Universal Stage Productions UK Limited
Financial Statements
For the year ended 31 December 2022
For Filing with Registrar
Company Registration No. 11996226 (England and Wales)
Universal Stage Productions UK Limited
Company Information
Directors
J A Barquet
D A Hodgson
Company number
11996226
Registered office
1 Central St. Giles
St. Giles High Street
London
Camden
England
WC2H 8NU
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
1 Central St. Giles
St. Giles High Street
London
United Kingdom
WC2H 8NU
Universal Stage Productions UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Universal Stage Productions UK Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
6
1
1
Current assets
Debtors
8
484,609
23,671
Investments
9
347,250
747,812
831,859
771,483
Creditors: amounts falling due within one year
10
(10,200)
(12,775)
Net current assets
821,659
758,708
Net assets
821,660
758,709
Capital and reserves
Called up share capital
11
5,917,001
5,841,001
Profit and loss reserves
(5,095,341)
(5,082,292)
Total equity
821,660
758,709
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 7 September 2023 and are signed on its behalf by:
J A Barquet
Director
Company Registration No. 11996226
Universal Stage Productions UK Limited
Statement of Changes in Equity
For the year ended 31 December 2022
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
5,651,001
(5,091,591)
559,410
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
9,299
9,299
Issue of share capital
11
190,000
-
190,000
Balance at 31 December 2021
5,841,001
(5,082,292)
758,709
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(13,049)
(13,049)
Issue of share capital
11
76,000
-
76,000
Balance at 31 December 2022
5,917,001
(5,095,341)
821,660
Universal Stage Productions UK Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Universal Stage Productions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Central St. Giles, St. Giles High Street, London, Camden, England, WC2H 8NU.
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 amounts 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.
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. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Comcast Corporation.
1.2
Going concern
At the balance sheet date, the company made a loss for the period of £13,049 and had net assets at that date of £821,660. The company's main trade is investment in theatrical productions in the UK.
The company has minimal operational outgoings which are funded by fellow subsidiary companies.
The directors have assessed the trading and cash flow forecast for the 12 months from the date of the signing of the accounts. The immediate parent company, Universal Stage Productions LLC, has provided a letter of support which states that it will provide such further funding as may be necessary in order to enable to company to meet its liabilities as they fall due. On that basis the directors consider it appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover represents return on investments in theatrical productions made in the normal course of business together with associated producer fees and royalties, and is shown net of VAT and other sales related taxes. Returns on investments in productions are recognised on a receipts basis as the company has no control over or information about its entitlement to production profits until such amounts are received. Producer fees and royalties are recognised on an accruals basis.
Universal Stage Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.4
Current asset investments
Current asset investments represent monies invested in theatrical productions and which are repayable out of profits generated by these productions. Such investments are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
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 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.
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 payments 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. Amounts 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.
Universal Stage Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
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
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of investments in theatrical productions
Monies invested in theatrical productions are repayable out of profit on those productions. The directors are required to make assessments as to the future financial success of shows in which the company has invested which will be affected by various factors including market conditions and future expectations of box office receipts and running costs. These productions are often managed by independent third parties to the directors who are often required to make their assessment based on incomplete information.
3
Operating (loss)/profit
2022
2021
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,000
7,000
Universal Stage Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,000
7,000
For other services
All other non-audit services
2,200
1,800
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was: 0 (2021: 0).
Key management personnel include all directors of the company who together have authority and responsibility for planning, directing and controlling the activities of the company.
6
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1
1
7
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
484,609
23,671
Instruments measured at fair value through profit or loss
347,250
747,812
Carrying amount of financial liabilities
Measured at amortised cost
10,200
12,775
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
461,627
689
Other debtors
22,982
22,982
484,609
23,671
Universal Stage Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 7
9
Current asset investments
2022
2021
£
£
Other investments
347,250
747,812
10
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
3,975
Other creditors
10,200
8,800
10,200
12,775
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,917,001
5,841,001
5,917,001
5,841,001
During the year 76,000 £1 Ordinary shares were issued for cash at par value.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mark Twum-Ampofo and the auditor was Moore Kingston Smith LLP.
13
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
Universal Stage Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 8
14
Parent company
The company's immediate parent undertaking is Universal Stage Productions LLC, a US entity.
The ultimate parent undertaking is Comcast Corporation, a company incorporated in the United States of America.
The smallest and largest group in which the results of the Company are consolidated is that headed by Comcast Corporation, a company incorporated in the United States of America. 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 Center, 1701 John F Kennedy Boulevard, 47th floor, Philadelphia, Pennsylvania 19103, USA or at www.cmcsa.com
2022-12-312022-01-01false15 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedJ A BarquetD J T BratchellD A Hodgson119962262022-01-012022-12-3111996226bus:Director12022-01-012022-12-3111996226bus:Director32022-01-012022-12-3111996226bus:Director22022-01-012022-12-3111996226bus:RegisteredOffice2022-01-012022-12-31119962262022-12-31119962262021-12-3111996226core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111996226core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111996226core:CurrentFinancialInstruments2022-12-3111996226core:CurrentFinancialInstruments2021-12-3111996226core:ShareCapital2022-12-3111996226core:ShareCapital2021-12-3111996226core:RetainedEarningsAccumulatedLosses2022-12-3111996226core:RetainedEarningsAccumulatedLosses2021-12-3111996226core:ShareCapital2020-12-3111996226core:RetainedEarningsAccumulatedLosses2020-12-31119962262020-12-3111996226core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31119962262021-01-012021-12-3111996226core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3111996226core:ShareCapital2021-01-012021-12-3111996226core:ShareCapital2022-01-012022-12-3111996226core:WithinOneYear2022-12-3111996226core:WithinOneYear2021-12-3111996226bus:PrivateLimitedCompanyLtd2022-01-012022-12-3111996226bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111996226bus:FRS1022022-01-012022-12-3111996226bus:Audited2022-01-012022-12-3111996226bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP