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Registered number: 15081277 TEGAN SUMMER THEATRICALS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 AUGUST 2024
TEGAN SUMMER THEATRICALS LIMITED REGISTERED NUMBER: 15081277 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Tangible assets | 4 |  | 1,186
|  |  | 1,186
Current assets |  |  |
Stocks | 5 | 101,695 |
Debtors: amounts falling due within one year | 6 | 27,149 |
Cash at bank and in hand |  | 2,144 |
Current Liabilities |  | 130,988 |
Creditors: amounts falling due within one year | 7 | (213,442) |
Net current liabilities |  |  | (82,454)
Total assets less current liabilities |  |  | (81,268)
Net liabilities |  |  | (81,268)
Capital and reserves |  |  |
Called up share capital | 8 |  | 100
Profit and loss account |  |  | (81,368)
|  |  | (81,268)
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TEGAN SUMMER THEATRICALS LIMITED REGISTERED NUMBER: 15081277 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 AUGUST 2024 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 October 2025.
T Summer
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
TEGAN SUMMER THEATRICALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024
1. | General information
Tegan Summer Theatricals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124 Finchley Road, London, United Kingdom, NW3 5JS. The company was incorporated and commenced trading on 18 August 2023. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The Company's functional and presentational currency is GBP.
| 2.2 | Going concern
Included in other creditors are loans totalling £122,044 which are only recoupable if the company’s theatrical productions are profitable. In order to continue trading it is dependent on the continued financial support of its director, T Summer, who has confirmed his intention to continue to support the company for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of the aforementioned support
| 2.3 | Revenue
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of theatre tickets is recognised on the date the performance takes place. Statements are received in arrears of the performance date, therefore an adjustment is made at the year end and income is accrued accordingly.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
TEGAN SUMMER THEATRICALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 2.Accounting policies (continued)
| 2.5 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 25% |
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.
| 2.6 | Stocks- Production costs
The company capitalises production costs incurred subsequent to the opening of a new production to the extent that the directors have a reasonable belief that the production will recoup. All relevant expenditure is capitalised as production costs and the company does not distinguish between the cost of physical assets, such as the set, and the development of broader aspects of the show, as the distinction is not useful and the expenditure is considered as a whole. The amortisation period commences from the date of opening of the production. The estimated life of the production is under continual re-assessment, with the impact of any changes to the estimated life on the amortisation period being accounted for prospectively.
| 2.7 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 4
TEGAN SUMMER THEATRICALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 2.Accounting policies (continued)
| 2.7 | Financial instruments (continued)
Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the period was 2.
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TEGAN SUMMER THEATRICALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| Additions | 1,265
| At 31 August 2024 | 1,265
| Depreciation |
| Charge for the period | 79
| At 31 August 2024 | 79
| Net book value |
| At 31 August 2024 | 1,186
5. | Stocks
|  |  |  |  | 2024
|  |  |  |  | £
| Production costs | 101,695
6. | Debtors
|  |  |  |  | 2024
|  |  |  |  | £
| Other debtors | 27,149
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024
|  |  |  |  | £
| Other creditors | 205,442
| Accruals and deferred income | 8,000
|  | 213,442
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TEGAN SUMMER THEATRICALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024
8. | Share capital
|  |  |  |  | 2024
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 100 Ordinary shares of £1 each | 100
On incorporation the company issued 100 Ordinary shares of £1 for cash at par.
9. | Related party transactions
| At the reporting date the company owed £26,000 to T Summer, the director of the company. The balance was provided interest free and is repayable on demand. Timeless Stage & Screen LLC During the year the Company has made payments on behalf of Timeless Stage & Screen LLC, a company registered in New York under common control of T Summer, the Director. At the reporting date Timeless Stage & Screen LLC owed £20,708 to the company. The balance was provided interest free and is repayable on demand. Mozart Her Story Limited During the year the Company has made payments and received investment funds on behalf of Mozart Her Story Limited, a company under common control of T Summer, the director. At the reporting date, the Company owed £52,398 to Mozart Her Story Limited. The balance was provided interest free and is repayable on demand.
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