Company registration number 11137274 (England and Wales)
PIMLICO OPERA PRODUCTIONS LIMITED
Unaudited financial statements
For the year ended 31 July 2023
Pages for filing with registrar
PIMLICO OPERA PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 4
PIMLICO OPERA PRODUCTIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PIMLICO OPERA PRODUCTIONS LIMITED FOR THE YEAR ENDED 31 JULY 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pimlico Opera Productions Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Pimlico Opera Productions Limited, as a body, in accordance with the terms of our engagement letter dated 22 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Pimlico Opera Productions Limited and state those matters that we have agreed to state to the board of directors of Pimlico Opera Productions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pimlico Opera Productions Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Pimlico Opera Productions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pimlico Opera Productions Limited. You consider that Pimlico Opera Productions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pimlico Opera Productions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WSM Advisors Limited
17 April 2024
Chartered Accountants
Connect House
133-137 Alexandra Road
London
SW19 7JY
PIMLICO OPERA PRODUCTIONS LIMITED
BALANCE SHEET
As at 31 July 2023
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2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
46,718
51,264
Cash at bank and in hand
31,138
19,678
77,856
70,942
Creditors: amounts falling due within one year
5
(154,662)
(7,675)
Net current (liabilities)/assets
(76,806)
63,267
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(76,906)
63,167
Total equity
(76,806)
63,267
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 July 2023 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.
The member has 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 17 April 2024 and are signed on its behalf by:
Mr J G Derrick
Director
Company Registration No. 11137274
PIMLICO OPERA PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2023
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1
Accounting policies
Company information
Pimlico Opera Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Long Barn, Sutton Manor Farm, Bishops Sutton, Alresford, Hampshire, SO24 0AA.
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 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the trustees have undertaken an assessment of the adequacy oftrue the resources available to the company. The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is derived from charging Pimlico Opera for the creation and preparation of theatrical productions and any other income associated with producing a production for Pimlico Opera.
1.4
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.
1.5
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 debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
Tax credits represent Theatre Tax Relief claimable in respect of the creation of theatrical productions.
1.7
Related party transactions
The company has taken advantage of the exemption under FRS 8 "Related Party Disclosures" not to disclose related party transactions with other group companies as it is a 100% owned subsidiary of a UK charity parent.
PIMLICO OPERA PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2023
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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.
3
Employees
The average monthly number of paid employees in the company during the year was:
2023
2022
Number
Number
Total
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
41,214
Other debtors
40
100
Theatre tax relief
46,678
9,950
46,718
51,264
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15
6,450
Taxation and social security
154,097
Other creditors
550
1,225
154,662
7,675
6
Parent company
Pimlico Opera Productions Limited is a wholly owned subsidiary of parent charity Pimlico Opera, charity registration number 1003836.