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Registered number: 10884920













BROADWICK VENUES LIMITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
BROADWICK VENUES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
BROADWICK VENUES LIMITED
REGISTERED NUMBER:10884920

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,469,966
1,521,973

Investments
 5 
366,726
366,626

  
1,836,692
1,888,599

Current assets
  

Work in progress
  
56,251
365,189

Debtors: amounts falling due after more than one year
 6 
-
71,663

Debtors: amounts falling due within one year
 6 
6,170,291
1,634,163

Cash at bank and in hand
  
876,334
1,223,153

  
7,102,876
3,294,168

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(10,383,249)
(7,005,152)

Net current liabilities
  
 
 
(3,280,373)
 
 
(3,710,984)

  

Net liabilities
  
(1,443,681)
(1,822,385)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(1,443,781)
(1,822,485)

  
(1,443,681)
(1,822,385)


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.

Page 1

 
BROADWICK VENUES LIMITED
REGISTERED NUMBER:10884920
    
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.




S J Tracey
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

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

 
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

Exemption from preparing consolidated financial statements

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.

 
2.3

Going concern

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.

 
2.4

Turnover

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.

 
2.5

Government grants

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.

 
2.6

Finance costs

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

Page 3

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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

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.

 
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.

Page 4

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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

Leasehold improvements
-
Over the term of the lease
Plant and machinery
-
10 year straight line
Computer equipment
-
4 year straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Work in progress

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 7).

Page 5

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2022
1,676,827
552,417
-
2,229,244


Additions
103,070
3,023
23,306
129,399


Disposals
(233,260)
(38,592)
-
(271,852)



At 31 March 2023

1,546,637
516,848
23,306
2,086,791



Depreciation


At 1 April 2022
509,808
197,463
-
707,271


Charge for the year on owned assets
153,073
25,538
2,795
181,406


Disposals
(233,260)
(38,592)
-
(271,852)



At 31 March 2023

429,621
184,409
2,795
616,825



Net book value



At 31 March 2023
1,117,016
332,439
20,511
1,469,966



At 31 March 2022
1,167,019
354,954
-
1,521,973


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
366,626


Additions
100



At 31 March 2023
366,726




Page 6

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
-
71,663


2023
2022
£
£

Due within one year

Trade debtors
1,026,890
472,511

Amounts owed by group undertakings
3,147,843
384,168

Other debtors
717,627
345,800

Prepayments and accrued income
872,420
224,711

Tax recoverable
-
23,715

Deferred taxation
405,511
183,258

6,170,291
1,634,163



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
703,747
1,049,730

Amounts owed to group undertakings
6,993,656
4,052,917

Other creditors
1,012,877
845,391

Accruals and deferred income
1,672,969
1,057,114

10,383,249
7,005,152



8.


Deferred taxation




2023


£




Deferred tax asset


At beginning of year
254,921


Charged to profit or loss
150,590



At end of year
405,511

Page 7

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
8.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£

Deferred tax asset


Accelerated capital allowances
(88,237)
(67,442)

Tax losses carried forward
493,748
322,363

405,511
254,921


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



10.


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 - £2,000,000) 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.


11.


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
935,289
734,785

Later than 1 year and not later than 5 years
4,313,281
3,026,142

Later than 5 years
8,314,407
3,989,407

13,562,977
7,750,334

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.

Page 8

 
BROADWICK VENUES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Parent undertaking

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.


13.


Auditors' information

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.

 
Page 9