Company registration number 08582717 (England and Wales)
PHIL MCINTYRE ENTERTAINMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PHIL MCINTYRE ENTERTAINMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHIL MCINTYRE ENTERTAINMENTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
32,084
Cash at bank and in hand
1,667,150
71,162
1,667,150
103,246
Creditors: amounts falling due within one year
4
(1,549,561)
(214)
Net current assets
117,589
103,032
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
117,489
102,932
Total equity
117,589
103,032
The directors of the company have elected not to include a copy of the profit and loss account 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 26 March 2025 and are signed on its behalf by:
Mr P C McIntyre
Director
Company registration number 08582717 (England and Wales)
PHIL MCINTYRE ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Phil McIntyre Entertainments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.
1.1
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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the directors are winding down activities within this company, with new shows being promoted by and operated through other group companies.true
As a consequence the directors have chosen to prepare the financial statements on a basis other than going concern, where all assets are included at recoverable value and all liabilities are recognised in full.
1.3
Turnover
Turnover represents amounts receivable for services, net of VAT and discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
Turnover is recognised in line with the dates of the concerts and shows which the company manages and promotes.
Owing to the inherent uncertainty over timing or quantum of entitlement, royalty income is recognised on receipt or upon notification of impending receipt.
Dividend income, disclosed within interest received and similar income, is recognised during the period in which the dividend is legally voted and the company is therefore entitled to such income.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
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 balance sheet 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.
PHIL MCINTYRE ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Other financial assets
All of the company's financial assets are basic financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price.
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PHIL MCINTYRE ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
32,084
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,549,561
Other creditors
214
1,549,561
214
5
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.
PHIL MCINTYRE ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Audit report information
(Continued)
- 5 -
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 1.2 to the financial statements which explains that the directors are winding down of trade and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.
Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Michael Barker
Statutory Auditor:
Wallwork Nelson & Johnson
6
Financial commitments, guarantees and contingent liabilities
A cross-company unlimited guarantee is in place in favour of Natwest Bank Plc between the company, McIntyre Entertainments Group Limited, Phil McIntyre Management Limited, Phil McIntyre TV Limited, Phil McIntyre Management Services Limited, PME Live Limited, PMP (Theatre Productions) Limited and Operatives Services & Solutions Limited.
At the balance sheet date, group borrowings payable to Natwest Bank Plc totalled £607,169.
7
Related party transactions
The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
8
Parent company
The ultimate parent company is Phil McIntyre Holdings Limited, a company incorporated in England and Wales. The registered office of Phil McIntyre Holdings Limited is Richard House, 9 Winckley Square, Preston, PR1 3HP.
The largest and smallest group in which the results of the company are consolidated is that headed by Phil McIntyre Holdings Limited. The consolidated financial statements of this group are available to the public and may be obtained from Companies House, Cardiff.