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Registered number: 13574136
GUNPOWDER IMMERSIVE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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GUNPOWDER IMMERSIVE LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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GUNPOWDER IMMERSIVE LIMITED
REGISTERED NUMBER:13574136
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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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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Creditors: amounts falling due after more than one year
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The director considers 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 director acknowledges his 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.
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GUNPOWDER IMMERSIVE LIMITED
REGISTERED NUMBER:13574136
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The Company has opted not to file the statement of comprehensive income 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 on 16 June 2023.
The notes on pages 3 to 8 form part of these financial statements.
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
Gunpowder Immersive Limited is a private company, limited by shares, incorporated in England and Wales, with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The Company's principal activity is the production and promotion of bespoke designed entertainment shows. The functional and presentational currency is £ Sterling.
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 Company made a loss for the period and at the reporting date has net current liabilities and net liabilities. The director is satisfied that the Company will have sufficient funds for its working capital needs, and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved and accordingly have prepared the financial statements on a going concern basis.
Turnover comprises revenue recognised by the Company in respect of ticket, merchandise and food sales exclusive of Value Added Tax.
Revenue is recognised on the date of the event. Amounts received in advance are carried forward as deferred income.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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.
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Costs associated with the creation of a new show are capitalised and are then expensed over the years in which the performances take place by amortisation over the expected life of the show on a straight line basis.
Creation costs comprise salaries and fees paid to creators and designers during the creation and rehearsal period. The Company reviews the book values of unamortised creation costs for the production on an on-going basis and , where conditions warrant, may revise the estimated revenue and the resultant amortisation period for creation costs based on past experience of shows created within the Group. If appropriate, the Company then writes down creation costs to an amount not exceeding the net recoverable amount, that is forecasted revenue net of direct operating expenses.
Creation costs relate to the development of a new show which has not yet been completed. No amortisation is to be provided until the development is complete and the company starts to generate income from its use.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Merchandise and beverages are valued at the lower of cost and net realisable value.
Short term debtors are measured at the transaction price.
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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.
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.
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The average monthly number of employees, including directors, during the period was 46 (2022 - 12).
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Charge for the period on owned assets
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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Charge for the period on owned assets
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Prepayments and accrued income
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts (Note 11)
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts (Note 11)
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Allotted, called up and fully paid
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1 (2022 - 1) Ordinary share of £1
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Commitments under operating leases
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At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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GUNPOWDER IMMERSIVE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
The director regards Ellipsis Entertainment Limited, a company registered in England and Wales, as the immediate and ultimate parent undertaking.
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