Caseware UK (AP4) 2024.0.164 2024.0.164 2025-09-30 2025-09-30 2024-10-01 true false theatrical productions 31 40 true false 10535553 2024-10-01 2025-09-30 10535553 2023-10-01 2024-09-30 10535553 2025-09-30 10535553 2024-09-30 10535553 c:Director1 2024-10-01 2025-09-30 10535553 d:CurrentFinancialInstruments 2025-09-30 10535553 d:CurrentFinancialInstruments 2024-09-30 10535553 d:CurrentFinancialInstruments d:WithinOneYear 2025-09-30 10535553 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 10535553 d:ShareCapital 2025-09-30 10535553 d:ShareCapital 2024-09-30 10535553 d:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 10535553 d:RetainedEarningsAccumulatedLosses 2025-09-30 10535553 d:RetainedEarningsAccumulatedLosses 2024-09-30 10535553 c:OrdinaryShareClass1 2024-10-01 2025-09-30 10535553 c:OrdinaryShareClass1 2025-09-30 10535553 c:OrdinaryShareClass1 2024-09-30 10535553 c:FRS102 2024-10-01 2025-09-30 10535553 c:Audited 2024-10-01 2025-09-30 10535553 c:FullAccounts 2024-10-01 2025-09-30 10535553 c:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 10535553 c:SmallCompaniesRegimeForAccounts 2024-10-01 2025-09-30 10535553 e:PoundSterling 2024-10-01 2025-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10535553 LONDON THEATRE COMPANY STAGING LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
LONDON THEATRE COMPANY STAGING LIMITED REGISTERED NUMBER: 10535553 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 17,057,408 |  | 16,666,422 |
Cash at bank and in hand |  | 194,044 |  | 121,511 |
|  | 17,251,452 |  | 16,787,933 |
Creditors: amounts falling due within one year | 5 | (13,838,508) |  | (14,773,931) |
Net current assets |  |  | 3,412,944 |  | 2,014,002
Total assets less current liabilities |  |  | 3,412,944 |  | 2,014,002
Net assets |  |  | 3,412,944 |  | 2,014,002
Capital and reserves |  |  |  |  |
Called up share capital | 6 |  | 1 |  | 1
Profit and loss account | 7 |  | 3,412,943 |  | 2,014,001
|  |  | 3,412,944 |  | 2,014,002
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 by:
N F Starr
Director
Date: 5 March 2026
The notes on pages 2 to 7 form part of these financial statements. Page 1
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
The principal activity of the Company is staging theatrical productions. The Company is a private company limited by shares and is incorporated in England and Wales. The registered office address is C/O Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, United Kingdom, SE1 2AU. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Exemption for qualifying entities under FRS 102
FRS 102 allows a qualifying entity certain disclosure exemptions. Subject to certain conditions which have been complied with, including notification of, and no objection to, the use of exemptions by the Company. The Company has taken advantage of the following exemptions, under FRS 102 paragraph 1. 12(b) on the basis that it is a qualifying entity and the ultimate parent undertaking, London Theatre Company Holdings London Limited, includes the equivalent disclosures in its own consolidated financial statements. These exemptions are: a) the requirement to prepare a statement of cash flows; b) the non-disclosure of key management personnel compensation in total as required by FRS 102 paragraph 33, 7.
| 2.3 | Going concern
The directors have assessed whether the Company has adequate resources to meet its obligations as they fall due for the period covering 12 months from the date of the approval of these financial statements, considering in particular challenges that the pandemic and the post-pandemic world have posed for the Company and the wider Group's activities (London Theatre Company Group), upon which the Company is reliant to generate working capital to fund its financial overheads. The Company made a profit for the year of £1,398,942 and had, as at the Statement of Financial Position date, a net asset position of £3,412,944. The Company is reliant on the continued support of its parent ('LTC Holdings'), which has pledged its full support to the Company. LTC Holdings has outstanding shareholder loans, one of £1,200,000 which was advanced pre-pandemic to facilitate cash flow management and a second provided within this year of £450,000, as well as £6.4m in debt from the Culture Recovery Fund. To assist with cashflow management, a further loan of £1,200,000 was taken out to manage the time between cashflow need and the receipt of the Theatre Tax Credit from HMRC. The Board undertakes scenario planning and financial cashflow modelling on an ongoing basis, Page 2
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern (continued)
covering at least 12 months from the date of signing of the financial statements, to ensure they keep abreast of the group’s financial position. In light of all the above, the directors have prepared these accounts on a going concern basis.
| 2.4 | Revenue
Revenue is generated from commission, where London Theatre Company Productions Ltd ("Productions") commissions London Theatre Company Staging Ltd to produce each production. Revenue is recognised on a production by production basis, on the date of the press night, as this is when the Company has fulfilled its obligation under the terms of the production commissioning agreement.
| 2.5 | Finance costs
Finance costs are charged to the Statement of Income and Retained Earnings 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.
| 2.6 | Taxation
Tax is recognised in Statement of Income and Retained Earnings 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.
| 2.7 | Production costs
Costs for future productions, including rehearsal costs, creative team fees and the cost of materials, are accounted for as work in progress and are released when the revenue from a specific production is received, subject to any impairment adjustment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 3
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and other debtors and creditors and loans to and from related parties. (i) Financial assets Basic financial assets, including other debtors, and amounts due from related companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset and 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 31 (2024 - 40).
Page 4
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 14,731,307 | 15,802,558
| Other debtors | 250,770 | 144,217
| Prepayments and accrued income | 1,679,125 | 662,469
| Production work in progress | 396,206 | 57,178
|  | 17,057,408 | 16,666,422
| Amounts owed by group companies are unsecured, interest free and repayable on demand.
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Petty cash | - | 6
| Trade creditors | 402,189 | 350,677
| Amounts owed to group undertakings | 12,049,671 | 13,968,570
| Amounts owed to other participating interests | 1,200,000 | -
| Other taxation and social security | 27,865 | 67,511
| Other creditors | 10,240 | 32,918
| Accruals and deferred income | 148,543 | 354,249
|  | 13,838,508 | 14,773,931
| Amounts owed to group companies are unsecured, interest free and repayable on demand. Included in other loans, a new loan was issued by a connected company of £1,200,000, payable in May 2026, nterest-free, however further charges were advanced in lieu of interest. The loan was advanced as bridging facility pending receipt of the Company's Theatre Tax Relief claim.
6. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £0.01 each | 1 | 1
Page 5
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 6.Share capital (continued)
7. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
8. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £9,259 (2024: £30,500) were payable to the fund at the Statement of Financial Position date and are included in creditors. 9.Other financial commitments A loan received by the parent company is secured by a first fixed and floating charge against all the property and assets of the company. A loan received by the Company is secured by fixed charges over the copyrights, production accounts, insurance, equipment, and UK tax credits, plus a floating charge over all assets of the Company.
10. | Related party transactions
| Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings on the grounds that consolidated financial statements are prepared by the immediate parent company and are publicly available. Amounts owed to other participating interests of £1,200,000 (2024: £Nil) owed to a company with common directors.
11. | Controlling party
The Company is a wholly-owned subsidiary of London Theatre Company Productions Limited, a company registered in England and Wales. The ultimate parent company is London Theatre Company Holdings. London Theatre Company Holdings Limited prepare consolidated accounts which are available at its Registered Office at C/O Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, United Kingdom, SE1 2AU. There is no ultimate controlling party. Page 6
LONDON THEATRE COMPANY STAGING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Auditors' information
The auditors' report on the financial statements for the year ended 30 September 2025 was unqualified. The audit report was signed on 7 March 2026 by Myfanwy Beynon-Pollitt FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
Page 7