Registered number: 11930876
PYRAMID THEATRE PRODUCTIONS LTD
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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PYRAMID THEATRE PRODUCTIONS LTD
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CONTENTS
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Notes to the financial statements
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PYRAMID THEATRE PRODUCTIONS LTD
REGISTERED NUMBER:
11930876
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BALANCE SHEET
AS AT
31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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PYRAMID THEATRE PRODUCTIONS LTD
REGISTERED NUMBER:
11930876
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BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2020
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
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
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 profit and loss account 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
:
The notes on pages 3 to 8 form part of these financial statements.
2
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Pyramid Theatre Productions Ltd is a private company, limited by shares, registered in England and Wales, registration number
11930876
. The registered office address is 187 Drury Lane, London, WC2B 5QD.
The principal activity of the company is that of theatrical productions
.
During the period, the company shortened its accounting reference date from 28 February 2021 to 31
December 2020.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The directors are assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. Whilst the directors appreciate there are significant uncertainty surrounding the future economic climate, Pyramid Theatre Productions Limited is well placed to address these impacts.
The company has negotiated their contract with the theatre to continue hosting the musical, The Prince of Egypt, for the foreseeable future, in accordance with the government guidelines permitting the theatre companies to reopen. The directors are hopeful that the production will continue to bring in expected levels of bookings that were received pre COVID-19, once the theatres are allowed to reopen.
Therefore, the accounts have been prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is pound sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
3
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Turnover from theatrical production is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. Grants received in respect of Covid Job Retention scheme and interest on the Bounce Back Loan are included in other operating income.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in profit or loss 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Short term debtors are measured at transaction price, less any impairment.
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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The average monthly number of employees, including directors, during the period was
30
(2020 -
32
)
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Prepayments and accrued income
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Cash and cash equivalents
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5
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loan of £4,167 (February 2020 - £Nil) included in creditors due within one year is a COVID Bounce Back Loan, 100% guaranteed by the government.
The other loan of £719,744 (February 2020 - £764,663) included in creditors due within one year is a loan to the company for the purposes of the production.
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Creditors: Amounts falling due after more than one year
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The bank loan of £45,833 (February 2020 - £Nil) included in creditors due after more than one year is a COVID Bounce Back Loan, 100% guaranteeed by the government.
The other loans of £7,850,000 consists of investor loans received by the company that remain outstanding at the period end. The terms for repayment are that the loans are to be repaid, at such times when the company has available sufficient reserves, after covering it's running costs. Upon full repayment of the loans and at such time as the company has sufficient reserves, the investors will be contractually entitled to a profit share.
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6
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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7
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PYRAMID THEATRE PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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Allotted, called up and fully paid
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2
(February 2020 -
2
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Ordinary
shares of £
1.00
each
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10
(February 2020 - Nil
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Ordinary
shares of £
0.01
each
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10 ordinary shares of £0.01 each were issued on 1 March 2020 at an aggregate nominal value of £0.10.
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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. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,256 (February 2020 - £
14,624
). Contributions totalling £2,375 (February 2020 - £
18,491
) were payable to the fund at the balance sheet date and are included in creditors.
8
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