Registered number: 06804119
EVENTIM UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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EVENTIM UK LIMITED
Company Information
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Chartered Accountants & Statutory Auditor
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EVENTIM UK LIMITED
Registered number: 06804119
Balance sheet
As at 31 December 2022
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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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Total assets less current liabilities
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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.
The Company has opted not to file the Profit and loss account 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 1 March 2024.
The notes on pages 2 to 12 form part of these financial statements.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Eventim UK Limited is a private company incorporated and registered in England and Wales in the UK. The registered address is 1 Chamberlain Square Cs, Birmingham, B3 3AX.
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 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.
The following principal accounting policies have been applied:
Despite net liabilities of £1,819,879 as at 31 December 2022, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.
The Directors have prepared forecasts for the Company for the 12 months from the date of approval of these accounts on a most likely scenario basis given the current economic challenges faced by both organisations and end consumers.
Based on this, the Company may require additional support from its parent. The parent company,
CTS Eventim AG & Co. KGaA, has provided the Company with an undertaking that, for at least 12 months from the date of approval of these financial statements, it will provide financial support to ensure that the Company is able to meet its current and future obligations. CTS Eventim Ag & Co. KGaA have indicated their intention to continue to make funds available as are needed by the Company, and that they do not intend to seek repayment of the amounts due at the balance sheet date, for the period of at least 12 months from the date of approval of these financial statements. The Company intends to continue loan repayments and to fully repay the amounts due over the course of the 12 months from the date of approval of these financial statements.
As with any Company placing reliance on its parent for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statemetns and therefore have prepared the financial statements on a going concern basis.
Turnover consists of fee revenue earned on tickets sold by Eventim UK Limited on behalf of third party venues and promoters. Turnover is recognised when the ticket sale to the customer is completed.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated economic life is:
Eventim Light - 10 years
Estimation of useful economic life includes an assessment of the intensity at which the assets are expected to be used and the contractual right to use them.
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.
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:
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.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Operating leases: the Company as lessee
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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.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
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 so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 29 (2021 - 28).
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
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Investments in subsidiary companies
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Other fixed asset investments
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On 1 July 2019 the Company purchased 100% of the share capital of Triple Adventures Limited, whose registered office is Pennine Place, 2a Charing Cross Road, London, WC2H 0HF. The cost of the investment was £753,750. As at 31 July 2022, the date of the last published accounts, the value of the share capital and reserves of Triple Adventures Limited was £Nil. The company was dissolved on 14 November 2023.
In 2019 the Company also purchased 124,378 shares in Pocket Planet Ltd, whose registered office is 84 Brookwood Road, London, SW18 5BY. The cost of the investment was £200,000.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within the amounts owed to group undertakings are two loans. £550,000 was repayable on 31 December 2023 with an applicable interest rate of 3.9545% and £1,465,915 was due on 30 June 2023 with an applicable interest rate of 4.4136%.
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EVENTIM UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
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Allotted, called up and fully paid
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1,000 (2021 - 1,000) Ordinary shares shares of £1.00 each
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Related party transactions
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The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.
The company has transacted with Hammersmith Apollo Limited, incorporated in the UK, a company in which CTS Eventim AG & Co. KGaA has a 50% interest. Transactions for the year related to rebates payable on ticket face values and invoicing for system fees and as such there were transactions with a profit and loss impact at the balance sheet date of £562,108 (2021: £391,958). The company paid for the naming rights to the Hammersmith Apollo Limited and this is amortised over 12 months. The profit and loss impact for the year was £366,667 (2021: £134,793). At 31 December 2022, there was £1,282,399 due to Hammersmith Apollo Limited (2021: £583,184).
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The Company is a subsidiary undertaking of CTS Eventim AG & Co. KGaA. The ultimate controlling party is KPS Stiftung.
The largest group in which the results of the Company are consolidated is that headed by CTS Eventim Ag & Co. KGaA, Contrescarpe 75 A, 28195 Bremen, Germany. The consolidated financial statements of these groups are available to the public and may be obtained from www.eventim.de.
The auditor's report on the financial statements for the year ended 31 December 2022 was qualified.
The qualification in the audit report was as follows:
The impact of COVID-19 restrictions resulted in deficiencies in the company's accounting records and, as a consequence, the inability to perform key reconciliations for the company's key debtor and creditor accounts to its core ticketing system software. As of the date of our report, management has been rectifying the accounting system deficiencies and identifying correcting adjustments. We were unable to confirm or verify by alternative means certain debtor and creditor balances arising from this issue. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded debtors and creditors and, accordingly the elements making up the profit and loss account.
The audit report was signed on 1 March 2024 by Andrew Burch (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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