Playful_UK_Limited - Accounts

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 period ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period 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.

Playful UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 41-44 Great Queen Street, London WC2B 5AD.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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.

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.

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, 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.

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 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.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred 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 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The disposals relate to the 100% owned investments in B Nancy Ltd initially measured at fair value. Disposal costs are expensed to profit or loss as incurred.

New investment additions relate to the 100% ownership of Screeched-In Ltd, and 50% ownership of QP18 Ltd measured at fair value at the reporting date.

Details of the company's subsidiaries at 31 March 2018 are as follows:

All of the investments held by the company are theatre production companies incorporated in England and Wales. Each investment is 100% directly owned.

Details of the company's joint ventures at 31 March 2018 are as follows:

The ordinary share has full rights in the company relation to voting, dividends and distributions.

The following transactions took place between Playful UK Limited and Joint Ventures during the period:

D J Soho Limited

During the period, the company made charges of £1,379 (2017: £90) to D J Soho Limited. Included within creditors was an amount of £nil (2017: £425,621) due to D J Soho Limited at the Balance Sheet date.

Sylvia Productions Limited

During the period, the company made charges of £2,328 (2017: £121) to Sylvia Productions Limited. Included within creditors was an amount of £6,757 (2017: £464,232) due to Sylvia Productions Limited at the Balance Sheet date.

BM Theatre Limited

At the Balance Sheet date included within creditors was an amount of £1 (2017: £1) due to BM Theatre Limited,

QP18 Limited

During the period, the company made charges of £90 (2017: £nil ) to QP18 Limited. Included within creditors was an amount of £373,020 (2017: £nil) due to QP18 Limited at the Balance Sheet date.

The following transactions took place between other related parties during the period:

St Elmo Productions Limited

At the Balance Sheet date included within creditors was an amount of £34,011 (2017: £32,199) due to St Elmo Productions Limited, a company in which Matthew Byam Shaw is a non-controlling shareholder.

Green Elixir Productions Limited

During the period, the company made charges of £2,736 (2017: £510) to Green Elixir Limited, a company that is wholly owned by a US entity, Green Elixir LLC, in which Playful Entertainment Limited is a member. Included within creditors was an amount of £306,202 (2017: £2,226,785) due to Green Elixir Productions Limited at the Balance Sheet date.

STM UK Tour 2 Limited

During the period, the company made charges of £25,680 (2017: £nil) to STM UK Tour 2 Limited, a company in which Nicholas Salmon is a non-controlling shareholder. Included within creditors was an amount of £286,461 (2017: £414,911) due to STM UK Tour 2 Limited at the Balance Sheet date.

Mildmay Productions Limited

During the period, the company made charges of £75 (2017: £nil) to Mildmay Productions Limited , a company in which Matthew Byam Shaw and Nicholas Salmon are joint shareholders. Included within creditors was an amount of £479,896 (2017: £nil) due to Mildmay Productions Limited at the Balance Sheet date.

Toga Productions Limited

At the Balance Sheet date included within creditors was an amount of £2,296 (2017: £nil) due to Toga Productions Limited, a company in which Matthew Byam Shaw and Nicholas Salmon are joint shareholders.

KB UK Tour Limited

During the period, the company made charges of £209 (2017: £nil) to KB UK Tour Limited , a company in which Nicholas Salmon is a director. Included within creditors was an amount of £417,598 (2017: £nil) due from KB UK Tour Limited at the Balance Sheet date.

The immediate and ultimate controlling entity is Playful Entertainment Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding in Playful UK Limited.

Playful UK Limited is a wholly owned subsidiary of Playful Entertainment Limited and its results for the year are included in the consolidated accounts of Playful Entertainment Limited, available at 4th Floor, 41-44 Great Queen Street, London, WC2B 5AD.

The ultimate controlling parties are N Salmon, M Byam Shaw and N Janis by virtue of their shareholdings in Playful Entertainment Limited.