Company registration number 02863873 (England and Wales)
GREENE LIGHT STAGE PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENE LIGHT STAGE PLC
COMPANY INFORMATION
Directors
S Daldry
T Mouganie
S A Greene
S Rosen Consulting Limited
L Bourne
B Bourne
Secretary
E. L. Services Limited
Company number
02863873
Registered office
73 Cornhill
London
EC3V 3QQ
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
Solicitors
Harbottle & Lewis LLP
7 Savoy Court
London
WC2R 0EX
GREENE LIGHT STAGE PLC
CONTENTS
Page
Chairman's report
1
Strategic report
2 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 25
GREENE LIGHT STAGE PLC
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
We had hoped that 2024 would be a very exciting year for GLS, principally because following its success at the Almeida, we and our co producers of Tammy Faye had been working towards transferring the production to Broadway, rather than the West End as originally contemplated.
Rehearsals commenced in September 2024 and the production opened in November 2024. Sadly whilst all the co producers felt that the production and its cast excelled on Broadway, the critics were very unkind and did not see it in that light, and the bad press resulted in closure of the production when only a few performances had taken place.
We have reflected this in these accounts with write downs of our assets resulting in a significant loss for the year, which is more than disappointing, but that illustrates the rationale for historically caveating our sector as extremely volatile at best.
S A Greene
Chairman
GREENE LIGHT STAGE PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present the strategic report for the year ended 31 December 2024.
Review of business
The company profit and loss account for the year is set out on page 10.
The year to 31 December 2024 reflects a reduction in trading levels from 2023.
The directors have reviewed the carrying value of its investment in Rocket Stage Limited. Given the decision to cease production of Tammy Faye in December 2024, the directors believe the investment of £751,299 has been impaired. Therefore, a full provision has been made against the investment of £751,299 and the related trading balance of £185,661 written off.
Principal risks and uncertainties
The risk implications of business decisions affecting the company are considered by the directors. Key operational management will also be involved in day to day management of the business. The directors and the management team re-assess these risks on a regular basis to ensure that any risks arising from changes in the company's operations or the external environment are identified and appropriately managed. The detailed individual risks have been categorised into the following areas:
taxation;
management;
financing;
economic climate;
regulatory changes;
The nature of the specific risk area and related controls are as follows:
Taxation risk
The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT.
Principal controls
These include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector-specific professional advisors to mitigate the impact of changes.
Management risk
The company is reliant on its small high calibre team of operational managers and board of directors.
The company made a significant investment in Rocket Stage, a joint venture arrangement. However, this has been fully impaired at the balance sheet date. The company does not have day-to-day operational control of the joint venture and the success of the projects undertaken by the joint venture is therefore dependent on the management of the joint venture and the continued future co-operation and financial support of the partners in the joint venture.
Principal controls
The board have tried to ensure that the knowledge base of the operational team is shared as much as possible throughout the company. The company also seeks the advice of external consultants who are experts in their field.
GREENE LIGHT STAGE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Financing risk
The company is reliant on its shareholders to raise ordinary share capital to meet its ongoing costs and future liabilities.
See also Financial instruments.
Economic climate
The UK and world economies remain uncertain following two years of rising cost of living and increases in interest rates. These factors will be closely monitored by management and its impact on Greene Light Stage Plc meeting its business objectives.
Theatre industry risk
It is well known in the theatre industry that it is particularly difficult to predict how well a production will perform financially and a principal risk therefore is that losses are made on productions. The potential impact of this risk is mitigated through having co-production partners who take on a commitment to a share in any losses sustained but also a corresponding proportionate share of any profits made.
Regulatory changes
Any changes in legislation are monitored and the business model is adapted to take into account any impact.
Financial instruments
The company uses financial instruments other than derivatives, comprising cash and various other financial assets and liabilities such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk and liquidity risk.
The directors review and agree policies for managing each of these risks and they are summarised below.
Interest rare risk
The company makes use of money market facilities where funds are available. There are no bank borrowings and hence the company is not exposed to interest rate risk on borrowings.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company finances its operations through shareholders funds and other external investors, when required.
Foreign currency risk
The company's principal foreign currency exposures arise from trading operations in overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts, if appropriate.
GREENE LIGHT STAGE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Key performance indicators
The directors measure the success of the company by looking at growth in turnover and gross profit margin and profit before taxation.
The company considers its main key performance indicators to be:
shows that we manage over the coming twelve months to continue running for a number of weeks specified in cash flows;
shows that we produce within the next three years to cover their running costs each week and contribute to paying back any capitalisation; and
overhead expenditure over the next 12 months not to increase above a level forecast in budgets unless more contracts are won.
Other information and explanations
The position of the company at the year end
As shown in the company profit and loss account on page 10, the reported loss of £1,049,340 after tax (2023: £35,799 profit) represents the company's results of the year's activities. The balance sheet on page 12 of the financial statements show the company's financial position,with net liabilities of £36,564 (2023: £1,012,776 net assets).
Promoting the success of the company
This section serves as our s172 statement and should be read in conjunction with the whole Strategic Report. s172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the company's employees and other stakeholders including the impact of its activities on the community, the environment and the company's reputation when making decisions. The directors act in good faith and fairly between members and consider what is most likely to promote the success in the long term for all of its members.
Our principal stakeholders are engaged with on a regular basis. With regards to our shareholders this includes regular meetings and we engage in constant dialogue with our workforce and our suppliers.
S Rosen Consulting Limited
Director
31 March 2025
GREENE LIGHT STAGE PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of staging, managing and investing in theatrical productions.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Daldry
T Mouganie
S A Greene
S Rosen Consulting Limited
L Bourne
B Bourne
Directors' insurance
Greene Light Stage Plc maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Auditor
In accordance with the company's articles, a resolution proposing that Gerald Edelman LLP be reappointed as auditor of the company will be put at a General Meeting.
Section 656 - Companies Act 2006
As required by section 656 of the Companies Act 2006, the directors are required to point out that the net assets of the company at 31 December 2024 were less than 50 per cent of its called up share capital.
GREENE LIGHT STAGE PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2024.
On behalf of the board
S Rosen Consulting Limited
Director
31 March 2025
GREENE LIGHT STAGE PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENE LIGHT STAGE PLC
- 7 -
Opinion
We have audited the financial statements of Greene Light Stage plc (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
GREENE LIGHT STAGE PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENE LIGHT STAGE PLC
- 8 -
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2024.
We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.
The extent to which the audit was considered capable of detecting irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
The engagement lead ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals; misappropriation of assets, over-stating fixed asset investments.
Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, tax legislation, data protection, anti-bribery, employment, health and safety and Money Laundering Act.
GREENE LIGHT STAGE PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENE LIGHT STAGE PLC
- 9 -
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
Tested unusual journal entries for appropriateness to cover the assessed risk of management override of controls.
Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias.
Investigated the rationale behind significant or unusual transactions.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Greene Light Stage plc.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Saskia Harrison (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP
31 March 2025
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
GREENE LIGHT STAGE PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
104,022
280,610
Administrative expenses
(424,784)
(247,035)
Operating (loss)/profit
4
(320,762)
33,575
Interest receivable and similar income
7
59,014
2,224
Interest payable and similar expenses
8
(36,293)
Exceptional item - impairment of fixed asset investment
9
(751,299)
(Loss)/profit before taxation
(1,049,340)
35,799
Tax on (loss)/profit
10
(Loss)/profit for the financial year
(1,049,340)
35,799
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GREENE LIGHT STAGE PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
(Loss)/profit for the year
(1,049,340)
35,799
Other comprehensive income
-
-
Total comprehensive income for the year
(1,049,340)
35,799
GREENE LIGHT STAGE PLC
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
1
751,400
Current assets
Debtors
14
47,378
249,849
Cash at bank and in hand
141,597
119,075
188,975
368,924
Creditors: amounts falling due within one year
15
(225,540)
(107,548)
Net current (liabilities)/assets
(36,565)
261,376
Net (liabilities)/assets
(36,564)
1,012,776
Capital and reserves
Called up share capital
17
4,459,991
4,459,991
Share premium account
814,986
814,986
Capital redemption reserve
56,187
56,187
Other reserves
1,385,190
1,385,190
Profit and loss reserves
(6,752,918)
(5,703,578)
Total equity
(36,564)
1,012,776
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
S Rosen Consulting Limited
Director
Company registration number 02863873 (England and Wales)
GREENE LIGHT STAGE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
4,459,991
814,986
56,187
1,385,190
(5,739,377)
976,977
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
35,799
35,799
Balance at 31 December 2023
4,459,991
814,986
56,187
1,385,190
(5,703,578)
1,012,776
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
-
(1,049,340)
(1,049,340)
Balance at 31 December 2024
4,459,991
814,986
56,187
1,385,190
(6,752,918)
(36,564)
GREENE LIGHT STAGE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(199)
(105,057)
Interest payable
(36,293)
Net cash outflow from operating activities
(36,492)
(105,057)
Investing activities
Proceeds from disposal of tangible fixed assets
951
Interest receivable
59,014
2,224
Net cash generated from investing activities
59,014
3,175
Net increase/(decrease) in cash and cash equivalents
22,522
(101,882)
Cash and cash equivalents at beginning of year
119,075
220,957
Cash and cash equivalents at end of year
141,597
119,075
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Greene Light Stage plc is a public company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ. The principal place of business was 47 Frith Street, Soho, London, W1D 4HT.
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.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The balance sheet shows that the company has net current trueliabilities of £36,565 (2023: 261,376 net current assets) and net liabilities of £36,564 (2023: £1,012,776 net assets). The company has utilised cash reserves to fund its operations in the year.
The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern.
On the basis of their assessment of the company's financial position, the company's directors have an expectation that the company will continue in operational existence for the foreseeable future. As such, the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents income from the company's activities net of VAT. Income from productions, royalties and managerial services are recognised in the period to which they relate.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Impairment of financial assets
Financial assets, other than those held at fair value through the profit and loss account, 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 the profit and loss account.
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 the profit and loss account.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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 the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fixed asset investments
Fixed asset investments includes capital invested in future productions, stated at their fair value as at the reporting date. The directors have used their experience of the theatre industry to assess an appropriate value, which they feel is reliable and on a conservative basis. At each reporting period end date, an impairment assessment is carried out.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Income from productions
104,022
107,010
Theatre management
-
173,600
104,022
280,610
2024
2023
£
£
Turnover analysed by geographical market
UK
104,022
103,900
North America
-
176,710
104,022
280,610
2024
2023
£
£
Other revenue
Interest income
59,014
2,224
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange differences
6
4
Depreciation of owned tangible fixed assets
-
1,312
Loss on disposal of tangible fixed assets
-
2,505
Loss on disposal of shares in fixed asset investment
100
Operating lease charges
4,784
7,176
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
13,000
For other services
All other non-audit services
13,500
18,000
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
1
-
Production
-
4
Total
1
4
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
48,500
137,760
Social security costs
5,438
15,408
Pension costs
2,168
6,808
56,106
159,976
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,765
2,224
Other interest income
57,249
Total income
59,014
2,224
Investment income includes the following:
Interest receivable
1,765
2,224
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable
36,293
9
Exceptional item
The directors have reviewed the carrying value of its investment in Rocket Stage Limited. Given the decision to cease production of Tammy Faye in December 2024, the directors believe the investment of £751,299 has been impaired. Therefore, a full provision has been made against the investment.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Taxation
2024
2023
£
£
(Loss)/profit before taxation
(1,049,340)
35,799
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(262,335)
6,802
Tax effect of expenses that are not deductible in determining taxable profit
196,594
1,349
Unutilised tax losses carried forward
65,741
Tax losses brought forward utilised in the year
(8,151)
Taxation charge for the year
-
-
The company has estimated losses of £1,445,000 (2023: £1,058,000) available for carry forward against future trading profits.
The company has an unrecognised deferred tax asset of £361,000 (2023: £264,475) relating to tax losses.
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
1
101
Investments in associates
12
751,299
1
751,400
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024
1,680,610
Disposals
(100)
At 31 December 2024
1,680,510
Impairment
At 1 January 2024
929,210
Impairment losses
751,299
At 31 December 2024
1,680,509
Carrying amount
At 31 December 2024
1
At 31 December 2023
751,400
12
Associates
Details of the company's associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Rocket Stage Limited
England & Wales
Performing arts
B Ordinary
13.70
During the year, the company reduced its shareholding of Rocket Stage Limited to 13.70% (2023: 25%) in fulfilment of its contingent liability.
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
GLS US Investments Limited
England and Wales
Staging and managing theatrical productions -Dormant
Ordinary
100.00
These investments are held directly by the company and voting rights are in proportion to the percentage of shares held, as disclosed above.
The company had a shareholding of 100% In GR Musicals Limited, but it was dissolved in August 2024.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,786
Other debtors
7,592
75,617
Prepayments and accrued income
25,927
47,378
101,544
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
148,305
Total debtors
47,378
249,849
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,200
7,556
Taxation and social security
2,223
6,616
Other creditors
128,212
40,362
Accruals and deferred income
84,905
53,014
225,540
107,548
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,168
6,808
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
113,058,776
113,058,776
1,130,587
1,130,587
Deferred issue 1 of 40p each
5,469,264
5,469,264
2,187,706
2,187,706
Deferred issue 2 of 9p each
12,685,544
12,685,544
1,141,698
1,141,698
131,213,584
131,213,584
4,459,991
4,459,991
The Ordinary shares have full voting and capital distribution rights. The deferred shares have no rights to distributions or to receive notice, attend or vote at any general meetings.
18
Ultimate controlling party
S Greene is the ultimate controlling party by virtual of her shareholding.
19
Related party transactions
The company has taken advantage of the exemption available under FRS 102 section 33 whereby it has not disclosed any transactions and balances with any wholly owned group companies.
At the year end an amount of £nil (2023: £148,305) was due from Rocket Stage Limited, an entity in which Greene Light Stage Plc has a 13.70% (2023: 25%) shareholding. This balance was provided interest free.
Included within other creditors at the year end is an amount of £120,362 (2023: £40,362) due to the director S A Greene. This balance has been provided unsecured, interest free and is effectively repayable on demand.
Included within accruals at the year end is an amount of £34,014 (2023: £34,014) due to the director S A Greene for interest accrued on the convertible loan note. This balance has been provided unsecured, interest free and is effectively repayable on demand.
GREENE LIGHT STAGE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
20
Cash absorbed by operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,049,340)
35,799
Adjustments for:
Other interest payable
36,293
Other interest receivable
(59,014)
(2,224)
Loss on disposal of tangible fixed assets
-
2,505
Loss on disposal of shares in fixed asset investment
100
Impairment of fixed asset investment
751,299
Depreciaton of tangible fixed assets
1,312
Movements in working capital:
Decrease in debtors
202,471
18,438
Increase/(decrease) in creditors
117,992
(160,887)
Cash absorbed by operations
(199)
(105,057)
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
119,075
22,522
141,597
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