Director Edward Hall or designer Michael Pavelka must have visited the Duke of York’s Cinema, Brighton. Out of that cinema’s roof sprouts a pair of sculptured legs, upside down and encased in stripy red tights — those legs, incidentally, originally adorned the Headington Cinema, Oxford. Thus it is that Puck (Jon Trenchard, suitably impish) first appears, also upside down and in identical tights, in this Propeller revival of A Midsummer Night’s Dream. It’s the first of many visual jokes — take Hippolyta (Emmanuel Idowu), for instance, tall, and imperious. Look at her top half, and you have to think Naomi Campbell. Look below, and there is no doubt that Hippolyta is decidedly male.

For Propeller is an all-male company, a fact that director Hall gleefully exploits. Crew-cut Hermia (Richard Frame), and Helena (Babou Ceesay) could easily be serious rugby players, while suitors Demetrius (Sam Swainsbury) and Lysander (Jack Tarlton) look like rather pallid accountants. Altogether the romantic proceedings are handled with robust physicality. Hall has fun with the fairies too: giant guys to a man, they are dressed in virginal white baby-grows. Yet they confound you by being amazingly light on their feet in the fairy dances, and they radiate an uncanny air of innocence. On to all this you could possibly project some sort of gay agenda — or not, as you wish.

The main storylines always risk being upstaged by the mechanicals’ rehearsal and performance of the play-within-a-play, Pyramus and Thisbe, and Hall hilariously takes that chance. Quince, the incompetent Pyramus director, is wonderfully played by Chris Myles: his manner and body language suggest an officious parking attendant. He is totally unable to control Bob Barrett’s exuberant Bottom (pictured above). On opening night, pieces of the “trusty sword” flew into the audience, causing much scrabbling under seats. It all suited the prevailing mood perfectly.

The Propeller Merchant of Venice, new last December, concentrates on good, clear storytelling. It’s set in a Venetian prison: clanging metal gates and screeching electric bells chillingly punctuate the action. Richard Clothier’s most convincing Shylock is a loan shark personified, bent on recovering his toxic debt, and consumed by religious bigotry. While Bob Barrett’s principled Antonio is no match for him, every now and then he does show a chink of warmth towards his daughter Jessica (Jon Trenchard). Portia (Kelsey Brookfield, displaying excellent female body language) cuts a regal figure — jarringly she wears red lipstick, an odd decision given that she is plainly no piece of prison rough.

As always with Propeller, Shakespeare’s words are relished in both productions, and the ensemble playing of the 14-strong company is immaculate.

n The plays continue at the Watermill, Newbury, until May 2. Tickets: 01635 46044 or www.watermill.org.uk They tour to the Cheltenham Everyman (June 3-6), and the Oxford Playhouse (June 16-20).