of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking is a party to the transactions is a wholly owned member of that group.
8
Parent company
As at 30 June 2024, the company is controlled by its parent company, See-Saw Films Limited, a company registered in England and Wales.
The largest and smallest group for which the accounts are prepared, and to which the company belongs is See-Saw Films Limited. Copies of group accounts can be obtained from 3rd Floor 45 Folgate Street, London, United Kingdom, E1 6GL.
On 5th March 2025, 51% of the total issued share capital in See-Saw Films Limited was acquired by M&A Holdco Breteuil, a company incorporated in France and a subsidiary of Mediawan Holdings SAS. On and from 5th March 2025, the company’s ultimate controlling parent company is Mediawan Holding SAS, a company incorporated in France who is a leading independent content production, distribution and licensing company.