Company registration number 05493237 (England and Wales)
NIMAX THEATRES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
NIMAX THEATRES LIMITED
COMPANY INFORMATION
Directors
Ms L Burns CBE
Mr M Weitzenhoffer
Secretary
Mr M S Hutchinson
Company number
05493237
Registered office
11 Maiden Lane
London
WC2E 7NA
Auditor
Blinkhorns
27 Mortimer Street
London
W1T 3BL
NIMAX THEATRES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
NIMAX THEATRES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 1 -

The directors present the strategic report and financial statements for the Period ended 29 September 2024.

Review of the business

The principal activity of the company continues to be the management, restoration and refurbishment of the Palace, Garrick, Duchess, Vaudeville, Apollo and Lyric theatres.

 

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties in force.

 

The results for the period are shown on page 9. Turnover rose by 8.2% to £35.5 million (2023 - £32.8 million); Operating profit, prior to capital repayments, rose to £9.7 million (2023 - £7.8 million).

Weekly trading results were consistently strong throughout much of the year. Much of the strong performance for the year was due to the continuation of long running shows. Three of the theatres had productions which played for the whole of the year: the long running shows The Play That Goes Wrong and Harry Potter and the Cursed Child played at the Duchess and Palace theatres respectively and SIX completed its third year at the Vaudeville. All three productions are expected to continue playing for the whole of 2024/25.

 

It was also a successful year for the other theatres. The Apollo hosted The Time Traveller’s Wife, Mind Mangler and the very successful Fawlty Towers, which has extended its run and continues to attract audiences and play to full houses. The Garrick saw Hamnet and a second outing of For Black Boys Who Considered Suicide When The Hue Gets Too Heavy, which played at the Apollo theatre in the previous year. This was followed by Boys From The Blackstuff and Why Am I so Single? At the Lyric, Peter Pan Goes Wrong was succeeded by the much anticipated show, Hadestown, which received very strong levels of advance ticket sales by the time it opened and continues to play in the new financial year.

 

Additional concert and family programmes further helped to utilise capacity at the theatres. Various concerts played during the year and included the Teenage Armageddon series of shows and there was a variety of single night concerts, some with household names such as Ben Fogle, Paul Chaudhry and Jenny Eclair. Making up the company’s audience development programme, The Gruffalo, The Gruffalo’s Child and Horrible Histories played as part of the children and family entertainment aimed at the daytime and school and festive holiday periods.

 

The company continued to invest in its theatres and, despite a full programme of shows playing at all the venues, managed to deliver a programme of maintenance and replacement during the year.

 

Good overall demand for the Nimax shows has helped to underpin strong levels of advance bookings and cash reserves during the year.

Principal risks and uncertainties

The company’s principal risk lies in its ability to attract quality productions in a highly competitive West End market. Despite force majeure situations such as closure due to the pandemic, the strong level of advance sales retained by the group to date demonstrates the resilience of theatregoing demand for quality shows, even under the uncertainties during closure.

 

The Board does not currently consider liquidity or currency risks to be of significance.

NIMAX THEATRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 2 -
Key performance indicators

The company considers its key performance indicators to be: -

 

 

 

 

 

Financial position

At the period end shareholders' funds were £56,012,577 (2023: £49,984,897).

Statement by the directors on performance of their statutory duties in accordance with s172(1) of the Companies Act 2006

The directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members and in doing so have regard, amongst other matters, to the:

 

 

The directors' regard to these matters is embedded in their decision-making process, through the company's business strategy, culture, governance framework, management information flows and stakeholder engagement processes.

 

In setting the Company’s strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the company's performance. The Board also identifies principal risks facing the business and sets risk management objectives.

 

The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Board ensures these core values are communicated to the company's employees and embedded in the company's policies and procedures, employee induction and training programmes and its risk control and oversight framework.

 

The directors are supported in the discharge of their duties by:

 

NIMAX THEATRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 3 -

Stakeholders

The Board recognises that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business.

 

The Board regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and its shareholder, which it takes into account in its discussions and in its decision-making process. In addition to this, the Board seeks to understand the interests and views of the company’s stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how engagement is successfully achieved:

 

Employees

Our employees contribute to a positive working culture and healthy working environment.

Employees are key to the success of our business. In addition to being a responsible employer in the overall wellbeing of our employees, we continue to engage with our team on training and development opportunities to improve our team’s productivity and our individual employees’ potential within the business. Our open and inclusive culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work.

 

Customers

Our producers and their shows are at the centre of our business. Our commercial and theatre operations teams build good relationships with the shows’ production teams to understand their objectives and requirements and ultimately to ensure the successful and consistent staging of the shows. We employ a robust process for planning, implementing and executing the shows which ensures a high and consistent standard of service to our producers.

 

The viewing audiences, whilst at our theatres, receive a high standard of service and the best possible experience from the high standard delivery of our theatre operations before, during and after the show through to the appealing range of drinks and snacks at our comfortable and convenient bars and the comfortable and attractive ambience of our theatre auditoria.

 

Suppliers

We continue to maintain good and longstanding relationships with our suppliers which ensures a consistent and high standard and quality of service to the business.

On behalf of the board

Ms L Burns CBE
Director
29 January 2025
NIMAX THEATRES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the Period ended 29 September 2024.

Principal activities

The principal activity of the company continues to be the management, restoration and refurbishment of the Palace, Garrick, Duchess, Vaudeville, Apollo and Lyric Theatres.

Results and dividends

The results for the Period are set out on page 9.

Ordinary dividends were paid amounting to £1,650,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

Ms L Burns CBE
Mr M Weitzenhoffer
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the relevant factors affecting the company's performance.

Auditor

Blinkhorns were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company is a subsidiary, this information is reported within the parent LLP financial statements.

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.

On behalf of the board
Ms L Burns CBE
Director
29 January 2025
NIMAX THEATRES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 5 -

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:

 

 

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.

NIMAX THEATRES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMAX THEATRES LIMITED
- 6 -
Opinion

We have audited the financial statements of Nimax Theatres Limited (the 'company') for the Period ended 29 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

Basis for opinion

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.

Conclusions relating to 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.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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:

NIMAX THEATRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NIMAX THEATRES LIMITED
- 7 -
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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 intend 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

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  The key laws and regulations we have considered in this context included the Companies Act 2006, pensions and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

 

 

 

 

 

 

 

NIMAX THEATRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NIMAX THEATRES LIMITED
- 8 -

 

 

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

 

 

- The possibility of fraudulent or corrupt payments made through third parties.

 

- The risk of bribery and corruption.

 

- The opportunity to segregate duties within the entity.

 

 

We considered the extent to which the audit was considered capable of detecting irregularities.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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.

Use of our 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.

David Cramer FCA (Senior Statutory Auditor)
For and on behalf of Blinkhorns
29 January 2025
Statutory Auditors
27 Mortimer Street
London
W1T 3BL
NIMAX THEATRES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 9 -
52 weeks
52 weeks
ended
ended
29 September
1 October
2024
2023
Notes
£
£
Turnover
3
35,508,172
32,842,048
Cost of sales
(21,271,162)
(19,992,791)
Gross profit
14,237,010
12,849,257
Administrative expenses
(4,559,704)
(5,104,967)
Other operating income
31,209
30,735
Operating profit
5
9,708,515
7,775,025
Interest receivable and similar income
9
909,057
517,446
Interest payable and similar expenses
10
(13,496)
-
0
Exceptional items
4
(525,000)
(757,501)
Profit before taxation
10,079,076
7,534,970
Taxation
11
(2,401,396)
(1,544,839)
Profit for the financial Period
7,677,680
5,990,131

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NIMAX THEATRES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 10 -
52 Weeks
52 Weeks
ended
ended
29 September
1 October
2024
2023
£
£
Profit for the Period
7,677,680
5,990,131
Other comprehensive income
-
-
Total comprehensive income for the Period
7,677,680
5,990,131
NIMAX THEATRES LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2024
29 September 2024
- 11 -
29 September 2024
1 October 2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
170,000
340,000
Tangible assets
14
6,913,212
6,940,682
Investments
15
24,567,739
24,567,739
31,650,951
31,848,421
Current assets
Stocks
17
153,332
173,129
Debtors
18
17,060,534
17,030,593
Cash at bank and in hand
30,437,846
26,451,244
47,651,712
43,654,966
Creditors: amounts falling due within one year
19
(22,376,234)
(24,478,345)
Net current assets
25,275,478
19,176,621
Total assets less current liabilities
56,926,429
51,025,042
Provisions for liabilities
Deferred tax liability
20
913,852
1,040,145
(913,852)
(1,040,145)
Net assets
56,012,577
49,984,897
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
56,011,577
49,983,897
Total equity
56,012,577
49,984,897
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Ms L Burns CBE
Director
Company registration number 05493237 (England and Wales)
NIMAX THEATRES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 3 October 2022
1,000
43,993,766
43,994,766
Period ended 1 October 2023:
Profit and total comprehensive income
-
5,990,131
5,990,131
Balance at 1 October 2023
1,000
49,983,897
49,984,897
Period ended 29 September 2024:
Profit and total comprehensive income
-
7,677,680
7,677,680
Dividends
12
-
(1,650,000)
(1,650,000)
Balance at 29 September 2024
1,000
56,011,577
56,012,577
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

Nimax Theatres Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Maiden Lane, London, WC2E 7NA.

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 company's accounting period covers the 52 weeks ended 29 September 2024. The comparative period covered the 52 weeks ended 1 October 2023.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Nimax LLP. These consolidated financial statements are available from its registered office at 11 Maiden Lane, London, WC2E 7NA.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over 20 years.

1.5
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.

NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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:

Freehold buildings
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10 - 25% straight line

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 profit or loss.

1.6
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 profit or loss.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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 period. 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.

1.13
Employee benefits

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to profit and loss are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
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.

1.18

Payments received on account

Ticket sales collected on behalf of producers are paid out in the week following the performance, and are treated as payments received on account in the balance sheet.

 

A high proportion of the payments received on account relate to the advance sales to the very popular Harry Potter show.

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Theatre management
35,508,172
32,842,048
2024
2023
£
£
Other significant revenue
Interest income
909,057
517,446
Rental income
31,209
30,735
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
35,508,172
32,842,048
4
Exceptional (income)/ costs
2024
2023
£
£
Exceptional items
525,000
757,501

The exceptional items relate to losses on theatre trading investments.

5
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(248)
249
Depreciation of owned tangible fixed assets
812,455
778,024
Amortisation of intangible assets
170,000
170,000
6
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
59,300
43,700
For other services
Accountancy and taxation compliance services
22,710
24,350
7
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
468
457
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
7
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
12,039,808
11,224,013
Social security costs
1,295,198
1,204,927
Pension costs
340,429
298,017
13,675,435
12,726,957
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
250,000
200,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
250,000
200,000
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
819,821
471,605
Other interest income
89,236
45,841
Total income
909,057
517,446
10
Interest payable and similar expenses
2024
2023
£
£
Other interest
13,496
-
0
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,527,689
1,389,000
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(126,293)
155,839
Total tax charge
2,401,396
1,544,839

The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
10,079,076
7,534,970
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
2,519,769
1,657,693
Tax effect of expenses that are not deductible in determining taxable profit
-
0
188,630
Deferred tax adjustments in respect of prior years
-
0
155,839
Other adjustments
(118,373)
(457,323)
Taxation charge for the period
2,401,396
1,544,839
12
Dividends
2024
2023
£
£
Final paid
1,650,000
-
0
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 22 -
13
Intangible fixed assets
Goodwill
£
Cost
At 2 October 2023 and 29 September 2024
3,400,000
Amortisation and impairment
At 2 October 2023
3,060,000
Amortisation charged for the Period
170,000
At 29 September 2024
3,230,000
Carrying amount
At 29 September 2024
170,000
At 1 October 2023
340,000
14
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 2 October 2023
2,884,110
4,029,833
4,661,381
11,575,324
Additions
-
0
376,081
630,221
1,006,302
Disposals
-
0
(120,553)
(128,763)
(249,316)
At 29 September 2024
2,884,110
4,285,361
5,162,839
12,332,310
Depreciation and impairment
At 2 October 2023
284,580
2,252,698
2,097,364
4,634,642
Depreciation charged in the Period
29,082
334,608
448,765
812,455
Eliminated in respect of disposals
-
0
-
0
(27,999)
(27,999)
At 29 September 2024
313,662
2,587,306
2,518,130
5,419,098
Carrying amount
At 29 September 2024
2,570,448
1,698,055
2,644,709
6,913,212
At 1 October 2023
2,599,530
1,777,135
2,564,017
6,940,682
15
Fixed asset investments
2024
2023
£
£
Unlisted investments
24,567,739
24,567,739
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 23 -
16
Subsidiaries

Details of the company's subsidiaries at 29 September 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Palace Theatre London Limited
England and Wales
Theatre owners and ancillary activities
Ordinary shares
100.00
The aggregate capital and reserves and the result for the period of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
17
Stocks
2024
2023
£
£
Finished goods and goods for resale
153,332
173,129
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,817,655
2,992,111
Amounts owed by group undertakings
1,305,607
1,178,941
Other debtors
11,522,773
12,518,975
Prepayments and accrued income
414,499
340,566
17,060,534
17,030,593
19
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
11,189,240
14,042,322
Trade creditors
2,950,827
1,656,490
Amounts owed to group undertakings
4,358,513
4,358,513
Corporation tax
1,129,348
404,465
Other taxation and social security
1,205,200
1,405,905
Other creditors
843,837
1,058,293
Accruals and deferred income
699,269
1,552,357
22,376,234
24,478,345
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 24 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

2024
Movements in the Period:
£
Liability at 2 October 2023
1,040,145
Credit to profit or loss
(126,293)
Liability at 29 September 2024
913,852

The deferred tax liability is expected to reverse within 12 months and relates to accelerated capital allowances.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
340,429
298,017

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.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
500
500
500
500
Ordinary B shares of £1 each
500
500
500
500
1,000
1,000
1,000
1,000
NIMAX THEATRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2024
- 25 -
23
Related party transactions

Included in debtors is £4,011,831 (2023: £3,268,292 ) due from a company controlled by one of the directors.

 

Included in debtors is £3,035,112 (2023: £3,484,349 ) due from a company controlled by one of the directors. Transactions occurred between the companies during the period in respect of recharged costs and services on normal trading terms.

 

Included in debtors are loans due to the company totalling £3,007,233 (2023: £3,007,224 ) from companies controlled by one of the directors, these loans are interest bearing and in the normal course of trading.

 

During the period, the company incurred rental payments in the amount of £30,000 (2023: £30,000) for the use of office space to a company controlled by one of the directors.

 

 

 

 

 

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