Company registration number 02043106 (England and Wales)
CHARGEURS MUSEUM STUDIO (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHARGEURS MUSEUM STUDIO (UK) LTD
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 11
CHARGEURS MUSEUM STUDIO (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activities of the company continued to be that of planning, design, creative direction, project management and delivery of cultural projects, museums, exhibitions and visitor attractions. Our services also include advisory, content, 3D and graphic design, project and construction management services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr O Buquen
(Resigned 15 February 2023)
Mr V Larnicol
Ms A Petit
(Resigned 31 January 2023)
Mr M Bray
(Appointed 1 January 2023 and resigned 15 January 2024)
Ms D De Canecaude
(Appointed 15 February 2023)
Ms A Coombs
(Appointed 3 May 2024)
Fair review of the business
In 2021 the company was acquired by Chargeurs SA and changed its name to Chargeurs Museum Studio (UK). Subsequently in 2022 the company went through a merger process with three other entities within the same control of the ultimate parent company, Chargeurs SA. This included the transfer of assets, liabilities, and current service agreements. This process, and that of the change of ownership incurred one-off exceptional costs that had an impact on the 2022 results.
The expenses of the three combined entities were higher than those of the original, but consolidation and rebranding after the merger has been undertaken, and greater efficiencies have started to be achieved and demonstrated in 2023. The greater opportunities offered by consolidation of these entities, namely a wider range of complimentary services and offers, have started to be seen, despite a constantly challenging marketplace.
The slow recovery of the cultural sector in the UK and reduced funding available to public entities has meant that contracts are being undertaken primarily internationally, which provides great opportunities, but also the risks of additional costs and complexity.
One specific contract was extended to complete in 2024 due to circumstances beyond the company’s control. The effect of this and resulting extension of services over that duration continues to have an impact.
The company is demonstrating its recovery from the one off costs of the merger and factors which impacted the 2022 year end results.
This positive trend is due to continue with healthy pipeline revenue in excess of £18,000,000 for the coming year. This in addition to the support from our ultimate parent company, Chargeurs SA demonstrates the future stability of Chargeurs Museum Studio (UK).
Auditor
In accordance with the company's articles, a resolution proposing that Goldblatts be reappointed as auditor of the company will be put at a General Meeting.
CHARGEURS MUSEUM STUDIO (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ms A Coombs
Director
17 September 2024
CHARGEURS MUSEUM STUDIO (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
136,646
157,960
Investments
6
606,230
136,646
764,190
Current assets
Debtors
8
7,604,554
4,069,949
Cash at bank and in hand
752,831
580,525
8,357,385
4,650,474
Creditors: amounts falling due within one year
9
(9,167,038)
(5,855,894)
Net current liabilities
(809,653)
(1,205,420)
Total assets less current liabilities
(673,007)
(441,230)
Provisions for liabilities
(26,316)
(4,579)
Net liabilities
(699,323)
(445,809)
Capital and reserves
Called up share capital
2,845
2,845
Share premium account
3,515
3,515
Profit and loss reserves
(705,683)
(452,169)
Total equity
(699,323)
(445,809)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr V Larnicol
Ms A Coombs
Director
Director
Company registration number 02043106 (England and Wales)
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Chargeurs Museum Studio (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company will continue to receive financial support truefrom the parent company, which has confirmed that it will provide the company with sufficient resources to enable it to meet its debts as they fall due for a period of at least 12 months from the approval of these financial statements. The financial statements have therefore been prepared on a going concern basis which confirms the directors expectation that the company has the resources it requires to continue in operation for the foreseeable future.
1.3
Reporting period
The prior year was extended by 5 Months to coincide with the other UK companies in the group. Therefore the comparative amounts presented in the financial statements are not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services including the design, creative director and management of exhibitions, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% Straight line
Fixtures, fittings & equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
62
46
3
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
4,290
Deferred tax
Origination and reversal of timing differences
21,737
Total tax charge
26,027
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3
Amortisation and impairment
At 1 January 2023 and 31 December 2023
3
Carrying amount
At 31 December 2023
At 31 December 2022
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
100,633
576,676
677,309
Additions
8,000
38,558
46,558
At 31 December 2023
108,633
615,234
723,867
Depreciation and impairment
At 1 January 2023
90,416
428,933
519,349
Depreciation charged in the year
7,661
60,211
67,872
At 31 December 2023
98,077
489,144
587,221
Carrying amount
At 31 December 2023
10,556
126,090
136,646
At 31 December 2022
10,217
147,743
157,960
6
Fixed asset investments
2023
2022
£
£
Investments
-
606,230
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
606,230
Impairment
(606,230)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
606,230
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Event Ireland Limited
Republic of Ireland
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Event Ireland Limited
562,601
(5,010)
The registered office of the subsidiary above is 8 Lower Fitzwilliam Street, Dublin 2, Co Dublin, Ireland
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,816,853
842,377
Amounts owed by group undertakings
135,793
Other debtors
4,464,729
2,768,807
7,281,582
3,746,977
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
322,972
322,972
Total debtors
7,604,554
4,069,949
Amounts owed by group undertakings are interest free, with no security and no fixed repayment terms.
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,706
15,717
Trade creditors
478,793
1,742,467
Amounts owed to group undertakings
4,103,215
579,205
Taxation and social security
373,904
136,008
Other creditors
4,184,420
3,382,497
9,167,038
5,855,894
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Creditors: amounts falling due within one year
(Continued)
- 10 -
The amounts owed to group undertakings and companies under common control (included in other creditors) are interest free, with no security and no fixed repayment terms.
There is an unscheduled mortgage debenture over the assets of the company dated 05/06/1990 by National Westminster bank plc . The charge is supporting the foreign exchange and intra-day facilities.
There is also a second charge by National Westminster bank plc dated 19th July 2019 which contains a fixed charge for the guarantee of a cash deposit amounting to £322,972.
The amount above is included in Long term debtors.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mary Gregori FCA, FCCA
Statutory Auditor:
Goldblatts
Date of audit report:
17 September 2024
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
478,643
1,042,417
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,547,281
121,102
Subsidiary
555,934
458,103
CHARGEURS MUSEUM STUDIO (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Related party transactions
(Continued)
- 11 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
135,793
13
Parent company
The ultimate controlling entity is Chargeurs SA, the smallest and largest group which produces consolidated financial statements in which the company is included, incorporated in France. The financial statements for Chargeurs SA are publically available from 7 Rue Kepler, 75116, Paris, France.
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