Company Registration No. 10028759 (England and Wales)
GPO PRODUCTIONS LIMITED
Unaudited financial statements
For the year ended 31 August 2021
Pages for filing with registrar
GPO PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
GPO PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Trade and other receivables
4
621,202
1,136,043
Cash and cash equivalents
51,052
76
672,254
1,136,119
Current liabilities
5
(1,894,725)
(5,316)
Net current (liabilities)/assets
(1,222,471)
1,130,803
Equity
Called up share capital
6
100
100
Retained earnings
(1,222,571)
1,130,703
Total equity
(1,222,471)
1,130,803
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2022 and are signed on its behalf by:
S Freakley
Director
Company Registration No. 10028759
GPO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2021
- 2 -
1
Accounting policies
Company information
GPO Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1st Floor Long Barn
,
Sutton Manor Farm
,
Bishops Sutton
,
Alresford
,
Hampshire
,
SO24 0AA
.
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.
1.2
Going concern
At the time of approving the financial statements, the trustees have undertaken an assessment of the adequacy of the resources available to the charity as well as the expected support to businesses available from the government measures in place through the period of disruption caused by coronavirus. The trustees have a reasonable expectations the charity has adequate resources to continue in operational existence for the foreseeable future accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
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.
1.4
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.
Basic financial assets
Basic financial assets, which include
trade and other receivables
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.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
GPO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Theatre Tax Relief credits arising from expenditure on productions have been accounted for in line with the provisions of the Finance Act 2014 at rates of 20% of 80% of eligible production costs.
Current tax
The tax
credit
is based on
the provisions of the Theatre Tax Relief legislations
. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Related party transactions
The company has taken advantage of the exemption under FRS 8 "Related Party Disclosures" not to disclose related party transactions with other group companies as it is a 100% owned subsidiary of a UK parent.
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
Employees
Salaries and consultancy fees have been recharged by the parent charity.
2021
2020
Number
Number
Total
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
799
Corporation tax recoverable
345,161
Amounts owed by group undertakings
769,490
Prepayments and accrued income
275,242
366,553
621,202
1,136,043
GPO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2021
- 4 -
5
Current liabilities
2021
2020
£
£
Trade payables
121,331
3,816
Amounts owed to group undertakings
1,771,349
Other payables
2,045
1,500
1,894,725
5,316
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Parent company
GPO Productions Limited is a wholly owned subsidiary of parent charity
Grange Park Opera
- company registration 03490791 (England and Wales).