Company Registration No. 01744509 (England and Wales)
DAVID PUGH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
DAVID PUGH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DAVID PUGH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,597
-
Investments
5
106
106
13,703
106
Current assets
Debtors
7
379,282
1,122,168
Cash at bank and in hand
651,357
311,141
1,030,639
1,433,309
Creditors: amounts falling due within one year
8
(121,124)
(482,805)
Net current assets
909,515
950,504
Total assets less current liabilities
923,218
950,610
Creditors: amounts falling due after more than one year
9
(214,000)
(214,000)
Net assets
709,218
736,610
Capital and reserves
Called up share capital
10
373
373
Share premium account
445,626
445,626
Capital redemption reserve
59
59
Profit and loss reserves
263,160
290,552
Total equity
709,218
736,610
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 2020 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 Companies Act 2006 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.
DAVID PUGH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2021 and are signed on its behalf by:
D. Pugh
Director
Company Registration No. 01744509
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
David Pugh Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
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 the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The director
s have
considered the potential impact of the COVID-19
pandemic
on the future viability of the company.
The impact on future shows is unknown, however
they are
taking all steps available to maintain sufficient cash
reserves
to continue activities and do not believe that there will be a material decrease in the value of
productions. There are no other material uncertainties regarding the company's activities and it has adequate cash reserves at the balance sheet date.
The
directors
therefore ha
ve
reasonable expectation that the company will have sufficient funds to continue to
meet its liabilities as they fall due for the foreseeable future and therefore has prepared the financial statements
on a going concern basis.
1.3
Turnover
Turnover comprises management fees and royalties receivable (excluding VAT) in the normal course of
business and income from theatrical productions managed and promoted under joint ventures.
1.4
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:
Motor vehicles
25% on reducing balance basis
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
.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Impairment of fixed assets
1.7
Cash and cash equivalents
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.
1.8
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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 fom 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.
1.10
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged as an expense as they fall due,
1.11
Investments - share of surplus on productions
The company's share of profits and losses on theatrical production investments is the result of productions which finished during the course of the company's financial year plus a proportionate share of the profits of any production spanning the company's year end and which had achieved recoupment of pre-production costs at that date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
9
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
3
Dividends
2020
2019
£
£
Final paid
18,650
-
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2019
5,000
Additions
18,130
Disposals
(5,000)
At 31 March 2020
18,130
Depreciation and impairment
At 1 April 2019
5,000
Depreciation charged in the year
4,533
Eliminated in respect of disposals
(5,000)
At 31 March 2020
4,533
Carrying amount
At 31 March 2020
13,597
At 31 March 2019
-
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
106
106
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
106
Carrying amount
At 31 March 2020
106
At 31 March 2019
106
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
David Pugh (ART) Limited
*
Ordinary
100.00
David Pugh (The Band) Limited
*
Ordinary
100.00
H. M. Tennent
*
Ordinary
100.00
Moss Empires Limited
*
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
*
2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,289
3,276
Amounts owed by group undertakings
269,092
1,063,131
Other debtors
108,901
55,761
379,282
1,122,168
8
Creditors: amounts falling due within one year
2020
2019
£
£
Unsecured loan notes
14,000
14,000
Trade creditors
25,677
111,364
Taxation and social security
19,762
147,761
Other creditors
61,685
209,680
121,124
482,805
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Unsecured loan notes
214,000
214,000
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
10
Called up share capital
restated
restated
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
"A" Ordinary shares
83
83
83
83
of £1 each
"B" Ordinary shares
290
290
290
290
373
373
373
373
Holders of the "A" ordinary shares have the right to appoint two directors to the Board. The holders of the "B" ordinary shares have the right to appoint one director.
A reclassification between called up share capital and share premium with a nominal value of £4 has been included in the prior year balances.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
41,600
41,600
12
Events after the reporting date
The COVID-19 pandemic is non-adjusting event as at 31 March 2020 for the purposes of these financial statements. The company has assessed the impact of COVID-19 on its ability to continue as a going concern given that the pandemic has closed all theatres, delaying the start of new shows and investor loan repayments.
Management continue to consider the impact on their productions and although returns will be delayed the director does not believe that there will be a material diminution in the value of its productions in the medium to long term future.
13
Related party transactions
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.
Transactions between group entities which have been eliminated on consolidation are not disclosed
within the financial statements.