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Registered number: 13671077









CORK STREET EXHIBITIONS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 15-MONTH PERIOD ENDED 31 DECEMBER 2022

 
CORK STREET EXHIBITIONS LTD
REGISTERED NUMBER:13671077

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Tangible assets
 4 
25,838

  
25,838

Current assets
  

Debtors: amounts falling due within one year
 5 
488,165

Creditors: amounts falling due within one year
 6 
(420,134)

Net current assets
  
 
 
68,031

Total assets less current liabilities
  
93,869

  

Net assets
  
93,869


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
93,868

Shareholders' funds
  
93,869


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the Statement of Income and Retained Earnings  in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






S R Fox
Director

Date: 11 October 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
CORK STREET EXHIBITIONS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Cork Street Exhibitions Ltd is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 13671077). The registered office address is 1 Surrey Street, London, WC2R 2ND.
The Company was incorporated on 11 October 2021 and these are the first financial statements covering the 15-month period from incorporation to 31 December 2022. 
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a profit after tax for the period ended 31 December 2022 and had net current assets at the balance sheet date. The directors have prepared forecasts showing that the Company expects to be profitable and have positive cashflow for the foreseeable future, being a period of no less than 12 months from the date of the authorisation of the financial statements.
When considering the going concern assessment the directors noted that the Company is dependent on Frieze Events Limited, for operational support by the way of providing employees and back-office functions on an ad hoc basis as required. Frieze Events Limited, who are a fellow wholly owned subsidiary of Denmark Street Limited, have indicated that they will continue to provide this ongoing support for the foreseeable future and for a period of no less than 12 months from the date of the authorisation of the financial statements.
For these reasons, the directors consider the Company has the ability to meet its outstanding liabilities and obligations as they fall due, for a period of at least 12 months from the date of the authorisation of these financial statements and on this basis, have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern. On the basis of the committed operational support, the directors have prepared the financial statements on a going concern basis.

Page 2

 
CORK STREET EXHIBITIONS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Exchange gains and losses are recognised in profit or loss.

  
2.4

Turnover

Turnover represents amounts receivable for the rental of the Cork Street Building on Short Term Lets. Amounts charged are exclusive of VAT. These are recognised when the rental service is provided.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company operates a profit share arrangement where their landlord will take a rental amount based upon their performance for the year, which in turn may change as the Company’s financial performance changes.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
CORK STREET EXHIBITIONS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the term of lease
Fixtures and fittings
-
5 to 10 years
Office equipment
-
3 to 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. 
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. 
Bank and cash balances are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company's cash management.  
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of the financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 4

 
CORK STREET EXHIBITIONS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration. All employees are employed by Frieze Events Limited and recharged to Cork Street Exhibitions Limited.


4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


Additions
25,266
5,580
1,425
32,271



At 31 December 2022

25,266
5,580
1,425
32,271



Depreciation


Charge for the period
4,859
1,170
404
6,433



At 31 December 2022

4,859
1,170
404
6,433



Net book value



At 31 December 2022
20,407
4,410
1,021
25,838


5.


Debtors

2022
£


Amounts owed by group undertakings
488,165


Page 5

 
CORK STREET EXHIBITIONS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
£

Corporation tax
14,304

Accruals and deferred income
405,830

420,134



7.


Share capital

2022
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


1 Ordinary share of £1.00 was alloted on 11 October 2021. The share has full voting and dividend rights.


8.


Controlling party

The immediate parent undertaking is Denmark Street Limited, a company registered in Jersey.
The ultimate parent undertaking is Endeavor Group Holdings Inc, a company incorporated in the United States.
The largest and smallest group of undertakings for which group accounts for the year ending 31 December 2022 have been drawn up, is that headed by Endeavor Group Holdings Inc. The registered office address of Endeavor Group Holdings Inc is 601 Wilshire Boulevard, 3rd Floor Beverly Hills, California, USA.
The directors do not consider there to be an ultimate controlling party.


9.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2022 was unqualified. In the report the auditor drew attention by way of emphasis to note  2.2 of the financial statements, which describes the company’s reliance on Frieze Events Limited for operational support.

The audit report was signed on 11 October 2023 by Chetan Mistry (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 6