CAMPFIRE MASQUERADE LIMITED


Directors	S A P Friedman
	J F Johnson
	S Wagner


Registered Address	7 Savoy Court
	London
	WC2R 0EX


Registered Number	16206743 (England and Wales)

Notes to the Financial Statements
for the period ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The principal accounting policies are set out below. The company has taken the following exemptions under the small companies regime: The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv). The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d) The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).  The principal accounting policies are set out below.  

The company has taken the following exemptions under the small companies regime:									
The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).								
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d)							
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.								
									
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

	Going concern
	The Company was formed to invest in the theatrical production of Stereophonic which closed during the period. At the time of approving the financial statements, the directors are intending to dissolve the company in the coming months as it is considered surplus to requirements.

	Turnover policy
	Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Current taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

	Deferred tax
	Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

	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. Investment in theatrical productions consist of non-recourse loans advanced to a production which are repayable out of the profit of the production. These investments are initially measured at fair value which is normally the transaction price. In general fair values subsequent to initial investment cannot be measured reliably so investments in theatrical productions are subsequently measured at cost less impairment.

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.

Investment in theatrical productions consist of non-recourse loans advanced to a production which are repayable out of the profit of the production. These investments are initially measured at fair value which is normally the transaction price. In general fair values subsequent to initial investment cannot be measured reliably so investments in theatrical productions are subsequently measured at cost less impairment.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	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.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.

	Share capital
	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.

2.	Average number of employees
	The average monthly number of persons (including directors) employed by the company during the period was nil. Directors are not remunerated by the Company.


		2025
	Average number of employees during the year	0

3.	Fixed asset investments
	Subsidiaries: Take 22 Limited Nature of Business Class of shares held % held Address Theatrical Productions Ordinary 100 7 Savoy Court, London, WC2R 0EX

	Investments in groups¹	Total
	£	£
Cost or valuation
Additions	1	1
At 31 December 25	1	1
Net book value
At 31 December 25	1	1

	Notes
	¹Investments in group undertakings and participating interests

4.	Debtors: amounts due within one year

		2025
		£
	Amounts owed by group undertakings	1
	Total	1

5.	Current asset investments
	Investment in theatrical productions: Cost or valuation: Balance at 24 January 2025 - Additions 3,000,000 Return of capital - Balance at 31 December 2025 3,000,000 Impairment: Balance at 24 January 2025 - Provisions made 1,607,243 Provisions reversed - Balance at 31 December 2025 1,607,243 Net Book Value: At 31 December 2025 1,392,757

6.	Creditors: amounts due within one year

		2025
		£
	Amounts owed to related parties	1,118
	Other creditors	1,392,757
	Total	1,393,875

7.	Share capital
	2025 1 Ordinary Share of £1 1 Ordinary Share of £1 was issued on incorporation

8.	Events after reporting date
	There have been no significant events affecting the Company since the year end.

9.	Related party transactions
	The company has taken the exemption set out in Section 33 paragraph 33.1A of FRS 102 not to disclose related party transactions between wholly-owned group members.

10.	Controlling party
	There is no ultimate controlling party.

11.	Parent-subsidiary relationships
	The immediate and ultimate parent company is Stereophonic UK LLC, a company incorporated in the USA.

12.	Change in reporting period and impact on comparability
	The company was incorporated on 24 January 2025. The reporting period date of 31 December has been chosen to align with reporting requirements of the parent company.

	Notes	2025
		£	£
Fixed assets
Investments	3		1
			1
Current assets
Debtors	4	1
Current asset investments	5	1,392,757
Cash at bank and on hand		1,117
		1,393,875
Creditors amounts falling due within one year	6	(1,393,875)
Total assets less current liabilities			1
Net assets			1
Capital and reserves
Called up share capital			1
Shareholders' funds			1