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Eden Sessions Limited

Annual Report and Financial Statements
Year Ended 31 December 2021

Registration number: 12084015

 

Eden Sessions Limited

Company Information

Directors

Ms R Broe

Mr D N Harland

Mr C M Chapple

Mr S J Van Dyk

Mr L P Flynn

Ms D Wilding

Company secretary

Ms T Bingham

Registered office

The Eden Project
Bodelva
Par
Cornwall
PL24 2SG

Auditors

PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Eden Sessions Limited

Balance Sheet

31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

3,237,450

3,305,250

Tangible assets

5

140,951

40,902

 

3,378,401

3,346,152

Current assets

 

Stocks

6

2,800

-

Debtors

7

250,762

191,514

Cash at bank and in hand

 

1,972,260

1,727,883

 

2,225,822

1,919,397

Creditors: Amounts falling due within one year

8

(2,180,249)

(2,066,960)

Net current assets/(liabilities)

 

45,573

(147,563)

Net assets

 

3,423,974

3,198,589

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

3,399,900

3,399,900

Profit and loss account

23,974

(201,411)

Shareholders' funds

 

3,423,974

3,198,589

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2022 and signed on its behalf by:
 

.........................................
Mr S J Van Dyk
Director

.........................................
Ms D Wilding
Director

 
     

Company Registration Number: 12084015

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
The Eden Project
Bodelva
Par
Cornwall
PL24 2SG

These financial statements were authorised for issue by the Board on 31 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Eden Sessions Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Going concern

The directors are satisified that based on forecasts prepared, and information available to date (including the scheduled programme of concerts for 2022), the company has adequate resources available to enable it to discharge its obligations as they fall due for a period at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

Judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 key judgements made are in relation to the estimated useful life of intangible assets, which is 50 years, and the accounting treatment of refunds.

Key sources of estimation uncertainty

Deferred income
Deferred income has been recognised in respect of advanced ticket sales on a number of Eden Sessions concerts. Deferred income will be released as and when the relevant concert takes place. With the exception of the amounts disclosed in note 12, the directors are confident that the majority of the balance will be recognised as revenue based on the current planned programme of concerts for 2022.

Carrying value of intangible assets
The carrying value of intangible assets (being cost less accumulated amortisation) is reviewed for impairment annually by reference to future expected income streams.

Revenue recognition

Revenue on advanced tickets is initially included in the balance sheet within deferred income. Revenue is recognised in the profit and loss account when the related event takes place.

Turnover is stated net of VAT.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

3 - 10 years

Assets under construction

Not depreciated until brought into use

Intangible assets

Separately acquired rights to use trademarks and licences are intially included at cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Eden Sessions brand & rights

over 50 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2021

3,390,000

3,390,000

At 31 December 2021

3,390,000

3,390,000

Amortisation

At 1 January 2021

84,750

84,750

Amortisation charge

67,800

67,800

At 31 December 2021

152,550

152,550

Carrying amount

At 31 December 2021

3,237,450

3,237,450

At 31 December 2020

3,305,250

3,305,250

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

5

Tangible assets

Equipment
 £

Assets under construction
£

Total
£

Cost or valuation

At 1 January 2021

10,000

30,902

40,902

Additions

10,125

109,321

119,446

Transfers

140,223

(140,223)

-

At 31 December 2021

160,348

-

160,348

Depreciation

Charge for the year

19,397

-

19,397

At 31 December 2021

19,397

-

19,397

Carrying amount

At 31 December 2021

140,951

-

140,951

At 31 December 2020

10,000

30,902

40,902

6

Stocks

2021
£

2020
£

Other inventories

2,800

-

7

Debtors

2021
£

2020
£

Trade debtors

9,255

-

Prepayments

61,618

166,772

Other debtors

179,889

24,742

250,762

191,514

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Trade creditors

90,619

87,649

Social security and other taxes

35,494

186,459

Accruals

129,722

9,000

Corporation tax

22,000

-

Deferred income

1,902,414

1,783,852

2,180,249

2,066,960

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

A Ordinary shares of £1 each

50

50

50

50

B Ordinary shares of £1 each

50

50

50

50

 

100

100

100

100

 

Eden Sessions Limited

Notes to the Financial Statements

Year Ended 31 December 2021

10

Related party transactions

Summary of transactions with other related parties

Shareholder loans
 During the prior period £100,000 was advanced by the shareholders to the company. Interest was charged at 4% per annum. The loans were repaid before the prior period end. The interest accrued in the prior period of £3,900 remained outstanding at the year end.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Eden Project Limited, incorporated in England & Wales. Eden Project Limited owned 50% of the shares as at the period end but retained control by virtue of board voting rights.

 The ultimate parent is The Eden Trust, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is The Eden Trust. These financial statements are available upon request from Companies House.

 

12

Non adjusting events after the financial period

Since the year end one of the previously announced sessions due to take place in 2022, has been cancelled by the artist due to the ongoing Covid-19 pandemic. Advanced ticket sales as at 31 December 2021, amounting to £391,103, have been refunded. As the decision to cancel was made post year end, this has been treated as a non-adjusting post balance sheet event, and consequently deferred income relating to this event has not been reclassified to other creditors at 31 December 2021.

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA , who signed for and on behalf of PKF Francis Clark on 7 September 2022.