Registered number: 10884920
BROADWICK VENUES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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BROADWICK VENUES LIMITED
REGISTERED NUMBER:10884920
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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BROADWICK VENUES LIMITED
REGISTERED NUMBER:10884920
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The company has opted not to file the statement of comprehensive income 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 on 25 January 2024.
The notes on pages 3 to 9 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Broadwick Venues Limited is a private limited liability company registered in England and Wales. Its registered office and business 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.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking registered in England and Wales and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
At the reporting date the company had net current liabilities and net liabilities. The group that the company is a part of was profitable in the year and the ultimate parent undertaking continues to receive financial support from its investors, has strong cash reserves and expects its profitability to continue. The directors have obtained assurance from the ultimate parent undertaking that funds will continue to be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore the accounts have been prepared under the going concern basis.
Turnover comprises revenue recognised by the company in respect of the hiring out of live music and corporate venues, event management fees and production fees.
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.
Grants are accounted under the accruals model. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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.
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Current and deferred taxation
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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:
- 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
- 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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:
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Over the term of the lease
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Work in progress relates to development costs incurred in relation to events scheduled after the reporting date. Work in progress is valued at the lower of cost and net realisable value.
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Basic financial instruments
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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.
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The average monthly number of employees, including directors, during the year was 12 (2022 - 7).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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Investments in subsidiary companies
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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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 - £2,000,000) was outstanding at the reporting date. The Group provided a guarantee for this liability by way of a fixed and floating charge over the assets of the Group.
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Commitments under operating leases
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At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The immediate and ultimate parent undertaking of the company 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.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 25 January 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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