Company registration number 01744509 (England and Wales)
DAVID PUGH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
DAVID PUGH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
DAVID PUGH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
40,777
8,965
Investments
6
106
106
40,883
9,071
Current assets
Debtors
8
267,803
494,770
Cash at bank and in hand
262,499
286,737
530,302
781,507
Creditors: amounts falling due within one year
9
(102,269)
(316,043)
Net current assets
428,033
465,464
Total assets less current liabilities
468,916
474,535
Creditors: amounts falling due after more than one year
10
(283,898)
(50,000)
Net assets
185,018
424,535
Capital and reserves
Called up share capital
12
373
373
Share premium account
445,626
445,626
Capital redemption reserve
59
59
Profit and loss reserves
(261,040)
(21,523)
Total equity
185,018
424,535
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 2022 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 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 March 2023 and are signed on its behalf by:
D. Pugh
Director
Company Registration No. 01744509
DAVID PUGH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2020
373
445,626
59
263,160
709,218
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
-
(284,683)
(284,683)
Balance at 31 March 2021
373
445,626
59
(21,523)
424,535
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
-
(239,517)
(239,517)
Balance at 31 March 2022
373
445,626
59
(261,040)
185,018
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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
.
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
.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
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
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
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.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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
in the period
are included in profit or loss.
1.12
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.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Other operating income
2022
2021
£
£
Government grant
-
180,000
Coronavirus job retention scheme grant
14,531
28,334
Arts Council grant
249,140
-
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
6
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
5
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2021
18,130
Additions
43,495
Disposals
(18,130)
At 31 March 2022
43,495
Depreciation and impairment
At 1 April 2021
9,165
Depreciation charged in the year
6,495
Eliminated in respect of disposals
(12,942)
At 31 March 2022
2,718
Carrying amount
At 31 March 2022
40,777
At 31 March 2021
8,965
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
106
106
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 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
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
30,659
127,126
Other debtors
27,362
49,351
Future production development costs
98,705
259,318
156,726
435,795
Deferred tax asset
111,077
58,975
267,803
494,770
9
Creditors: amounts falling due within one year
2022
2021
£
£
Unsecured loan notes
228,000
Trade creditors
38,649
30,189
Taxation and social security
10,877
21,327
Other creditors
52,743
36,527
102,269
316,043
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loan
43,333
50,000
Obligations under finance leases
11
22,565
Other borrowings
218,000
283,898
50,000
The company received a bounce back
government
loan of £50,000 during the
previous
year. The loan is repayable over 6 years, with no repayments due in the first 12 months. The loan has an interest rate of 2.5%.
Shareholder loan notes of £218,000 are repayable in December 2023. The loans have an interest rate of 5%.
DAVID PUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
11
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
11,813
In two to five years
32,795
44,608
Less: future finance charges
(12,788)
31,820
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
12
Called up share capital
restated
restated
2022
2021
2022
2021
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.
13
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:
2022
2021
£
£
34,939
41,600
14
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.
2022-03-31
2021-04-01
false
29 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
D. Pugh
G. Biggs
R.C.P. Smith
P. Gilchrist
D. Pugh
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