REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Concept Venues Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Concept Venues Limited |
Concept Venues Limited (Registered number: 03831969) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Concept Venues Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Concept Venues Limited (Registered number: 03831969) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of restaurant and hotel services. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Concept Venues Limited (Registered number: 03831969) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Concept Venues Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Concept Venues Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office Equipment 10% on cost |
Motor Vehicle Not depreciated (classic car) |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss. |
Investments in subsidiaries and associates |
Fixed asset investments in subsidiaries and associates are carried at fair value at the date of valuation, with changes in fair value recongised in profit and loss. |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Where investments in a non-derivative financial instrument that is equity of the issuer is publicly traded or the fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Debtors & creditors |
Short term debtors, classified as receivable in one year, are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term creditors, classified as payable in one year, are measured at the transaction price. Other financial liabilities including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
The company's liabilities exceed its assets by £3,429,486 (2021: £4,167,452). The company depends on the continuing financial support of a director who has confirmed their ongoing financial support of the company and their ability to do so for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST OR VALUATION |
At 1 January 2022 |
Revaluations |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 December 2022 is represented by: |
Shares in |
group |
undertakin |
£ |
Valuation in 2021 | 944,592 |
Valuation in 2022 | 4,534,176 |
Cost | 2,521,232 |
8,000,000 |
If fixed assets investments had not been revalued they would have been included at the following historical cost: |
31.12.22 | 31.12.21 |
£ | £ |
Cost | 2,521,232 | 2,521,232 |
Fixed asset investments were valued on balance sheet value basis on 31 December 2022 by the directors . |
The directors also based their valuation of The Sanctum London Ltd on a valuation of the The Sanctum London Limited carried out on the 29 September 2022 by Davis Coffer Lyons. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr | 21,228 | 27,083 |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors; |
31.12.22 | 31.12.21 |
£ | £ |
Bank Loan - HSBC | 38,000 | 167,000 |
A J Taylor Loan | 5,088 | 5,088 |
Phantom Music Management Ltd Loan | 4,211,905 | 4,211,905 |
Sphere Entertainment Ltd Loan | 4,606,429 | 4,528,956 |
8,861,422 | 8,969,756 |
The following debentures existed at the year end: |
Date | Name | Amount | Description |
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. |
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. |
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. |
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. |
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. |
The following security was given by the company in respect of The Sanctum London Ltd. The charge is satisfied at the year end 31 December 2022, Companies House will be updated to show the charges as satisfied: |
Date | Name | Amount | Description |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7/02/2019 |
Aif 1 Ltd |
All monies due or to become due from the company. |
Charge - Contains fixed charges, contains floating charge, floating charge covers all the property or undertaking of the company. Contains Negative pledge. Full details given charge code 038318800004. |
10. | DEFERRED TAX |
£ |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2022 | ( |
) |
11. | RELATED PARTY DISCLOSURES |
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. |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | RELATED PARTY DISCLOSURES - continued |
Companies in which people with significant control and influence also have significant control and influence. |
During the year the the following transactions occurred between the related parties and the |
company: |
During the year a company provided net funding to Concept Venues Ltd totalling £NIL (2021: £NIL). At the balance sheet date Concept Venues Ltd owes £4,211,905 (2021: £4,211,905) to the company . Concept Venues Ltd also owes £1,220,000 (2021: £1,220,000) in loan notes to the company. The |
amounts are classified as current creditors and are repayable on demand, no interest is charged. |
During the year a company provided net funding to Concept Venues Ltd totalling £77,473 (2021: £272,193). At the balance sheet date Concept Venues Ltd £4,606,429 (2021: £4,528,956) to the company. The amounts are classified as current creditors and are repayable on demand, no interest is charged. |
During the year the company advanced £NIL (2021: £43,200) to Concept Venues Ltd. During the year The company provided net funding to Concept Venues Ltd of £NIL (2021: £NIL) At the balance sheet date Concept Venues Ltd owed the company £247,404 (2021: £247,404), Concept Venues Ltd also owes the company £250,000 (2021: £250,000) in relation to loan notes held. The amounts are classified as current creditors and are repayable on demand, no interest is charged. |
At the balance sheet date Concept Venues Ltd owes a company £200,000 (2021: £200,000), there were no transactions in the year. The amount is classified as a current creditor and is repayable |
on demand, no interest is charged. |
At the balance sheet date Concept Venues Ltd owes the company £376,808 (2021: £376,808), there were no transactions in the year. The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
A subsidiary of the company. |
During the year Concept Venues Ltd gave general funding to the subsidiary of £844 (2021: £NIL) and Concept Venues Ltd made recharges to the subsidiary of £NIL (2021: £19,000). At the balance sheet date the subsidiary owes the company £210,480 (2021: £209.636) The amount is classified as a current debtor and is repayable on demand, no interest is charged. |
A subsidiary of the company. |
The subsidiary gave funding of £211,610(2021: £387,909) to Concept Venues Ltd in the year and made recharges to Concept Venues Ltd of £NIL (2021: £12,000). Concept Venues Ltd made recharges to of the subsidiary of £NIL (2021: £43,500). At the balance sheet date the subsidiary is owed £1,011,487 (2021: £799,877). The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
Concept Venues Limited (Registered number: 03831969) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | RELATED PARTY DISCLOSURES - continued |
A subsidiary of the company. |
During the year Concept Venues Ltd made net funding to the company of £70,343 (2021: £NIL) and Concept Venues Ltd repaid the company £NIL (2021: £49,869). The subsidiary made management charges of £31,500 (2021: £120,000) to Concept Venues Ltd. At the balance sheet date Concept Venues Ltd is owed £446,187 (2021 £413,644) by the subsidiary . The amount is classified as a current debtor and is repayable on demand, no interest is charged. |
A subsidiary of the company. |
During the year Concept Venues Ltd gave general funding to the subdidiary of £9,890 (2021: NIL) and made recharges to the subsidiary of £NIL (2021: £500). At the balance sheet date the subsidiary owes Concept Venues Ltd £2,929,075 (2021: £2,919,185). The amount is classified as a current debtor and is repayable on demand, no interest is charged. |
Persons with significant control and influence. |
During the year a peron with significant control and influence advanced Concept Venues Ltd £NIL (2021: £NIL) and the company repaid the person £NIL (2021: £NIL). At the balance sheet date Concept Venues Ltd owed the person £5,088 (2021: £5,088). The amount is classified as a current creditor and is repayable on demand, no interest is charged on amounts owing to the director. |
During the year the company repaid a person with significant control and influence £15,797 (2021: £109,421) and the person made loans and charges totalling £NIL (2021: £NIL) to the company. At the balance sheet date the company owes £NIL (2021: £15,797). The amount was classified as a current creditor and was repayable on demand, no interest was charged on amounts owing to the director. |