ACCOUNTS - Final Accounts

Commitments under operating leases

At 30 June 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

MICHAEL GRANDAGE COMPANY LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-06-302021-06-30false2020-07-01falseNo description of principal activity44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07656513 2020-07-01 2021-06-30 07656513 2019-07-01 2020-06-30 07656513 2021-06-30 07656513 2020-06-30 07656513 c:Director1 2020-07-01 2021-06-30 07656513 d:OtherPropertyPlantEquipment 2020-07-01 2021-06-30 07656513 d:OtherPropertyPlantEquipment 2021-06-30 07656513 d:OtherPropertyPlantEquipment 2020-06-30 07656513 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 07656513 d:CurrentFinancialInstruments 2021-06-30 07656513 d:CurrentFinancialInstruments 2020-06-30 07656513 d:Non-currentFinancialInstruments 2021-06-30 07656513 d:Non-currentFinancialInstruments 2020-06-30 07656513 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 07656513 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 07656513 d:Non-currentFinancialInstruments d:AfterOneYear 2021-06-30 07656513 d:Non-currentFinancialInstruments d:AfterOneYear 2020-06-30 07656513 d:ShareCapital 2021-06-30 07656513 d:ShareCapital 2020-06-30 07656513 d:SharePremium 2021-06-30 07656513 d:SharePremium 2020-06-30 07656513 d:RetainedEarningsAccumulatedLosses 2021-06-30 07656513 d:RetainedEarningsAccumulatedLosses 2020-06-30 07656513 c:FRS102 2020-07-01 2021-06-30 07656513 c:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 07656513 c:FullAccounts 2020-07-01 2021-06-30 07656513 c:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 07656513 d:WithinOneYear 2021-06-30 07656513 d:WithinOneYear 2020-06-30 07656513 d:BetweenOneFiveYears 2021-06-30 07656513 d:BetweenOneFiveYears 2020-06-30 07656513 6 2020-07-01 2021-06-30 iso4217:GBP xbrli:pure

Registered number: 07656513

MICHAEL GRANDAGE COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2021

MICHAEL GRANDAGE COMPANY LIMITED

REGISTERED NUMBER: 07656513

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	5		2,302		3,069
Investments	6		3		3
			2,305		3,072
Current assets
Investment in Productions	7	104,691		97,691
Debtors: amounts falling due within one year	8	30,860		21,285
Cash at bank and in hand		424,410		592,869
		559,961		711,845
Creditors: amounts falling due within one year	9	(146,235)		(356,364)
Net current assets			413,726		355,481
Total assets less current liabilities			416,031		358,553
Creditors: amounts falling due after more than one year	10		-		(50,000)

Net assets			416,031		308,553

Capital and reserves
Called up share capital	100	100
Share premium account	249,997	249,997
Profit and loss account	165,934	58,456
	416,031	308,553

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 year 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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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MICHAEL GRANDAGE COMPANY LIMITED

REGISTERED NUMBER: 07656513

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 November 2021.

M Grandage

Director

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MICHAEL GRANDAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Michael Grandage Company Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Fourth Floor, Wyndham's Theatre, Charing Cross Road, London, WC2H 0DA.

2.Accounting policies

2.1

Basis of preparation of financial statements

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.

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

2.3

Turnover

Turnover 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 comprises revenue recognised by the company in respect of general management fees, profit shares, royalties, merchandise, producer fees and agent commissions exclusive of Value Added Tax.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

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MICHAEL GRANDAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

2.7

Taxation

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Other fixed assets

25% reducing balance

2.9

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.11

Investments in productions

Investments in productions are carried forward at the lower of cost and estimated net realisable value.

2.12

Financial instruments

The Company only enters into basic financial instruments 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.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

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MICHAEL GRANDAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

5.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	At 1 July 2020	17,199
	At 30 June 2021	17,199
	Depreciation
	At 1 July 2020	14,130
	Charge for the year on owned assets	767
	At 30 June 2021	14,897
	Net book value
	At 30 June 2021	2,302
	At 30 June 2020	3,069

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MICHAEL GRANDAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

6.	Fixed asset investments

	Investments in subsidiary companies	Investments in associates	Total
	£	£	£
Cost or valuation
At 1 July 2020	2	1	3
At 30 June 2021	2	1	3

7.	Investment in productions
		2021	2020
		£	£

	Work in progress	104,691	97,691

Debtors

					2021	2020
					£	£


Other debtors	5,606	10,364
Prepayments and accrued income	25,254	10,921
	30,860	21,285

9.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	200	9,440
Corporation tax	46,502	323,098
Other taxation and social security	2,844	1,968
Other creditors	4,106	5,584
Accruals and deferred income	92,583	16,274
	146,235	356,364

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MICHAEL GRANDAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

10.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

	Bank loans	-	50,000

The Bank loan relates to a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme. The loan was repaid in full during the year.

11.	Pension commitments

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 £2,105 (2020: £2,087). Amounts owed to the fund at the reporting date totalled £657 (2020: £536).

Not later than 1 year	15,750	27,000
Later than 1 year and not later than 5 years	-	15,750
	15,750	42,750

13.	Related party transactions
	There were no transactions with related parties that are material and have not been conducted under normal market conditions.

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