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REGISTERED NUMBER: 01921674 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

AVC LIVE LIMITED

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16 to 26


AVC LIVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: Mr W Markowitz
Mr N O Rudge
Mr B E Erwin
Mr D W J McEwan





REGISTERED OFFICE: Union Business Park
Florence Way
Uxbridge
Middlesex
UB8 2LS





REGISTERED NUMBER: 01921674 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
The company's key financial and performance indicators during the year were as follows:


2022 2021 Variance
£'000 £'000 %
Turnover 14,493 4,232 242
Profit/(loss) before tax 3,054 (3,408 ) 190
Shareholders' funds 32,970 30,691 7

During the year the company continued to provide the hire of audio visual equipment and services to customers in a number of different business sectors as well as overseas. 2022 was a year of rapid revenue recovery and investment in the business in terms of new employees and new equipment.

The company is grateful to all stakeholders during the year. Team members, existing and new, responded with enthusiasm to help customers deliver great events. We continued to win work from new clients and strengthened relationships with existing clients through adaption to their needs.

Business support teams in IT, finance & HR worked constantly through the year to enable our client service teams. Previous years investment in new IT systems has improved efficiency and will benefit the company in future years.

The business ended 2022 with confidence. Trading during 2023 has been effected by the macroeconomic environment slowdown, but revenues and profits remain robust.


PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are as follows:

Competitor risks
The company has recognised competitive risks from alternative suppliers. The company seeks to differentiate itself from competitors, providing a premium service in addition to the supply of high quality equipment. The company constantly monitors its competitive offering and adjusts as challenges present themselves. The Company is investing in training and service excellence, including the introduction of Event Pulse powered by Medallia, to monitor customer satisfaction to ensure we remain the provider of choice for our venue partners and customers.


AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
Foreign currency
Intercompany balances held in foreign currency, especially US dollars and Euros, affect the company's performance. The company will closely monitor these risks and take action where required.

General Economic Uncertainty
As the global economy recovers from COVID related shutdowns, inflationary pressures and supply chain difficulties are a risk to the company's operations as the availability of people (both salaried and freelance) and equipment is constrained. As part of a global organisation, the company is working with other group companies to obtain and share resources and exploring other solutions to these risks.

COVID-19
Following the COVID-19 pandemic and the global increase in interest rates, the directors have given consideration to the company's operations, including its going concern status.

The directors have concluded that the company continues to be a going concern due to expected future trading levels and the funding support achieved by the ultimate parent company for its subsidiaries, which has confirmed its continuing support.

Emissions and energy consumption
Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.


AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

SECTION 172(1) STATEMENT
Section 172(1) disclosures

The following disclosure describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the directors' statement required under section 414CZA of The Companies Act 2006.

The directors consider that customers, investors, suppliers and workforce are key stakeholders and are considered in key decisions.

Customers
Our corporate culture of Purpose, Mission and Values are focussed on delivering value for our Customers. We consider delivering for our customer requirements as key to continued success.

Investors
We create value for our investors by generating strong and sustainable results. We set out KPIs in our Strategic Report. We discuss key decisions in regular meetings with management. Our investors have considered the funding requirements of the business for capital expenditure when determining that no dividend be paid from the 2022 results.

Suppliers
Our suppliers are important to our business success and each supplier has a named relationship contact person within the business for communication when required. We maintain good relationships with a range of suppliers to ensure the availability and flexibility that our customers require.

Workforce
Our workforce deliver great results for our stakeholders and are considered in all key decisions. We are committed to training and workforce welfare and monitor both training hours and employee engagement regularly. We communicate regularly with our workforce including in Town Halls where all staff can ask questions to management and Directors.

Community
We consider the wider needs of the communities in which we operate through a commitment to minimising our impact on the environment, upholding excellent standards of business conduct and, where possible, supporting local communities in which we operate.

Key Decisions
During the year under review, these stakeholders and factors were included the decision to award significant pay increases to team members and continue to increase the size of the workforce. This action was considered in the best long-term interests of our stakeholders.

During 2022, significant investment has been made in new equipment and training. This action was considered in the best long-term interests of our stakeholders.

The business also made the decision to not pursue any acquisition opportunities, again this being considered in the best long-term interests of our stakeholders.

ON BEHALF OF THE BOARD:





Mr D W J McEwan - Director


30 September 2023

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors of AVC Live Limited (the company) present their report and financial statements for the year ended 31 December 2022.

RESULTS
The company's net profit for the year after taxation amounted to £2,278,196 (2021: £2,832,000).

Emissions and energy consumption
Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr W Markowitz
Mr N O Rudge
Mr B E Erwin

Other changes in directors holding office are as follows:

Mr D W J McEwan was appointed as a director after 31 December 2022 but prior to the date of this report.

FINANCIAL INSTRUMENTS
Details in relation to the financial risk management objectives and policies are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr D W J McEwan - Director


30 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AVC LIVE LIMITED


Opinion
We have audited the financial statements of AVC Live Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AVC LIVE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AVC LIVE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified in respect of the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risks identified
As a result of performing the above, we identified revenue deferrals as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AVC LIVE LIMITED

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Elizabeth Horton ACA FCCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS

30 September 2023

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

31.12.22 31.12.21
Notes £'000 £'000

TURNOVER 3 14,493 4,232

Cost of sales 12,077 4,999
GROSS PROFIT/(LOSS) 2,416 (767 )

Administrative expenses 118 1,228
2,298 (1,995 )

Other operating income - 544
OPERATING PROFIT/(LOSS) 6 2,298 (1,451 )

Income from participating interests 756 653
3,054 (798 )
Amounts written off investments 7 - 2,610
PROFIT/(LOSS) BEFORE TAXATION 3,054 (3,408 )

Tax on profit/(loss) 8 775 (576 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,279

(2,832

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,279

(2,832

)

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

31.12.22 31.12.21
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 1,516 2,240
Investments 10 19,702 19,702
21,218 21,942

CURRENT ASSETS
Stocks 11 38 56
Debtors: amounts falling due within one
year

12

8,081

6,012
Debtors: amounts falling due after more
than one year

12

23,378

21,019
Cash at bank 1,668 301
33,165 27,388
CREDITORS
Amounts falling due within one year 13 21,413 18,639
NET CURRENT ASSETS 11,752 8,749
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,970

30,691

CAPITAL AND RESERVES
Called up share capital 16 10 10
Share premium 17 35,043 35,043
Capital redemption reserve 17 10 10
Retained earnings 17 (2,093 ) (4,372 )
SHAREHOLDERS' FUNDS 32,970 30,691

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





Mr D W J McEwan - Director


AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£'000 £'000 £'000 £'000 £'000

Balance at 1 January 2021 10 (1,540 ) 35,043 10 33,523

Changes in equity
Total comprehensive income - (2,832 ) - - (2,832 )
Balance at 31 December 2021 10 (4,372 ) 35,043 10 30,691

Changes in equity
Total comprehensive income - 2,279 - - 2,279
Balance at 31 December 2022 10 (2,093 ) 35,043 10 32,970

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

31.12.22 31.12.21
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 633 (678 )
Taxation refund - 195
Net cash from operating activities 633 (483 )

Cash flows from investing activities
Purchase of tangible fixed assets (124 ) (19 )
Sale of tangible fixed assets 102 -
Interest received 756 653
Net cash from investing activities 734 634

Increase in cash and cash equivalents 1,367 151
Cash and cash equivalents at
beginning of year

2

301

150

Cash and cash equivalents at end of
year

2

1,668

301

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.22 31.12.21
£'000 £'000
Profit/(loss) before taxation 3,054 (3,408 )
Depreciation charges 746 899
Impairment of investment - 2,610
Finance income (756 ) (653 )
3,044 (552 )
Decrease in stocks 18 -
Increase in trade and other debtors (5,203 ) (3,973 )
Increase in trade and other creditors 2,774 3,847
Cash generated from operations 633 (678 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£'000 £'000
Cash and cash equivalents 1,668 301
Year ended 31 December 2021
31.12.21 1.1.21
£'000 £'000
Cash and cash equivalents 301 150


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£'000 £'000 £'000
Net cash
Cash at bank 301 1,367 1,668
301 1,367 1,668
Total 301 1,367 1,668

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

AVC Live Limited is a private company, limited by shares, registered in England and Wales. The company's registered office and principal place of business is Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS. The registered number is 01921674.

The principal activity of the company during the year was that of event management and hire of audio visual equipment and services.

The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional currency), as such, the results and statement of financial position are presented in Sterling (£   ). Monetary amounts in these financial statements are rounded to the nearest thousand unless otherwise stated.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

Going concern
Since early 2020 the consequences of the COVID-19 outspread have materially and adversely affected the supply and demand for the company's primary products. Therefore, its operating results have been negatively impacted.

The company has returned to profitability and seen a good level of trading during 2022. The Directors have carried out 'stress testing' of forecasts throughout 2022 and into 2023 and believe that worst period of the pandemic has passed. The company continues to trade profitably.

Although the company has net current liabilities of £11,626,000 (excluding the deferred tax assets of £369,000, other debtors of £804,000 and Intercompany debt of £22,205,000 which is due after more than one year), the Company is supported by other Group companies. This is reflected in the balance owed to Group companies of £17,804,000 at 31 December 2022. This is supported by its parent company who has addressed its financing requirements through debt and equity financing, asset sales and rights offerings to existing shareholders.

The Directors believe that, with continued agreed funding support achieved by the ultimate parent company for its subsidiaries, which it has confirmed is ongoing, the company continues to be a going concern and the financial statements are prepared on this basis.

Preparation of consolidated financial statements
The financial statements contain information about AVC Live Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, AVSC Europe Limited, Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that the company obtains right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. Revenue is recognised as follows:

Rendering of services


Customers hire equipment for a specific period of time. Orders are taken at the beginning
of the hire period with income being recognised at the end of the hire period or on a
monthly basis for hire periods longer than a month.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Plant and machinery - straight line - 50% and straight line - 25%
Motor vehicles - straight line - 25%

All tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such costs include costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease incentives
The company from time to time receives incentives to enter into new lease agreements. These incentives may take the form of an up-front cash payment ("reverse premium") or the initial period of the lease may be rent free or at a reduced rent.

In accordance with the standard accounting treatment for operating lease incentives, the benefits receivable by the company are deducted from the rental costs and are allocated on a straight line basis over the full lease term.

Financial instruments
The company has applied the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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. Dividends and distributions relating to equity instruments are debited direct to equity.

Impairment of financial assets
At each period end date, the company reviews the carrying amounts of its financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount, with the impairment recognised immediately in the statement of income and retained earnings.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Investments
Investments that are not publicly traded, and whose fair value cannot otherwise be measured reliably, are held as fixed assets and stated at cost less any provision for impairment in value.

The carrying values of investments are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Critical accounting estimates and 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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas for which estimation has been applied are considered to be in calculating impairments. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

Termination benefits
Termination benefits are recognised as a liability and expense in profit or loss when the company is demonstrably committed either to terminate the employment of an employee or group of employees before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The company is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal.

Termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. In the case of an offer made to encourage voluntary redundancy, the measurement of termination benefits shall be based on the number of employees expected to accept the offer.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

20222021
£'000£'000
United Kingdom13,8484,231
Rest of world6451
14,4934,232

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. EMPLOYEES AND DIRECTORS
31.12.22 31.12.21
£'000 £'000
Wages and salaries 3,939 2,123
Social security costs 429 229
Other pension costs 95 53
4,463 2,405

The average number of employees during the year was as follows:
31.12.22 31.12.21

Administration 3 2
Production 102 69
105 71

Remuneration of key management personnel
The remuneration of key management personnel is as follows.

20222021
£'000£'000


Aggregate compensation

-


-

5. DIRECTORS' EMOLUMENTS
31.12.22 31.12.21
£    £   
Directors' remuneration - -

6. OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

31.12.22 31.12.21
£'000 £'000
Depreciation - owned assets 746 899
Auditors' remuneration 30 38
Auditors' remuneration for non audit work 10 13
Foreign exchange differences (2,876 ) (101 )

7. AMOUNTS WRITTEN OFF INVESTMENTS
31.12.22 31.12.21
£'000 £'000
Impairment of investments - 2,610

As a result of the effect of the pandemic on the subsidiaries of AVC Live Limited, the directors reviewed the investment values for impairment and made provision for the decrease in value in 2021. No change to the impairment has been made in 2022.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.22 31.12.21
£'000 £'000
Current tax:
UK corporation tax - (2 )
Over/under provision in prior year - (167 )
Total current tax - (169 )

Deferred tax 775 (407 )
Tax on profit/(loss) 775 (576 )

UK corporation tax has been charged at 19% (2021 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.22 31.12.21
£'000 £'000
Profit/(loss) before tax 3,054 (3,408 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 19% (2021 - 19%)

580

(647

)

Effects of:
Expenses not deductible for tax purposes 838 456
Depreciation in excess of capital allowances 25 23
Utilisation of tax losses (607 ) (52 )
Adjustments to tax charge in respect of previous periods - (171 )


Change in tax rate - (219 )
Losses carried forward (61 ) 34
Total tax charge/(credit) 775 (576 )

Factors that may affect future tax

The corporation tax will increase to 25% with effect from 1 April 2023 for companies with taxable profits in excess of £250,000. For companies where taxable profits are £50,000 or less, the rate of corporation tax will remain at 19%.

The relevant deferred tax balances have been measured using the rate expected to apply on the reversal of the timing difference.

There are no expiry dates in respect of the above timing differences and unused tax losses.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1 January 2022 1,964 8,897 148 11,009
Additions - 124 - 124
Disposals - (199 ) (27 ) (226 )
At 31 December 2022 1,964 8,822 121 10,907
DEPRECIATION
At 1 January 2022 492 8,129 148 8,769
Charge for year 207 539 - 746
Eliminated on disposal - (97 ) (27 ) (124 )
At 31 December 2022 699 8,571 121 9,391
NET BOOK VALUE
At 31 December 2022 1,265 251 - 1,516
At 31 December 2021 1,472 768 - 2,240


10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£'000
COST
At 1 January 2022
and 31 December 2022 26,663
PROVISIONS
At 1 January 2022
and 31 December 2022 6,961
NET BOOK VALUE
At 31 December 2022 19,702
At 31 December 2021 19,702

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:


Hawthorn Theatrical Limited
Registered office: Unit 2 North End Building, Two Crown Business Park, Station Road, Old Dalby, Melton Mowbray, Leicestershire, LE14 3NQ
Nature of business: Hire of audio visual equipment
%
Class of shares: holding
Ordinary 100.00

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. FIXED ASSET INVESTMENTS - continued

Concise Limited
Registered office: 171-173 Gray's Inn Road, London, WC1X 8UE
Nature of business: Hire of audio visual equipment
%
Class of shares: holding
Ordinary 100.00

Eclipse Group International Limited
Registered office: P.O. Box 3085, Road Town, Tortola, British Virgin Islands
Nature of business: Hire of audio visual equipment
%
Class of shares: holding
Ordinary 100.00

Eclipse Venue Services L.L.C
Registered office: P.O Box 74503, Dubai, UAE
Nature of business: Event management services
%
Class of shares: holding
Ordinary 100.00

Eclipse Staging Services L.L.C
Registered office: P.O Box 390658, Dubai, UAE
Nature of business: Hire of audio visual equipment
%
Class of shares: holding
Ordinary 100.00

11. STOCKS
31.12.22 31.12.21
£'000 £'000
Stocks 35 56
Work-in-progress 3 -
38 56

12. DEBTORS
31.12.22 31.12.21
£'000 £'000
Amounts falling due within one year:
Trade debtors 2,273 1,272
Amounts owed by group undertakings 5,720 4,678
Other debtors 1 12
Prepayments and accrued income 87 50
8,081 6,012

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


12. DEBTORS - continued
31.12.22 31.12.21
£'000 £'000
Amounts falling due after more than one year:
Amounts owed by group undertakings 22,205 19,071
Other debtors 804 804
Deferred tax asset 369 1,144
23,378 21,019

Aggregate amounts 31,459 27,031

Amounts owed by group undertakings classified as over one year includes a promissory note due from Audio Visual Services Corporation GmbH. Interest is due annually at 3.5% per annum and the principal amount of $22,161,626 is repayable on 30 June 2036.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£'000 £'000
Trade creditors 894 750
Amounts owed to group undertakings 17,804 15,652
Social security and other taxes 153 99
VAT 457 371
Accruals and deferred income 2,105 1,767
21,413 18,639

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£'000 £'000
Within one year 893 893
Between one and five years 3,571 3,571
In more than five years 893 1,786
5,357 6,250

15. DEFERRED TAX
£'000
Balance at 1 January 2022 (1,144 )
Depreciation in excess of (14 )
capital allowances
Recognition of losses 864
Other timing differences (13 )
Change in tax rate (61 )
Balance at 31 December 2022 (368 )

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £'000 £'000
10,001 Ordinary £1 10 10

17. RESERVES

Called-up share capital - This represents the nominal value of shares that have been issued.

Retained earnings - This distributable reserve records retained earnings and accumulated losses.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

Share premium - The amount received in excess of the nominal value of the shares.

Other reserves - This reserve records the value of adjustments on long term creditors which have been discounted to their net present value and are to reverse by the end of the discounted period.

18. PENSION COMMITMENTS

The company operates a defined contribution scheme with contributions paid in the accounting period charged to the profit and loss account. The pension cost charge represents contributions payable by the company to the fund and amounted to £95,349 (2021 - £53,139).

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.12.22 31.12.21
£'000 £'000
Management charge paid to parent 1,261 291
Amount due to related party 9,753 10,241

The above amounts due are intercompany loans and are unsecured and repayable on demand.

Entities over which the entity has control, joint control or significant influence
31.12.22 31.12.21
£'000 £'000
Sales 341 530
Purchases 8 157
Amount due from related party 5,618 4,678
Amount due to related party 7,730 5,090

In addition to the sale and purchases above the balances also include intercompany loans which are unsecured and repayable on demand.

AVC LIVE LIMITED (REGISTERED NUMBER: 01921674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


19. RELATED PARTY DISCLOSURES - continued

Other related parties
31.12.22 31.12.21
£'000 £'000
Amount due from related party 21,985 19,071
Amount due to related party 321 321
Purchases from related party 101 -

Amounts owed by group undertakings classified as over one year includes a promissory note due from Audio Visual Services Corporation GmbH. Interest is due annually at 3.5% per annum and the principal amount of $22,161,626 is repayable on 30 June 2036.

20. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is AVSC Europe Limited, a company incorporated in the United Kingdom. The smallest group in whose the financial statements the company is consolidated as at 31 December 2022 is AVSC Europe Limited.

Copies of the consolidated financial statements for AVSC Europe Limited can be obtained from the registered office address:

Union Business Park
Florence Way
Uxbridge
Middlesex
UB8 2LS

The company's ultimate holding company is Encore Global LP (previously PSAV Group LP), a company incorporated in the United States of America. Encore Global LP is the largest group in which the financial statements are consolidated as at 31 December 2022.

Encore Global LP is controlled by The Blackstone Group LP, an investment company incorporated in the United States of America.