JB UK Touring Ltd
Unaudited Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 08865535 (England and Wales)
JB UK Touring Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
JB UK Touring Ltd
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
175
175
Current assets
Debtors
6
234,741
67,126
Cash at bank and in hand
35,612
10,870
270,353
77,996
Creditors: amounts falling due within one year
7
(315,117)
(242,951)
Net current liabilities
(44,764)
(164,955)
Net liabilities
(44,589)
(164,780)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(44,591)
(164,782)
Total equity
(44,589)
(164,780)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 March 2022 and are signed on its behalf by:
E M Strong
Director
Company Registration No. 08865535
JB UK Touring Ltd
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
JB UK Touring Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 as applicable to companies subject to the small companies regime.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted 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
.
1.2
Going concern
The company made a loss of £120,191 for the year ended 31 December 2021, and is in a net liabilities position of £44,589 at 31 December 2021. The company is supported in its operations by a loan from its parent company Dodgers Theatricals Limited of £201,059. Dodgers Theatricals Limited has confirmed that it will not require repayment of this loan within a period of 12 months commencing on the date of signature of these accounts unless the company is able to do so without impacting on its ability to pay its other liabilities as they fall due. Furthermore it will provide such additional support as is necessary to enable the company to meet its ongoing liabilities as they fall due for the same period. Thus the
true
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue derived from services to theatrical productions is recognised when a right to consideration has arisen through performance of that service. Consideration generally accrues evenly over the period of delivery of the service. Profit share entitlements from theatrical investments are accrued as they arise.
JB UK Touring Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.4
Fixed asset 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
.
1.5
Cash at bank and in hand
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.
1.6
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.
1.7
Equity instruments
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
JB UK Touring Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JB UK Touring Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 5
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
1
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
9,433
4
Fixed asset investments
2021
2020
£
£
Investments
175
175
JB UK Touring Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
4
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 & 31 December 2021
175
Carrying amount
At 31 December 2021
175
At 31 December 2020
175
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
JB UK Tour II Productions Limited
1
Ordinary
87.50
Registered office addresses (all UK unless otherwise indicated):
1
Charlotte Building, 17 Gresse Street, London, W1T 1QL
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
73,700
30,539
Other debtors
161,041
36,587
234,741
67,126
JB UK Touring Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,860
4,157
Amounts owed to group undertakings
201,059
201,059
Corporation tax
9,433
Other taxation and social security
14,308
3,417
Other creditors
85,457
34,318
315,117
242,951
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
23,013
10
Related party transactions
During the year the company made
sales
of £
32,100
(
2020: £nil
)
to
JB UK Tour
II Productions
Ltd
, a subsidiary of JB UK Touring Limited
.
Profit
shares of £
36,333
(20
20
: £
nil
)
were declared
from
JB UK Tour
II Productions
Ltd
to the company.
Dividends of £
2,278
(
2020: £nil
) were
declared
to the company from
JB UK Tour
II Productions
Ltd. At the year end
the company
was
owed
£73,700
(20
20
: £
30,539
)
by
JB UK Tour
II Productions
Ltd.
11
Parent company
The immediate and ultimate parent company is Dodgers Theatricals, Limited, a company registered in the USA. Its registered address is 311 West 43rd Street, New York, NY 10036. The directors consider there is no ultimate controlling party.