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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Concept Venues Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Concept Venues Limited |
Concept Venues Limited (Registered number: 03831969) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Concept Venues Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Concept Venues Limited (Registered number: 03831969) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Concept Venues Limited (Registered number: 03831969) |
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Balance Sheet - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Concept Venues Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Office Equipment 10% on cost |
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Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated |
into sterling at the rate of exchange ruling at the date of transaction. Exchange differences |
are taken into account in arriving at the operating result. |
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Financial instruments |
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 entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are |
equivalent to a similar debt instrument, those financial instruments are classed as financial |
liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and |
gains or losses relating to financial liabilities are included in the profit and loss account. |
Finance costs are calculated so as to produce a constant rate of return on the outstanding |
liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of |
a financial liability then this is classed as an equity instrument. |
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Going concern |
The company's liabilities exceed its assets by £5,891,405 (2016: £6,198,023). The company |
depends on the continuing financial support of a director who has confirmed his ongoing |
financial support of the company and his ability to do so for the foreseeable future. For this |
reason the financial statements have been prepared on a going concern basis. |
Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Shares in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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1,500,646 |
Additions |
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100 |
Disposals | ( |
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(94,527 | ) |
Reclassification/transfer | (1,367,569 | ) | 1,367,569 | - |
At 31 December 2017 | 38,650 | 1,367,569 | 1,406,219 |
NET BOOK VALUE |
At 31 December 2017 |
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1,406,219 |
At 31 December 2016 |
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1,500,646 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans more 5yrs |
non-instalment's |
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Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 31.12.16 |
£ | £ |
Bank overdraft |
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Bank loans |
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The following debentures existed at the year end: |
Date | Name | Amount | Description |
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14/07/08 |
HSBC Private Bank (UK)
Limited |
All monies due
or to become due to the company. |
Fixed & floating charge
over the undertaking and all property and assets present and future. |
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04/11/09 |
A.J.Taylor (As Security
Trustee) |
All monies due
or to become due the company. |
Fixed & floating charge over
the undertaking and all property and assets present and future. |
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17/10/11 | A.J Taylor |
All monies due
or to become due to the company. |
All properties, all present
and future rights licences, guarantees, rents, deposits, contracts, covenants and warranties. |
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04/04/13 |
Phantom Music ManagementLtd |
All monies due
or to become due to the company. |
Fixed & floating charge over
the undertaking and all property and assets present and future. |
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04/04/13 |
Sphere Entertainment Ltd |
All monies due
or to become due to the company |
Fixed & floating charge over
the undertaking and all property and assets present and future. |
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Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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The following security is given by the company in respect of Sanctum On The Green Ltd: |
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Alfandari Private Equites Ltd £30,324 (2016: £76,299). |
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Date | Name | Amount | Description |
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06/10/2016 |
Alfandari
Private Equities Limited |
All monies due or to
become due from the company. |
Debenture - Given by Concept
Venues Ltd including fixed charge over present and future freehold and lease hold property. Fixed charge over, among other things, interest, future rights, licences, guarantees, rents, deposits, contracts, covenants relating to properties. All intellectual property. Full details given charge code 038319690010. |
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9. | RELATED PARTY DISCLOSURES |
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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. |
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A J Taylor |
Companies in which A J Taylor is also a director. |
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During the year the the following transactions occurred between the related parties and the |
company: |
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Iron Maiden Holdings Ltd: |
At the balance sheet date the company owes £28,794 to Iron Maiden Holdings Ltd (2016: |
£37,323). |
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Phantom Music Management Ltd: |
During the year Phantom Music Management Ltd provided net funding to Concept Venues |
Ltd totalling £191,836 (2016: £150,000). At the balance sheet date the company owes |
£4,105,554 to Phantom Music Management Ltd (2016: £3,914,048). The company also |
owes £1,220,000 (2016: £1,220,000) in loan notes to Phantom Music Management Ltd. |
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Sphere Entertainment Ltd: |
During the year Sphere Entertainment Ltd provided net funding to Concept Venues Ltd |
totalling £811,584 (2016: £473,849). At the balance sheet date the company owed |
£2,320,900 (2016: £1,509,316) to Sphere Entertainment Ltd. |
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The Inn On The Green Ltd: |
At the balance sheet date the company owed £250,000 (2016: £250,000) in loan notes. |
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All amounts are repayable on demand and no interest is charged. |
Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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9. | RELATED PARTY DISCLOSURES - continued |
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The Sanctum London Ltd |
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A subsidiary of the company. |
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The Sanctum London Ltd received funding of £1,769,023 from Concept Venues Ltd in the |
year (2016: £425,583). At the balance sheet date The Sanctum London Ltd owes the |
company £1,949,680 (2016: £587,157). The amount is classified as a current debtor and is |
repayable on demand, no interest is charged. |
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A Cooke |
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A Shareholder in the company. |
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At the balance sheet date the company owed £650,000 (2016: £650,000) in loan notes. The |
amount is classified as a current creditor and is repayable on demand, interest is charged at |
5%. |
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R C Smallwood |
Companies in which R C Smallwood is also a director and shareholder. |
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R & K Enterprises Limited |
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During the year R&K Enterprises Limited provide funding of £150,000 to the company. At the |
balance sheet date the company owes R&K Enterprises £376,808 (2016: £226,808). The |
amount is classified as a current creditor and is repayable on demand, no interest is |
charged. |
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A J Taylor |
Director. |
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During the year the company repaid A J Taylor £238,750 (2016: A J Taylor loaned to the |
company £122,756). At the balance sheet date the company owed A J Taylor £811,584 |
(2016: £1,050,154). The amount is classified as a current creditor and is repayable on |
demand, no interest is charged. |
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Geales Restaurant Ltd |
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A subsidiary of the company. |
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During the year year the company received repayments from Concept Venues Ltd of |
£287,660 (2016: the company advanced Concept Venues Ltd £768,026). At the balance |
sheet date Concept Venues Ltd owes the company £737,473 (2016: £1,002,633). The |
amount is classified as a current debtor and is repayable on demand, no interest is charged. |
Concept Venues Limited (Registered number: 03831969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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9. | RELATED PARTY DISCLOSURES - continued |
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Sanctum On The Green Ltd |
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A subsidiary of the company. |
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During the year the company repaid £112,673 to Concept Venues Ltd. At the balance sheet |
date the company owes Concept Venues Ltd £2,352,131 (2016: £2,490,804). The amount |
is classified as a current creditor and is repayable on demand, no interest is charged. |
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10. | ULTIMATE CONTROLLING PARTY |
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A J Taylor, M N J Fuller and R C Smallwood, directors and shareholders of the company. |