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Registered number: 13861003













BWL (SUGAR FACTORY) LIMITED
 FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
BWL (SUGAR FACTORY) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 7


 
BWL (SUGAR FACTORY) LIMITED
REGISTERED NUMBER:13861003

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
2,414,527

  
2,414,527

Current assets
  

Debtors: amounts falling due after more than one year
 5 
167,522

Debtors: amounts falling due within one year
 5 
671,196

Cash at bank and in hand
  
64,969

  
903,687

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(4,379,773)

Net current liabilities
  
 
 
(3,476,086)

Total assets less current liabilities
  
(1,061,559)

  

Net liabilities
  
(1,061,559)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(1,061,659)

  
(1,061,559)


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 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 2 to 7 form part of these financial statements.

Page 1

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

BWL (Sugar Factory) Limited is a private limited liability company registered in England and Wales. Its registered office address is 30 Water Street, Canary wharf, London, E14 5GX and Its trading address is The Beams, Factory Road, London, E16 2HB. 
The company was incorporated on 20 January 2022 and commenced trading on 1 May 2022.
The company's principal activity is that of the development and management of a corporate and ticketed live music event venue.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the company had net current liabilities and net liabilities. The group that the company is a member 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.

 
2.3

Foreign currency translation

The company's functional and presentational currency is £ Sterling.
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.

 
2.4

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.

Page 2

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

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

 
2.6

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.

 
2.7

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 balance 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.

 
2.8

Tangible fixed assets

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

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

Page 3

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
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
-
over the term of the lease
Fixtures and fittings
-
20% 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.

 
2.9

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 and other debtors 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. 
Cash is represented by cash in hand and deposits with financial institutions. 


3.


Employees

The average monthly number of employees, including directors, during the period was 4.

Page 4

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


Additions
2,137,424
406,538
25,748
2,569,710



At 31 March 2023

2,137,424
406,538
25,748
2,569,710



Depreciation


Charge for the period on owned assets
133,629
18,775
2,779
155,183



At 31 March 2023

133,629
18,775
2,779
155,183



Net book value



At 31 March 2023
2,003,795
387,763
22,969
2,414,527


5.


Debtors

2023
£

Due after more than one year

Prepayments and accrued income
50,619

Deferred tax asset
116,903

167,522


2023
£

Due within one year

Trade debtors
17,400

Other debtors
437,625

Prepayments and accrued income
216,171

671,196


Page 5

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
220,704

Amounts owed to group undertakings
3,987,630

Other creditors
7,500

Accruals and deferred income
163,939

4,379,773



7.


Deferred taxation



2023


£






Charged to profit or loss
116,903



At end of year
116,903

The deferred tax asset is made up as follows:

2023
£


Accelerated capital allowances
(498,742)

Tax losses carried forward
615,645

116,903


8.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


On incorporation 100 Ordinary shares of £1 each were issued for £100.

Page 6

 
BWL (SUGAR FACTORY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

9.


Parent undertaking

The Immediate and ultimate parent undertaking 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. 


10.


Auditors' information

The auditors' report on the financial statements for the period 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 7