Wicked London Production Limited
Annual Report and Financial Statements
For the Period ended 30 December 2018
Company Registration No. 05710744 (England and Wales)
Wicked London Production Limited
Company Information
Directors
J A Barquet
D J T Bratchell
Secretary
A Mansfield
Company number
05710744
Registered office
c/o Playful Productions
4th Floor
41-44 Great Queen Street
London
WC2B 5AD
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Wicked London Production Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
Wicked London Production Limited
Strategic Report
For the Period ended 30 December 2018
Page 1
The directors present the strategic report for the Period ended 30 December 2018.
Review of business
The principal activity of the company is the production of theatre and musical entertainment.
In view of the challenging economic environment that the economy has operated in during 2017 the directors consider that the company has had a good year. There was a slight decrease in turnover (which excludes VAT and certain commissions) from £24,648,673 in 2017 to £23,778,197 in 2018.
Principal risks and uncertainties
The company faces competitive pressures from other producers in London to stage a successful production which will appeal to a large audience on an ongoing basis. The company carefully manages this risk by using its experience to produce a quality show to a continually high standard which it hopes will continue to be popular with audiences.
Financial Key performance indicators
The key performance indicators that the company uses in operating the business are outlined below. The movement in these indicators is consistent with the financial results reported in these financial statements.
2018
2017
Gross admissions
£30,452,563
£31,711,789
Total seats sold
738,407
762,168
Average ticket price
£42
£42
Show weeks
52
52
J A Barquet
Director
1 October 2019
Wicked London Production Limited
Directors' Report
For the Period ended 30 December 2018
Page 2
The directors present their annual report and financial statements for the Period ended 30 December 2018.
Principal activities
The principal activity of the company is the production of theatre and musical entertainment.
The directors of the company are committed to keeping the production of Wicked on the London stage for as long as the show remains profitable and as at the date of this report, the directors are not aware of any other major changes to this plan in the company's activities for the next financial period.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
J A Barquet
D J T Bratchell
Results and dividends
The results for the Period are set out on page 7.
Ordinary dividends were paid amounting to £1,392,388. The directors do not recommend payment of a further dividend.
Auditor
Moore Kingston Smith LLP 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.
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 auditors are 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 auditors are aware of that information.
Qualifying third party indemnity provisions
The ultimate parent company Comcast Corporation, on behalf of the company, maintains non indemnifiable
D&O insurance, i.e. where a company cannot indemnify its directors and officers under its constitution or local
law.
On behalf of the board
J A Barquet
Director
1 October 2019
Wicked London Production Limited
Directors' Responsibilities Statement
For the Period ended 30 December 2018
Page 3
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements 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 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.
Wicked London Production Limited
Independent Auditor's Report
To the Member of Wicked London Production Limited
Page 4
Opinion
We have audited the financial statements of Wicked London Production Limited
(the 'company')
for the Period ended 30 December 2018 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 December 2018 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.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 statements, 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 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.
Wicked London Production Limited
Independent Auditor's Report (Continued)
To the Member of Wicked London Production Limited
Page 5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors' 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 identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
We have nothing to report in respect of the following matters where 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 directors' 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 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
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 auditor’s 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.
Wicked London Production Limited
Independent Auditor's Report (Continued)
To the Member of Wicked London Production Limited
Page 6
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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
for no purpose other than to draw to the attention of
the company’s members those matters we are required to
include
in an auditor's report
addressed to them.
To the fullest extent permitted by law, we do not accept or assume responsibility to
any party
other than the company and the company’s members as a body, for our work, for this report, or for the opinions we have formed.
Mark Twum-Ampofo (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
3 October 2019
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Wicked London Production Limited
Statement of Comprehensive Income
For the Period ended 30 December 2018
Page 7
Period
Year
ended
ended
30 December
31 December
2018
2017
Notes
£
£
Turnover
3
23,778,197
24,648,673
Cost of sales
(19,843,225)
(20,464,195)
Gross profit
3,934,972
4,184,478
Administrative expenses
(2,458,921)
(2,540,406)
Operating profit
1,476,051
1,644,072
Interest receivable and similar income
7
5,199
1,542
Profit before taxation
1,481,250
1,645,614
Taxation
8
102,942
263,684
Profit for the financial Period
1,584,192
1,909,298
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
Wicked London Production Limited
Balance Sheet
As at 30 December 2018
Page 8
2018
2017
Notes
£
£
£
£
Current assets
Debtors
11
2,357,251
2,508,020
Cash at bank and in hand
1,035,075
1,325,887
3,392,326
3,833,907
Creditors: amounts falling due within one year
12
(1,243,085)
(1,690,585)
Net current assets
2,149,241
2,143,322
Provisions for liabilities
13
(754,851)
(940,736)
Net assets
1,394,390
1,202,586
Capital and reserves
Called up share capital
16
1
1
Profit and loss reserves
1,394,389
1,202,585
Total equity
1,394,390
1,202,586
The financial statements were approved by the board of directors and authorised for issue on 1 October 2019 and are signed on its behalf by:
J A Barquet
Director
Company Registration No. 05710744
Wicked London Production Limited
Statement of Changes in Equity
For the Period ended 30 December 2018
Page 9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2017
1
2,132,758
2,132,759
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
1,909,298
1,909,298
Dividends
9
-
(2,839,471)
(2,839,471)
Balance at 31 December 2017
1
1,202,585
1,202,586
Period ended 30 December 2018:
Profit and total comprehensive income for the period
-
1,584,192
1,584,192
Dividends
9
-
(1,392,388)
(1,392,388)
Balance at 30 December 2018
1
1,394,389
1,394,390
Wicked London Production Limited
Notes to the Financial Statements
For the Period ended 30 December 2018
Page 10
1
Accounting policies
Company information
Wicked London Production Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Playful Productions, 4th Floor, 41-44 Great Queen Street, London, WC2B 5AD.
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of
NBCUniversal Media LLC
.
The financial statements are prepared on a 52 week (and where appropriate 53 week) basis to the Saturday closest to 31 December each year.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The accounts have been prepared up to 30 December 2018 in order to bring it in line with the principal activity of the company that is the production and management of the dramatic-musical work 'Wicked'.
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
1
Accounting policies
(Continued)
Page 11
1.4
Turnover
Turnover
comprises of admissions to the show Wicked, and related merchandise sales.
Admissions
Revenue relating to ticket sales is recognised at the end of the week in which the show is staged.
Revenue is reported on all admissions and is exclusive of VAT. Revenue from admissions is reported
as the amount received by the producer after the theatre have deducted relevant commissions and
banking charges.
Merchandise sales
Revenue relating to merchandise sales is recognised when the sale takes place. Merchandise
revenues represent the producer's share of merchandise sales, exclusive of VAT.
1.5
Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.
1.6
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.
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
1
Accounting policies
(Continued)
Page 12
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
paymen
ts 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. A
m
ounts 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.
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
1
Accounting policies
(Continued)
Page 13
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
s
ubsequently 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 though 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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 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.
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.
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
1
Accounting policies
(Continued)
Page 14
1.9
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Closing provision
The company makes an estimate of the costs which will be incurred when the production closes.
These costs are provided for over the expected length of the production. When assessing the provision, management consider redundancy costs based on length of employment contracts to the date of close and estimated costs to restore the theatre, based on experience gained in prior situations.
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
Page 15
3
Turnover and other revenue
2018
2017
£
£
Turnover analysed by class of business
Theatre admissions and merchandise sales
23,778,197
24,648,673
2018
2017
£
£
Other significant revenue
Interest income
5,199
1,542
2018
2017
£
£
Turnover analysed by geographical market
United Kingdom
23,778,197
24,648,673
4
Auditor's remuneration
2018
2017
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,500
12,050
For other services
All other non-audit services
17,920
17,445
5
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2018
2017
Number
Number
Actors, stage management etc.
147
156
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
5
Employees
(Continued)
Page 16
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
7,288,223
7,436,199
Social security costs
166,644
148,549
Pension costs
141,484
120,774
7,596,351
7,705,522
6
Directors' remuneration
During the year, no director received any emoluments (2017: £nil).
There were no key management personnel employed by the company during the year.
Directors are remunerated through other group companies.
7
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
5,199
1,542
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
5,199
1,542
8
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
(130,964)
(253,136)
Adjustments in respect of prior periods
3,766
-
Total current tax
(127,198)
(253,136)
Deferred tax
Origination and reversal of timing differences
24,256
(10,548)
Total tax credit
(102,942)
(263,684)
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
8
Taxation
(Continued)
Page 17
The actual credit 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:
2018
2017
£
£
Profit before taxation
1,481,250
1,645,614
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.25%)
281,438
316,781
Adjustments in respect of prior years
3,766
-
Other permanent differences
(32,840)
-
Adjustment in theatre tax credit due to difference at which credit is claimied
(4,384)
(9,603)
Theatrical production tax profit adjustment
(330,911)
(560,314)
Deferred tax charge in the profit & loss during the year
24,256
(10,548)
Profit share adjustment
(44,267)
-
Taxation credit for the period
(102,942)
(263,684)
9
Dividends
2018
2017
£
£
Final paid
1,392,388
2,839,471
10
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,246,541
1,666,051
Carrying amount of financial liabilities
Measured at amortised cost
919,292
1,225,937
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
Page 18
11
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,073,167
904,806
Corporation tax recoverable
380,334
266,308
Amounts due from group undertakings
-
515,921
Other debtors
173,374
245,324
Prepayments and accrued income
602,038
423,066
2,228,913
2,355,425
2018
2017
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
128,338
152,595
Total debtors
2,357,251
2,508,020
12
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
316,908
546,304
Amounts due to group undertakings
178,994
125,840
Other taxation and social security
323,793
464,648
Other creditors
37,425
25,777
Accruals and deferred income
385,965
528,016
1,243,085
1,690,585
13
Provisions for liabilities
2018
2017
£
£
Other provisions
754,851
940,736
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
Page 19
14
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:
Assets
Assets
2018
2017
Balances:
£
£
Provisions
128,338
152,595
2018
Movements in the Period:
£
Liability/(Asset) at 1 January 2018
(152,595)
Charge to profit or loss
14,103
Liability/(Asset) at 30 December 2018
(138,492)
The deferred tax asset set out above is expected to reverse within 48 months and relates to the utilisation of tax losses against future expected profits of the same period.
15
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
141,484
120,774
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.
At the year end contributions of £24,218 (2017: £18,830) were unpaid and are accounted for in "other creditors".
16
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
17
Related party transactions
Wicked London Production Limited
Notes to the Financial Statements (Continued)
For the Period ended 30 December 2018
17
Related party transactions
(Continued)
Page 20
The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.
As at the balance sheet date the company owed Universal Pictures Productions Ltd £125,840 (2017: £125,840).
18
Controlling party
The company's immediate parent undertaking is Wicked London LLC, a company incorporated in the United States of America.
The ultimate parent undertaking is Comcast Corporation, a company incorporated in the United States of America.
The smallest group in which the results of the Company will be consolidated is that headed by NBC Universal Media LLC, a company incorporated in the United States of America. The largest group in which the results of the Company are consolidated is that headed by Comcast Corporation. The consolidated financial statements of these companies are available to the public and may be obtained from 30 Rockefeller Plaza, New York, New York 10112 and One Comcast Centre, 1701 John F Kennedy Boulevard, 47th floor, Philadelphia, Pennsylvania 19103, USA or at www.comcast.com
19
Cash generated from operations
2018
2017
£
£
Profit for the Period after tax
1,584,192
1,909,298
Adjustments for:
Taxation credited
(102,942)
(263,684)
Investment income
(5,199)
(1,542)
(Decrease)/increase in provisions
(185,885)
230,502
Movements in working capital:
Decrease/(increase) in debtors
240,538
(169,982)
(Decrease) in creditors
(447,500)
(1,092,112)
Cash generated from operations
1,083,204
612,480
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