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Registered number: 07871423









BOOMTOWN FESTIVAL UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
COMPANY INFORMATION


Directors
L M Mitchell 
C Rutherford 
D J Desmond 
S R Douglas 
M C Nicholls 




Registered number
07871423



Registered office
126 Albert Road
St Philips

Bristol

United Kingdom

BS2 0YA




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
BOOMTOWN FESTIVAL UK LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2
Directors' Responsibilities Statement
 
3
Independent Auditors' Report
 
4 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12 - 13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 29


 
BOOMTOWN FESTIVAL UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The directors present the results for the year to 31 October 2023 along with financial position at this point. 

Business review
 
The principal activity of the company was promotion of a music festival. 
During the year the company's turnover was £19,603,135 (2022: £17,318,703). The loss for the year, before taxation, amounted to £66,571 (2022 loss: £147,278). The profit for the year, after taxation, amounted to £398,719 (2022: £622,890). 
£Nil dividends were paid during the year (2022: £nil).
The statement of financial position shows that net assets have increased over the prior year to £1,173,484 (2022: £774,769)

Principal risks and uncertainties
 
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.
The company acknowledges increases in the cost of living and inflation rates during the year, however, does not consider these a principal risk or uncertainty.

Financial key performance indicators
 
The directors used EBITDA as the financial Key Performance Indicator for Boomtown Festival UK Ltd:
    2023   2022   % Change
EBITDA   
£233,367  £20,400  1,044%
Operating loss   £84,615  £130,262  35%
Operating loss margin -0.43%  -0.75%  43%


This report was approved by the board on 31 July 2024 and signed on its behalf.



L M Mitchell
Director

Page 1

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £398,719 (2022 - £622,890).

Dividends amounting to £Nil (2022: £Nil) were paid in the year.

Directors

The directors who served during the year were:

L M Mitchell 
C Rutherford 
D J Desmond 
S R Douglas 
M C Nicholls 

Future developments

The company's intention is to continue its steady growth and improve its performance as is expected of any business.

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

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 July 2024 and signed on its behalf.
 





L M Mitchell
Director
C Rutherford
Director

Page 2

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

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;


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.

Page 3

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOMTOWN FESTIVAL UK LIMITED
 

Opinion


We have audited the financial statements of Boomtown Festival UK Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 October 2023 and of its loss 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 4

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOMTOWN FESTIVAL UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 5

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOMTOWN FESTIVAL UK 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These include but are not limited to the Companies Act 2006, GDPR, employment, Health & Safety legislation, and tax legislation; and 
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include operational and employment laws and regulations including health and safety regulations, environmental regulations and GDPR. 
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. 
We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. The procedures undertaken to address this has been shown below, however we have nothing to report in respect of this. 
 
Page 6

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOMTOWN FESTIVAL UK LIMITED (CONTINUED)


Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls management have in place to prevent and detect fraud, including known of suspected instances or non-compliance with laws and regulations and fraud; 
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management;
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, journal entries crediting revenue or cash, as well as those posted in the foreign exchange nominal. These were scrutinised for evidence of unusual entries;
• Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation including sales invoice to ensure revenue was appropriately recorded; 
• Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation to ensure the expense was appropriately recorded;
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOMTOWN FESTIVAL UK LIMITED (CONTINUED)


Other matters 
 

The comparative figures for the year ended 31 October 2022 were not audited.


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.





Matthew Wells ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

31 July 2024
Page 8

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,603,135
17,318,703

Cost of sales
  
(18,385,073)
(16,571,862)

Gross profit
  
1,218,062
746,841

Administrative expenses
  
(1,303,799)
(879,814)

Other operating income
 5 
1,122
2,711

Operating loss
 6 
(84,615)
(130,262)

Interest receivable and similar income
 10 
49,146
1,083

Interest payable and similar expenses
 11 
(31,102)
(18,099)

Loss before tax
  
(66,571)
(147,278)

Tax on loss
 12 
465,290
770,168

Profit for the financial year
  
398,719
622,890

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

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

The notes on pages 15 to 29 form part of these financial statements.

Page 9

 
BOOMTOWN FESTIVAL UK LIMITED
REGISTERED NUMBER: 07871423

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,062,611
375,043

  
2,062,611
375,043

Current assets
  

Stocks
 14 
4,578
-

Debtors: amounts falling due within one year
 15 
4,237,556
5,723,270

Cash at bank and in hand
 16 
2,506,382
179,108

  
6,748,516
5,902,378

Creditors: amounts falling due within one year
 17 
(7,377,639)
(5,122,652)

Net current (liabilities)/assets
  
 
 
(629,123)
 
 
779,726

Total assets less current liabilities
  
1,433,488
1,154,769

Creditors: amounts falling due after more than one year
 18 
(260,000)
(380,000)

  

Net assets
  
1,173,488
774,769


Capital and reserves
  

Called up share capital 
 21 
4
4

Profit and loss account
 22 
1,173,484
774,765

  
1,173,488
774,769


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




L M Mitchell
C Rutherford
Director
Director

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
BOOMTOWN FESTIVAL UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
4
774,765
774,769


Comprehensive income for the year

Profit for the year
-
398,719
398,719
Total comprehensive income for the year
-
398,719
398,719


At 31 October 2023
4
1,173,484
1,173,488



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
4
151,875
151,879


Comprehensive income for the year

Profit for the year
-
622,890
622,890
Total comprehensive income for the year
-
622,890
622,890


At 31 October 2022
4
774,765
774,769


The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
BOOMTOWN FESTIVAL UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
398,719
622,890

Adjustments for:

Depreciation of tangible assets
317,982
150,662

Government grants
-
(2,000)

Interest paid
31,102
18,100

Interest received
(49,146)
(1,083)

Taxation charge
(465,290)
(47,885)

(Increase)/decrease in stocks
(4,578)
-

Decrease in debtors
2,804,861
4,079,527

(Increase)/decrease in amounts owed by groups
(853,857)
1,709,790

Increase/(decrease) in creditors
2,254,987
(6,811,798)

Net cash generated from operating activities

4,434,780
(281,797)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,005,550)
(390,303)

Government grants received
-
2,000

Interest received
49,146
1,083

Net cash from investing activities

(1,956,404)
(387,220)
Page 12

 
BOOMTOWN FESTIVAL UK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(120,000)
(100,000)

Interest paid
(31,102)
(18,100)

Net cash used in financing activities
(151,102)
(118,100)

Net increase/(decrease) in cash and cash equivalents
2,327,274
(787,117)

Cash and cash equivalents at beginning of year
179,108
966,225

Cash and cash equivalents at the end of year
2,506,382
179,108


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,506,382
179,108

2,506,382
179,108


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
BOOMTOWN FESTIVAL UK LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

179,108

2,327,274

2,506,382

Debt due after 1 year

(380,000)

120,000

(260,000)

Debt due within 1 year

(120,000)

-

(120,000)


(320,892)
2,447,274
2,126,382

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Boomtown Festival UK Limited is a private company, limited by shares and is registered and incorporated in England and Wales. Its registration number is 07871423. The registered office is 126 Albert Road, St Philips, Bristol, United Kingdom, BS2 0YA. The principal activity of the company continued to be that of the provision of performing arts and entertainment.

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

Going concern

The directors review the business position and react accordingly, taking necessary steps where appropriate. The directors believe that the business has sufficient prospect of trade and cash reserves to continue to trade for a period of no less than twelve months from the approval of these accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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:
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 reporting date.

Page 17

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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.

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:

Long-term leasehold property
-
20 - 33% Straight Line
Plant and machinery
-
25% Straight Line
Motor vehicles
-
25% Straight Line
Fixtures and fittings
-
33% Straight Line
Computer equipment
-
25% 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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position 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.

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
Page 19

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Page 20

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements,
estimates and assumptions are based on the best and most reliable evidence available at the time when
the decisions are made, and are based on the historical experience and other factors that are considered
to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period which the estimate is revised, if the revision affects only that
period, or in the period of revision and future periods, if the revision affects both current and future
periods.
Management considers that there are no judgements that have been made in the process of applying the
entity's accounting policies that have a significant effect on the financial statements. Furthermore,
management considers that there are no areas of estimation uncertainty at the balance sheet date that
have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities
within the next financial year.

Page 21

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
19,603,135
17,318,703

19,603,135
17,318,703


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other small business grants
-
2,000

Sundry income
1,122
711

1,122
2,711



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Research & development charged as an expense
1,990
-

Exchange differences
6,716
(9,488)


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,775
-

Page 22

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Employees

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


2023
2022
£
£

Wages and salaries
1,030,250
831,539

Social security costs
114,525
89,703

Cost of defined contribution scheme
20,766
22,819

1,165,541
944,061


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


        2023
        2022
            No.
            No.







Employees
18
14



Directors
5
5

23
19


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
273,039
285,341

Company contributions to defined contribution pension schemes
3,963
3,066

277,002
288,407



10.


Interest receivable

2023
2022
£
£


Other interest receivable
49,146
1,083

49,146
1,083

Page 23

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
31,102
18,099

31,102
18,099


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(722,283)


-
(722,283)


Total current tax
-
(722,283)

Deferred tax


Unrelieved tax losses carried forward
(465,290)
(47,885)

Total deferred tax
(465,290)
(47,885)


Tax on loss
(465,290)
(770,168)

Factors affecting tax charge for the year

The company had tax losses carried forward to utilise against future profits.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2022
131,088
35,392
33,087
1,296,168
16,432
1,512,167


Additions
-
6,338
72,072
1,922,891
4,249
2,005,550



At 31 October 2023

131,088
41,730
105,159
3,219,059
20,681
3,517,717



Depreciation


At 1 November 2022
109,896
30,112
29,124
956,601
11,391
1,137,124


Charge for the year on owned assets
14,974
2,272
9,417
288,583
2,736
317,982



At 31 October 2023

124,870
32,384
38,541
1,245,184
14,127
1,455,106



Net book value



At 31 October 2023
6,218
9,346
66,618
1,973,875
6,554
2,062,611



At 31 October 2022
21,192
5,280
3,963
339,567
5,041
375,043




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
6,218
21,192

6,218
21,192



14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,578
-

4,578
-


Page 25

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
204,306
3,631,179

Amounts owed by group undertakings
2,553,110
1,699,253

Other debtors
592,792
235,929

Prepayments and accrued income
374,173
109,024

Deferred taxation
513,175
47,885

4,237,556
5,723,270



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,506,382
179,108

2,506,382
179,108


In 2022, included in cash at bank and in hand is £8,534 of bank overdrafts.


17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
120,000
120,000

Trade creditors
2,192,877
1,144,623

Other taxation and social security
29,689
28,672

Other creditors
12,032
1,737

Accruals and deferred income
5,023,041
3,827,620

7,377,639
5,122,652


Page 26

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
260,000
380,000

260,000
380,000



19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
120,000
120,000


120,000
120,000

Amounts falling due 1-2 years

Bank loans
120,000
120,000


120,000
120,000

Amounts falling due 2-5 years

Bank loans
140,000
260,000


140,000
260,000


380,000
500,000


Page 27

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

20.


Deferred taxation




2023


£






At beginning of year
47,885


Charged to profit or loss
465,290



At end of year
513,175

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
513,175
47,885

513,175
47,885


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4 (2022 - 4) Ordinary Shares shares of £1.00 each
4
4



22.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


23.Other financial commitments

There is a cross-guarantee debenture with the bank over the assets of the company and its parent Circus of Boom Limited.

Page 28

 
BOOMTOWN FESTIVAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

24.


Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 from disclosing transactions or balances between wholly owned group entities.
During the year, the company made sales of £136,537 and purchases of £657,124 with other related parties. 
During the year, the company recharged costs of £87,888 (2022: £61,199) to Wake the Tiger Limited, a company with some common shareholders. At the year end, there is a balance of £43,304 (2022: £73,239) included in trade debtors.
At year end, amounts due from key management personnel were £7,798 (2022: £733).


25.


Controlling party

During the year the company was under the control of Circus of Boom Limited, its registered office is 126 Albert Road, St Philips, Bristol, England, BS2 0YA.

 
Page 29