Fiery Angel Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2018
Company Registration No. 08962102 (England and Wales)
Fiery Angel Limited
Company Information
Directors
J R Bath
M Eardley
E G C Snape
Company number
08962102
Registered office
60-66 Wardour Street
London
W1F 0TA
Accountants
Kingston Smith LLP
17 Gresse Street
London
W1T 1QL
Business address
2nd Floor National House
60-66 Wardour Street
London
W1F 0TA
Fiery Angel Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 12
Fiery Angel Limited
Balance Sheet
As at 31 March 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
354,794
805,479
Tangible assets
5
11,466
163
Investments
6
560
66
366,820
805,708
Current assets
Stock
68,924
50,185
Debtors
10
1,140,027
928,817
Cash at bank and in hand
908,355
762,166
2,117,306
1,741,168
Creditors: amounts falling due within one year
11
(1,417,761)
(1,793,067)
Net current assets/(liabilities)
699,545
(51,899)
Total assets less current liabilities
1,066,365
753,809
Provisions for liabilities
(1,747)
-
Net assets
1,064,618
753,809
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,064,518
753,709
Total equity
1,064,618
753,809
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 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Fiery Angel Limited
Balance Sheet (Continued)
As at 31 March 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 18 December 2018 and are signed on its behalf by:
E G C Snape
Director
Company Registration No. 08962102
Fiery Angel Limited
Statement of Changes in Equity
For the year ended 31 March 2018
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2016
100
348,067
348,167
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
580,600
580,600
Dividends
-
(174,958)
(174,958)
Balance at 31 March 2017
100
753,709
753,809
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
628,697
628,697
Dividends
-
(317,888)
(317,888)
Balance at 31 March 2018
100
1,064,518
1,064,618
Fiery Angel Limited
Notes to the Financial Statements
For the year ended 31 March 2018
Page 4
1
Accounting policies
Company information
Fiery Angel Limited 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 pound.
1.2
Exemptions for qualifying entities under FRS 102
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.
-
Section 33 ‘Related Party Disclosures’ – The company has taken advantage of exemption
not to disclose related
party transactions with wholly owned subsidiaries within the group.
1.3
Turnover
Turnover
represents of amounts receivable for general management and other related services, royalty income, profit shares, box office income and merchandising income and is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
33% straight line
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 5
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
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
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stock
Stock represents the costs incurred in securing the right to produce theatrical productions, which later are charged to production companies that run these productions.
1.9
Cash and cash equivalents
Cash at bank and in hand
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.
1.10
Financial instruments
The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.
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.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 6
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, 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.
1.11
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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
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 are included in the profit and loss account for the period.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 13 (2017:12).
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.
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
188,533
148,986
Deferred tax
Origination and reversal of timing differences
1,747
-
Total deferred tax
1,747
-
Total tax charge on continuing operations
190,280
148,986
Total tax charge
190,280
148,986
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017
2,000,000
Revaluation
(250,000)
At 31 March 2018
1,750,000
Amortisation and impairment
At 1 April 2017
1,194,521
Amortisation charged for the year
200,685
At 31 March 2018
1,395,206
Carrying amount
At 31 March 2018
354,794
At 31 March 2017
805,479
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 8
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
5,650
Additions
12,891
At 31 March 2018
18,541
Depreciation and impairment
At 1 April 2017
5,487
Depreciation charged in the year
1,588
At 31 March 2018
7,075
Carrying amount
At 31 March 2018
11,466
At 31 March 2017
163
6
Fixed asset investments
2018
2017
£
£
Investments
560
66
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2017
66
Additions
505
Disposals
(11)
At 31 March 2018
560
Carrying amount
At 31 March 2018
560
At 31 March 2017
66
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 9
7
Subsidiaries
Details of all the company's 100% shareholdings at 31 March 2018 are as follows:
Name of undertaking and country of
Nature of business
Class of holding
Owned interest %
incorporation or residency
Holyrood Theatre Limited
England
Theatre production
Ordinary
100.00
Christie Theatre Limited
England
Theatre production
Ordinary
100.00
Fiery Light TT5 Limited
England
Theatre production
Ordinary
100.00
Baloo Theatre Limited
England
Theatre production
Ordinary
100.00
RWUK Limited
England
Theatre production
Ordinary
100.00
YF London Limited
England
Theatre production
Ordinary
100.00
Long Day 2018 Limited
England
Theatre production
Ordinary
100.00
The above production companies are recognised at cost and incorporated in the United Kingdom.
During the year the company disposed of the following subsidiaries shareholdings:
100% shareholding in 39 Steps (UK) Ltd
100% shareholding in Mockingbird UK Tour Limited
8
Associates
Details of the company's associates at 31 March 2018 are as follows:
Name of undertaking and country of
Nature of business
Class of holding
Owned interest %
incorporation or residency
Snibson Enterprises Limited
England
Theatre production
Ordinary
33.33
The above production companies are recognised at cost and incorporated in the United Kingdom.
9
Joint ventures
Details of the company's joint ventures at 31 March 2018 are as follows:
Name of undertaking and country of
Nature of business
Class of holding
Owned interest %
incorporation or residency
Goodnight Mr Tom Limited
England
Theatre production
Ordinary
50.00
Fierylight 2010 Limited
England
Theatre production
Ordinary
50.00
Fiery Development Limited
England
Theatre production
Ordinary
50.00
Fiery Angel Entertainment Limited
England
Theatre production
Ordinary
50.00
The above production companies are recognised at cost and incorporated in the United Kingdom.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 10
10
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
9,600
7,339
Amount due from group undertakings
228,902
127,013
Other debtors
901,525
794,465
1,140,027
928,817
11
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
35,036
23,578
Amounts due to group undertakings
505
4
Corporation tax
188,533
148,986
Other taxation and social security
179,380
122,353
Other creditors
1,014,307
1,498,146
1,417,761
1,793,067
12
Directors' transactions
E G C Snape
Company director.
During the year E G C Snape incurred £150,000 (2017: £3,319) of drawings, and received dividends totalling £80,000 (2017: £Nil) at the year end. As at the balance sheet date, the company owed E G C Snape £198,413 (2017: £473,413). Interest was not payable on the loan held at the balance sheet date.
M Eardley
Company director.
During the year M Eardley incurred £150,723 (2017: £2,481) of drawings, and received dividends totalling £80,000 (2017: £Nil) at the year end. As at the balance sheet date, the company owed M Eardley £295,990 (2017: £571,712). Interest was not payable on the loan held at the balance sheet date.
J R Bath
Company director.
During the year J R Bath incurred £Nil (2017: £610) of drawings, and received dividends totalling £157,888 (2017: £174,958) at the year end. As at the balance sheet date, the company owed J R Bath £70,035 (2017: J R Bath owed Fiery Angel Limited £610). Interest was not payable on the loan held at the balance sheet date.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 11
13
Related party transactions
Edward Snape Limited
A company in which E G C Snape and M Eardley are joint directors and shareholders.
At the balance sheet date, the company owed Edward Snape Limited £275,409 (2017: £275,409).
Fierylight 2010 Limited
E G C Snape is the company director and a shareholder of Fierylight 2010 Limited
.
During the year the company advanced £Nil (2017: £112,000) to Fierylight 2010 Limited. The company invoiced Fierylight 2010 Limited £489,355 (2017: £Nil) for disbursements
and management fees incurred in the year.
As at the balance sheet date Fierylight 2010 Limited owed the company £158,119 (2017: £64,000).
Fiery Development Limited
E G C Snape is the company director and a shareholder of Fiery Development Limited
.
During the year the company advanced £50,000 (2017: £50,000) to Fiery Development Limited. The company invoiced Fiery Development Limited £102,478 (2017: £Nil) for disbursements
incurred in the year.
As at the balance sheet date Fiery Development Limited owed the company £5,600 (2017: £Nil).
Goodnight Mr Tom Ltd
E G C Snape is the company director and a shareholder of Goodnight Mr Tom Ltd
.
During the year the company invoiced Goodnight Mr Tom Ltd £18,883 (2017: £Nil) for profit distributions incurred in the year
.
As at the balance sheet date Goodnight Mr Tom Ltd owed the company £Nil (2017: £Nil).
Fiery Dragons Ltd
E G C Snape is
a
company director and a shareholder of Fiery Dragons Ltd
.
During the year Fiery Dragons Ltd advanced £50,000 (2017: £Nil) to the company. The company invoiced Fiery Dragons Ltd £19,495 (2017: £Nil) for recharges incurred in the year. As at the balance sheet date the company owed Fiery Dragons Ltd £46,538 (2017: £Nil).
Fiery Angel Entertainment Limited
Formerly S&G Concerts and Events Limited
E G C Snape is a company director and Fiery Angel
Limited
are a joint venture shareholder of Fiery Angel Entertainment Limited.
During the year the company advanced £90,000 (2017: £Nil) to Fiery Angel Entertainment Limited. The company invoiced Fiery Angel Entertainment Limited £159,231 (2017: £Nil) for recharges incurred in the year. As at the balance sheet date Fiery Angel Entertainment Limited owed the company £7,015 (2017: £Nil).
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 12
14
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:
2018
2017
£
£
198,333
-
During the year assets held under operating leases were assigned to the company following
the company acquisitions
see accounting policy notes
.
15
Ultimate controlling party
Ultimate control of the company is shared between E G C Snape and Ms M Eardley by virtue of their
shareholdings in Fiery Angel L
imi
t
e
d.
2018-03-31
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CCH Software
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18 December 2018
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