Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3128The principal activity of the company continued to be that of development and management of corporate and ticketed live music events venues.2022-04-01false35truefalse 10496774 2022-04-01 2023-03-31 10496774 2021-04-01 2022-03-31 10496774 2023-03-31 10496774 2022-03-31 10496774 c:Director1 2022-04-01 2023-03-31 10496774 c:Director2 2022-04-01 2023-03-31 10496774 c:Director3 2022-04-01 2023-03-31 10496774 c:RegisteredOffice 2022-04-01 2023-03-31 10496774 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 10496774 d:Buildings d:ShortLeaseholdAssets 2023-03-31 10496774 d:Buildings d:ShortLeaseholdAssets 2022-03-31 10496774 d:FurnitureFittings 2022-04-01 2023-03-31 10496774 d:FurnitureFittings 2023-03-31 10496774 d:FurnitureFittings 2022-03-31 10496774 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10496774 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10496774 d:CurrentFinancialInstruments 2023-03-31 10496774 d:CurrentFinancialInstruments 2022-03-31 10496774 d:Non-currentFinancialInstruments 2023-03-31 10496774 d:Non-currentFinancialInstruments 2022-03-31 10496774 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10496774 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10496774 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10496774 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10496774 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10496774 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10496774 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10496774 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 10496774 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10496774 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 10496774 d:UKTax 2022-04-01 2023-03-31 10496774 d:UKTax 2021-04-01 2022-03-31 10496774 d:ShareCapital 2023-03-31 10496774 d:ShareCapital 2022-03-31 10496774 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10496774 d:RetainedEarningsAccumulatedLosses 2023-03-31 10496774 d:RetainedEarningsAccumulatedLosses 2022-03-31 10496774 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10496774 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10496774 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10496774 c:OrdinaryShareClass1 2023-03-31 10496774 c:OrdinaryShareClass2 2022-04-01 2023-03-31 10496774 c:OrdinaryShareClass2 2023-03-31 10496774 c:FRS102 2022-04-01 2023-03-31 10496774 c:Audited 2022-04-01 2023-03-31 10496774 c:FullAccounts 2022-04-01 2023-03-31 10496774 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10496774 d:WithinOneYear 2023-03-31 10496774 d:WithinOneYear 2022-03-31 10496774 d:BetweenOneFiveYears 2023-03-31 10496774 d:BetweenOneFiveYears 2022-03-31 10496774 d:MoreThanFiveYears 2023-03-31 10496774 d:MoreThanFiveYears 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10496774













VENUE LAB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
VENUE LAB LIMITED
 
 
COMPANY INFORMATION


Directors
S J Tracey 
B J Thompson 
R M S Hajaj 




Registered number
10496774



Registered office
Acre House
11/15 William Road

London

NW1 3ER




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
VENUE LAB LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Notes to the Financial Statements
 
11 - 23


 
VENUE LAB LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present the strategic report of Venue Lab Limited ("the Company") for the year ended 31 March 2023. The company is a subsidiary of Broadwick Group Limited. Broadwick Group Limited and its subsidiaries together form "the Group". The trading name of the Group is "Broadwick Group".
Our Group's heritage is in music. We own and operate a portfolio of award-winning venues and entertainment brands and partner with some of the world’s most influential artists to deliver powerful programming and cultural experiences across the world.
We believe in redefining spaces and how people experience culture. By breaking down traditional barriers, we curate unique narratives, reveal distinct identities and create one of a kind experiences across all of our spaces and venues.
At the heart of Broadwick is a founding belief in the power of ‘live’ with the objective always being to inspire, connect and create massive impact through music, culture and space. With three core divisions; Entertainment, Venues and Services. Broadwick Group design, build and operate some of the world’s most exciting venue and entertainment brands.

Business review
 
With strong financial management, support from our Group's investors and an active shareholder team leading the business we are poised to capitalise on multiple venue acquisitions, rapidly expanding our portfolio of brands whilst increasing our working capital reserves to deliver strong growth in future years.
At the reporting date, Company turnover for the period was  £14,341,414 (2022 -  £10,854,244) with a gross profit margin of 65.8% (2022 - 65.6%).

Principal risks and uncertainties
 
In compliance with accounting standards and best practice, we have summarised below the principal risks facing the Company:
a) Commercial risk
Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the Company. Monitoring exposure to risk and uncertainty is an integral part of the Company’s structured management processes. Generally, the principal risks that the Company faces are operational risk, competition, regulatory and legislative impacts, recruitment and retention of staff and maintenance of reputation, as well as financial risk.
b) Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Financial key performance indicators
 
The continued success and sustainability of the Company will be determined significantly by the ability to continue to grow revenues more than its costs. Therefore the level of turnover, year on year growth and gross profit margins are key performance indicators (KPIs).
The Company’s KPIs for this period are stated above under “Business review”.

Page 1

 
VENUE LAB LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators
 
The directors believe there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the Company.


This report was approved by the board on 25 January 2024 and signed on its behalf.



S J Tracey
Director

Page 2

 
VENUE LAB LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Results and dividends

The profit for the year, after taxation, amounted to £825,881 (2022 - £583,405).

The company did not pay any dividends in the year (2022 - £nil).

Directors

The directors who served during the year were:

S J Tracey 
B J Thompson 
R M S Hajaj 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Future developments

We continue to look at acquiring new venues that fit our portfolio strategically and represent opportunities to further strengthen our financial position.

Page 3

 
VENUE LAB LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 January 2024 and signed on its behalf.
 





S J Tracey
Director

Page 4

 
VENUE LAB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUE LAB LIMITED
 

Opinion


We have audited the financial statements of Venue Lab Limited (the 'company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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 March 2023 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
VENUE LAB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUE LAB LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 6

 
VENUE LAB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUE LAB LIMITED (CONTINUED)

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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the entertainment sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety and licensing laws;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

 
Page 7

 
VENUE LAB LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUE LAB LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Martyn Atkinson (FCA) (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

25 January 2024
Page 8

 
VENUE LAB LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,341,414
10,854,244

Cost of sales
  
(4,903,046)
(3,737,084)

Gross profit
  
9,438,368
7,117,160

Administrative expenses
  
(8,738,840)
(6,774,571)

Other operating income
 5 
152,861
280,040

Operating profit
 6 
852,389
622,629

Interest payable and similar expenses
 10 
(20,306)
-

Profit before tax
  
832,083
622,629

Tax on profit
 11 
(6,202)
(39,224)

Profit for the financial year
  
825,881
583,405

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
VENUE LAB LIMITED
REGISTERED NUMBER:10496774

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
233,852
300,210

Current assets
  

Stocks
 13 
2,796
6,073

Debtors: amounts falling due after more than one year
 14 
-
120,000

Debtors: amounts falling due within one year
 14 
9,205,307
7,587,123

Cash at bank and in hand
  
465,564
1,754,129

  
9,673,667
9,467,325

Current liabilities
  

Creditors: amounts falling due within one year
 15 
(7,847,860)
(8,094,777)

Net current assets
  
 
 
1,825,807
 
 
1,372,548

Creditors: amounts falling due after more than one year
 16 
(981,108)
(1,426,290)

Provisions for liabilities
  

Deferred tax
 19 
(45,919)
(39,717)

Net assets
  
1,032,632
206,751


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
 21 
1,032,532
206,651

  
1,032,632
206,751


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 January 2024.



S J Tracey
Director

The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Venue Lab Limited is a private limited liability company registered in England and Wales. Its registered office address is Acre House, 11-15 William Road, London, NW1 3ER.
The principal activity of the company continued to be that of development and management of corporate and ticketed live music event venues.
The company's functional and presentational currency is £ Sterling.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
The requirements of Section 7 Statement of Cash Flows;
The requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Broadwick Group Limited and these financial statements may be obtained from Companies House.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of the hiring out of live music and corporate venues.
Revenue is recognised when the events take place and it is probable that economic benefits will flow to the company. It is exclusive of Value Added Tax and trade discounts.

 
2.4

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.

Page 11

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method.

 
2.7

Pensions

The company is a member of a Group who's parent undertaking contributes to a defined contribution plan for the Group's employees. The company reimburses the parent undertaking for the pension costs of its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due to the parent undertaking. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 12

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Short-term leasehold property
-
over the remaining life of the lease
Fixtures, fittings and equipment
-
10 year straight line

In the current year the estimated useful life for fixtures, fittings and equipment was amended from 25% reducing balance to 10 year straight line, to align the policy with the other companies of the group. The change in estimate is applied prospectively.
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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each reporting date, stocks are assessed for impairment. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.11

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.

Page 13

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be 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 directors have made the following judgments:
a) Determining whether there are indicators of impairment of Company's tangible assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets.
b) Determining whether leases entered into by the group as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. 
The directors have made the following key estimates:
a) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.


4.


Turnover

The Company has taken the exemption not to disclose the analysis of turnover by class of business where in the opinion of the directors the analysis would be seriously prejudicial to the interests of the Company.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
152,861
46,776

Government grants receivable
-
233,264

152,861
280,040


Page 14

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
134,344
95,333

Operating lease rentals
1,199,353
884,515


7.


Auditors' remuneration

Audit fees for all entities in the group are bourne by Broadwick Group Limited, the group's ultimate parent undertaking. 







8.


Auditors' remuneration

Enter Text here - user input


2023
2022
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
-
25,000


The company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.

Page 15

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,313,814
905,381

Social security costs
147,715
98,687

Cost of defined contribution scheme
51,020
27,755

1,512,549
1,031,823


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Employees
25
32

28
35


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
20,306
-

Page 16

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
29,221


Total current tax
-
29,221

Deferred tax


Origination and reversal of timing differences
6,202
10,003

Total deferred tax
6,202
10,003


Taxation on profit on ordinary activities
6,202
39,224

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
832,083
622,629


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
158,096
118,300

Effects of:


Expenses not deductible for tax purposes
1,330
2,280

Depreciation for year in excess of capital allowances
22,170
(19,780)

Group relief
(181,596)
(71,579)

Deferred tax
6,202
10,003

Total tax charge for the year
6,202
39,224


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.

Page 17

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets





Short-term leasehold property
Fixtures, fittings and equipment
Total

£
£
£



Cost


At 1 April 2022
123,272
338,101
461,373


Additions
58,600
9,386
67,986


Disposals
(122,562)
(4,222)
(126,784)



At 31 March 2023

59,310
343,265
402,575



Depreciation


At 1 April 2022
32,101
129,062
161,163


Charge for the year on owned assets
99,595
34,749
134,344


Disposals
(122,562)
(4,222)
(126,784)



At 31 March 2023

9,134
159,589
168,723



Net book value



At 31 March 2023
50,176
183,676
233,852



At 31 March 2022
91,171
209,039
300,210


13.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,796
6,073


Page 18

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Debtors

2023
2022
£
£

Due after more than one year

Trade debtors
-
120,000


2023
2022
£
£

Due within one year

Trade debtors excluding factored debts
2,404,388
2,364,972

Factored debts
(59,560)
-

Amounts owed by group undertakings
6,311,818
4,771,506

Other debtors
120,486
76,568

Prepayments and accrued income
428,175
374,077

9,205,307
7,587,123



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
120,000
70,000

Trade creditors
772,352
1,240,557

Amounts owed to group undertakings
1,897,334
608,732

Taxation and social security
90,536
187,012

Other creditors
1,031,148
912,190

Accruals and deferred income
3,936,490
5,076,286

7,847,860
8,094,777


The bank loan is secured by way of a fixed and floating charge over the assets of the company.

Page 19

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
410,000
530,000

Accruals and deferred income
571,108
896,290

981,108
1,426,290


The bank loan is secured by way of a fixed and floating charge over the assets of the company.


17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
120,000
70,000

Amounts falling due 1-2 years

Bank loans
120,000
120,000

Amounts falling due 2-5 years

Bank loans
290,000
360,000

Amounts falling due after more than 5 years

Bank loans
-
50,000

530,000
600,000



18.


Financial instruments






The company only enters into transactions that result in the recognition of basic financial assets and
liabilities. It does not have financial assets and liabilities measured at fair value.

Page 20

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Deferred taxation




2023


£




Deferred tax liability


At beginning of year
39,717


Charged to profit or loss
6,202



At end of year
45,919

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
45,919
39,717


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



85 Ordinary A shares of £1 each
85
85
15 Ordinary B shares of £1 each
15
15

100

100

The Ordinary A and Ordinary B shares rank pari passu in all respects but the directors may declare dividends separately for each class. 



21.


Reserves

Profit and loss account

The profit or loss reserve represents the cumulative balance of retained profits and losses since the Company started trading. It is a distributable reserve. 

Page 21

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Contingent liabilities

The company is a guarantor for loans of £2,784,855 (2022 - £2,610,913) provided to Broadwick Group Limited, its ultimate parent undertaking. The loans are secured by a fixed and floating charge over the assets of the group.
On 12 October 2020 Broadwick Group Limited purchased the entire share capital of Venue Lab Ltd and agreed to pay certain monies for the acquisition over a period of time. £2,000,000 (2022 - £2,500,000) was outstanding at the reporting date. All companies within the group have provided a guarantee for this liability by way of a fixed and floating charge over the assets of the group.


23.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,020 (2022 - £27,755). No contributions (2021 - £nil) were payable to the fund at the reporting date.


24.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,406,521
1,247,021

Later than 1 year and not later than 5 years
5,038,685
5,560,206

Later than 5 years
324,040
324,040

6,769,246
7,131,267

In addition, the company has contingent rent arrangements in place with some landlords which are dependent on the level of profit generated at each site.


25.


Related party transactions

The company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.
Key management personnel
The Company has paid no remuneration to the directors or key management personnel during the year. These costs are bourne by the ultimate parent undertaking, Broadwick Group Limited.

Page 22

 
VENUE LAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

26.


Controlling party

The immediate parent undertaking and ultimate controlling party is Broadwick Group Limited, a company registered in England and Wales, with its registered office at Acre House, 11-15 William Road, London, NW1 3ER. Broadwick Group Limited prepares consolidated accounts, which are available from Companies House.
In the opinion of the directors the Group does not have a controlling party.

 
Page 23