Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-302025-03-30The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.truefalsetruetruetrue65true2024-04-01Operation of arts facilities72falsefalse 02910157 2024-04-01 2025-03-30 02910157 2023-04-03 2024-03-31 02910157 2025-03-30 02910157 2024-03-31 02910157 2023-04-03 02910157 c:CompanySecretary1 2024-04-01 2025-03-30 02910157 c:Director1 2024-04-01 2025-03-30 02910157 c:Director1 2025-03-30 02910157 c:Director2 2024-04-01 2025-03-30 02910157 c:Director2 2025-03-30 02910157 c:RegisteredOffice 2024-04-01 2025-03-30 02910157 d:Buildings d:LongLeaseholdAssets 2024-04-01 2025-03-30 02910157 d:Buildings d:LongLeaseholdAssets 2025-03-30 02910157 d:Buildings d:LongLeaseholdAssets 2024-03-31 02910157 d:PlantMachinery 2024-04-01 2025-03-30 02910157 d:PlantMachinery 2025-03-30 02910157 d:PlantMachinery 2024-03-31 02910157 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2025-03-30 02910157 d:OfficeEquipment 2024-04-01 2025-03-30 02910157 d:OfficeEquipment 2025-03-30 02910157 d:OfficeEquipment 2024-03-31 02910157 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-30 02910157 d:ComputerEquipment 2024-04-01 2025-03-30 02910157 d:ComputerEquipment 2025-03-30 02910157 d:ComputerEquipment 2024-03-31 02910157 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-30 02910157 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-30 02910157 d:CurrentFinancialInstruments 2025-03-30 02910157 d:CurrentFinancialInstruments 2024-03-31 02910157 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-30 02910157 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02910157 e:UnitedKingdom 2024-04-01 2025-03-30 02910157 e:UnitedKingdom 2023-04-03 2024-03-31 02910157 e:RestWorldOutsideUK 2024-04-01 2025-03-30 02910157 e:RestWorldOutsideUK 2023-04-03 2024-03-31 02910157 d:UKTax 2024-04-01 2025-03-30 02910157 d:UKTax 2023-04-03 2024-03-31 02910157 d:ForeignTax 2024-04-01 2025-03-30 02910157 d:ForeignTax 2023-04-03 2024-03-31 02910157 d:ShareCapital 2025-03-30 02910157 d:ShareCapital 2024-03-31 02910157 d:ShareCapital 2023-04-03 02910157 d:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-30 02910157 d:RetainedEarningsAccumulatedLosses 2025-03-30 02910157 d:RetainedEarningsAccumulatedLosses 2023-04-03 2024-03-31 02910157 d:RetainedEarningsAccumulatedLosses 2024-03-31 02910157 d:RetainedEarningsAccumulatedLosses 2023-04-03 02910157 d:AcceleratedTaxDepreciationDeferredTax 2025-03-30 02910157 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02910157 c:OrdinaryShareClass1 2024-04-01 2025-03-30 02910157 c:OrdinaryShareClass1 2025-03-30 02910157 c:FRS102 2024-04-01 2025-03-30 02910157 c:Audited 2024-04-01 2025-03-30 02910157 c:FullAccounts 2024-04-01 2025-03-30 02910157 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-30 02910157 d:WithinOneYear 2025-03-30 02910157 d:WithinOneYear 2024-03-31 02910157 d:BetweenOneFiveYears 2025-03-30 02910157 d:BetweenOneFiveYears 2024-03-31 02910157 d:MoreThanFiveYears 2025-03-30 02910157 d:MoreThanFiveYears 2024-03-31 02910157 2 2024-04-01 2025-03-30 02910157 7 2024-04-01 2025-03-30 02910157 f:PoundSterling 2024-04-01 2025-03-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02910157














MOUSETRAP PRODUCTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
COMPANY INFORMATION


Director
B M Fenty 




Company secretary
M A S Cartwright



Registered number
02910157



Registered office
First Floor
62 Shaftesbury Avenue

London

W1D 6LT




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
MOUSETRAP PRODUCTIONS LIMITED
 

CONTENTS



Page
Strategic Report
 
3
Director's Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 24

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 MARCH 2025

Introduction
 
The directors present their Strategic Report for the period ended 30 March 2025.

Business review
 
The company’s principal activity, the operation of the West End production of Agatha Christie’s The Mousetrap and the management and exploitation of the related rights, maintained a strong performance again, with a 1% increase in turnover compared to the prior period.
On 2 July 2024 the group that the company is a member of was sold and is now under new ownership. On completion of that transaction the previous director stood down and the company is now under new management. The principal activities of the company have remained unchanged since the change in ownership.

Principal risks and uncertainties
 
Risks and uncertainties facing the company consist of the impact of inflation, higher interest rates and ongoing geopolitical tensions on the public within the UK. As a form of entertainment, expenditure on theatre has the potential to be reduced as the continued increase in the cost of living creates an atmosphere of uncertainty for the general public.
While there is a degree of transaction risk arising as a result of the changing of hands of the business, the new owners fully intend to protect the future of The Mousetrap, the world’s longest running play, and to ensure that it retains its position as a destination show.

Financial key performance indicators
 
Management drives business performance through setting clearly defined budgets which derive key performance indicators, taking appropriate action where required to enhance the financial results of the business. The company considers its critical key performance indicator to be revenue, which was £11,923,205 in the period (2024 - £11,774,111) and profit-before-tax, which was £4,245,533 in the period (2024 - £4,932,345).
Other key performance indicators that the director monitors include:
 
Show attendance and advance bookings figures
Operating margins
Overhead expenditure
Spend per head of customers attending the performance.



This report was approved by the board on 30 September 2025 and signed on its behalf.



B M Fenty
Director
Page 3

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 MARCH 2025

The director presents his report and the financial statements for the period ended 30 March 2025.

Director

The director who served during the period was:

B M Fenty (appointed 2 July 2024)
A P Spiegel (resigned 2 July 2024)

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the period, after taxation, amounted to £3,678,770 (2024 - £3,713,056).

Ordinary dividends were paid amounting to £1,828,732 (2024 - £2,112,592). The director does not recommend payment of a further dividend.

Future developments

The company will continue with its current operations. The directors don't anticipate any significant changes to the business over the next financial year.

Page 4

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

Sopher + Co LLP were appointed as statutory auditors during the period. Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 30 September 2025 and signed on its behalf.
 





B M Fenty
Director
Page 5

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUSETRAP PRODUCTIONS LIMITED
 

Opinion


We have audited the financial statements of Mousetrap Productions Limited (the 'Company') for the period ended 30 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 March 2025 and of its profit for the period 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.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUSETRAP PRODUCTIONS LIMITED (CONTINUED)

Other information


The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 or the Director's 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:


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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUSETRAP PRODUCTIONS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the entertainment industry.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 8

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUSETRAP PRODUCTIONS LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

30 September 2025
Page 9

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 MARCH 2025

Period ended
30 March
Period ended
31 March
2025
2024
Note
£
£

  

Turnover
 4 
11,923,205
11,774,111

Cost of sales
  
(6,865,922)
(6,469,349)

Gross profit
  
5,057,283
5,304,762

Administrative expenses
  
(815,447)
(284,182)

Operating profit
  
4,241,836
5,020,580

Interest receivable and similar income
 8 
28,820
120,145

Interest payable and similar expenses
 9 
(25,123)
(208,380)

Profit before tax
  
4,245,533
4,932,345

Tax on profit
 10 
(566,763)
(1,219,289)

Profit for the financial period
  
3,678,770
3,713,056

There was no other comprehensive income for 2025 (2024 - £NIL).

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
MOUSETRAP PRODUCTIONS LIMITED
REGISTERED NUMBER:02910157

STATEMENT OF FINANCIAL POSITION
AS AT 30 MARCH 2025

30 March
31 March
2025
2024
Note
£
£

Fixed assets
 11 

Tangible fixed assets
  
-
165

Current assets
  

Stocks
  
43,828
35,579

Debtors
 13 
3,978,036
1,939,350

Cash at bank and in hand
  
4,379,819
5,351,128

  
8,401,683
7,326,057

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(3,524,683)
(4,298,166)

Net current assets
  
 
 
4,877,000
 
 
3,027,891

Total assets less current liabilities
  
4,877,000
3,028,056

Provisions for liabilities
  

Deferred tax
  
-
(1,094)

  
 
 
-
 
 
(1,094)

Net assets
  
4,877,000
3,026,962


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
  
4,876,900
3,026,862

  
4,877,000
3,026,962


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.




B M Fenty
Director

The notes on pages 13 to 24 form part of these financial statements.
Page 11

 
MOUSETRAP PRODUCTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
100
1,426,398
1,426,498



Profit for the period
-
3,713,056
3,713,056

Dividends
-
(2,112,592)
(2,112,592)



At 1 April 2024
100
3,026,862
3,026,962



Profit for the period
-
3,678,770
3,678,770

Dividends
-
(1,828,732)
(1,828,732)


At 30 March 2025
100
4,876,900
4,877,000


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

1.


General information

Mousetrap Productions Limited is a private limited company registered in England and Wales. The registered address is First Floor, 62 Shaftesbury Avenue, London, W1D 6LT,
The principal activity of the company is the operation of the West End production of Agatha Christie’s The Mousetrap and the management and exploitation of the related rights.
The company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MT SPV Limited as at 30 March 2025 and these financial statements may be obtained from Companies House.

  
2.3

Reporting period

The accounting period end of the Company and the financial statements have been presented for the period 1 April 2024 to 30 March 2025 and the comparatives are presented for the period 3 April 2023 to 31 March 2024 on the basis that the principal activity of the company, the production of the dramatic-musical work 'The Mousetrap', is managed and reports on a weekly basis. The period end is the Sunday nearest to 31 March each year.

Page 13

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.4

Going concern

The company made a profit in the period and at the Statement of Financial Position date had net current assets and net assets. However the company is a guarantor of loan notes payable by MT SPV Limited totalling £15,255,834 that are repayable in June 2026. After the reporting date, the loan notes were refinanced, with a new bank loan facility that is repayable by instalments over 5 years. The company is expected to remain profitable and be able to meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have therefore been prepared under the going concern basis.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from theatrical productions, including theatre tickets and merchandise, are recognised by reference to the performance date. Royalty income is recognised in the period it is receivable.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

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

 
2.9

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Long-term leasehold property
-
Over the period of the lease
Plant and machinery
-
25% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.14

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents, and related party loans.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have not needed to make any key judgments or estimations in the preparation of these financial statements.

Page 16

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

4.


Turnover

The whole of the turnover is attributable to the company's principal activities. 

Analysis of turnover by country of destination:

Period ended
30 March
Period ended
31 March
2025
2024
£
£

United Kingdom
11,715,578
11,564,425

Rest of the World
207,627
209,686

11,923,205
11,774,111



5.


Operating profit

The operating profit is stated after charging:

Period ended
30 March
Period 
ended
31 March
2025
2024
£
£

Depreciation
165
176

Operating lease rentals
1,054,911
1,000,844


6.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Period ended
30 March
Period ended
31 March
2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,500
30,000

Page 17

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

7.


Employees

Staff costs were as follows:


Period ended
30 March
Period 
ended
31 March
2025
2024
£
£

Wages and salaries
1,950,325
1,841,810

Social security costs
88,932
77,886

Cost of defined contribution scheme
61,806
55,191

2,101,063
1,974,887


The average monthly number of employees, including the director, during the period was as follows:


     Period ended
       30 March
     Period ended
        31 March
        2025
        2024
            No.
            No.







Employees
65
72

Director remuneration in the year was £8,855 (2024 - £nil).


8.


Interest receivable

Period ended
30 March
Period ended
31 March
2025
2024
£
£


Bank interest receivable
28,820
120,145

Page 18

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

9.


Interest payable and similar expenses

Period ended
30 March
Period ended
31 March
2025
2024
£
£


Other interest payable
25,123
208,380

25,123
208,380


10.


Taxation


Period ended
30 March
Period ended
31 March
2025
2024
£
£

Corporation tax


Current tax on profits for the year
581,625
1,219,289

Adjustments in respect of previous periods
(13,768)
-


Double taxation relief
(10,381)
(10,484)

557,476
1,208,805

Foreign tax


Foreign tax on income for the year
10,381
10,484

Total current tax

567,857
1,219,289

Deferred tax


Origination and reversal of timing differences
(1,094)
-

Total deferred tax

(1,094)
-


Tax on profit
566,763
1,219,289
Page 19

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
 
10.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

Period ended
30 March
Period ended
31 March
2025
2024
£
£


Profit on ordinary activities before tax
4,245,533
4,932,345


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
1,061,383
1,233,086

Effects of:


Expenses not deductible for tax purposes
12,062
41

Adjustments to tax charge in respect of prior periods
(13,768)
-

Non-taxable income
-
(3,354)

Theatre tax credits
(24,179)
-

Double taxation relief
-
(10,484)

Group relief
(467,641)
-

Deferred tax movement
(1,094)
-

Total tax charge for the period
566,763
1,219,289


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

11.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
18,506
46,799
1,523
30,009
96,837



At 30 March 2025

18,506
46,799
1,523
30,009
96,837



Depreciation


At 1 April 2024
18,506
46,634
1,523
30,009
96,672


Charge for the period on owned assets
-
165
-
-
165



At 30 March 2025

18,506
46,799
1,523
30,009
96,837



Net book value



At 30 March 2025
-
-
-
-
-



At 31 March 2024
-
165
-
-
165


12.


Stocks

30 March
31 March
2025
2024
£
£

Finished goods and goods for resale
43,828
35,579


Page 21

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

13.


Debtors


30 March
31 March
2025
2024
£
£



Trade debtors
120,920
160,128

Amounts owed by group undertakings
3,168,493
1,590,916

Other debtors
302,275
113,036

Prepayments and accrued income
386,348
63,988

Tax recoverable
-
11,282

3,978,036
1,939,350



14.


Creditors: Amounts falling due within one year

30 March
31 March
2025
2024
£
£

Trade creditors
288,771
345,745

Amounts owed to group undertakings
961,929
950,191

Corporation tax
205,166
1,254,239

Other taxation and social security
318,464
352,785

Other creditors
32,686
12,170

Accruals and deferred income
1,717,667
1,383,036

3,524,683
4,298,166



15.


Deferred taxation






2025


£






At beginning of year
1,094


Charged to profit or loss
(1,094)



At end of year
-

Page 22

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
 
15.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

30 March
31 March
2025
2024
£
£


Accelerated capital allowances
-
1,094


16.


Share capital

30 March
31 March
2025
2024
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



17.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. It is a distributable reserve.


18.


Contingent liabilities

The company is a guarantor for loan notes totalling £15,255,834 (2024 - £nil) at the reporting date, payable by MT SPV Limited. The loans are secured by a fixed and floating charge over the assets of the group.
After the reporting date, in June 2025, MT SPV Limited took out a bank loan facility for £14,378,250 and repaid the existing loan notes. The new bank facility is repayable by instalments over 5 years and is secured by a fixed and floating charge over the assets of the group.


19.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,806 (2024 - £55,191). Contributions of £7,618 (2024 - £7,884) were payable to the fund at the reporting date.

Page 23

 
MOUSETRAP PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

20.


Commitments under operating leases

At 30 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 March
31 March
2025
2024
£
£


Not later than 1 year
295,744
295,744

Later than 1 year and not later than 5 years
1,182,976
1,182,976

Later than 5 years
4,954,167
5,249,911

6,432,887
6,728,631

In addition, the company has variable rent, contingent on the company's level of turnover. During the period operating lease costs of £624,443 (2024 - £570,599) were recognised as an expense in the Statement of Comprehensive Income in respect of the contingent rent.
The minimum commitment disclosed above is calculated to the end of the licence term. The licence contains a break clause which allows either party to terminate the agreement if the production of The Mousetrap ceases for a sustained period. There is no indication of this occuring but the disclosed commitment could reduce in the event that this condition is met.


21.


Controlling party

The immediate parent undertaking is ASP MPL Limited, a company registered in England and Wales with registered office address First Floor, 62 Shaftesbury Avenue, London, W1D 6LT. The ultimate parent undertaking is MT SPV Ltd, a company registered in England and Wales with the same registered office address. 
MT SPV Limited is the largest and smallest group which includes the company and for which group accounts are prepared. The consolidated accounts are available from Companies House.
 
Page 24