IRIS Accounts Production v24.2.0.383 02913930 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029139302022-12-31029139302023-12-31029139302023-01-012023-12-31029139302021-12-31029139302022-01-012022-12-31029139302022-12-3102913930ns15:EnglandWales2023-01-012023-12-3102913930ns14:PoundSterling2023-01-012023-12-3102913930ns10:Director12023-01-012023-12-3102913930ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102913930ns10:SmallEntities2023-01-012023-12-3102913930ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102913930ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102913930ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102913930ns10:FullAccounts2023-01-012023-12-3102913930ns10:Director22023-01-012023-12-3102913930ns10:Director32023-01-012023-12-3102913930ns10:Director42023-01-012023-12-3102913930ns10:RegisteredOffice2023-01-012023-12-3102913930ns5:CurrentFinancialInstruments2023-12-3102913930ns5:CurrentFinancialInstruments2022-12-3102913930ns5:ShareCapital2023-12-3102913930ns5:ShareCapital2022-12-3102913930ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102913930ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102913930ns5:RetainedEarningsAccumulatedLosses2023-12-3102913930ns5:RetainedEarningsAccumulatedLosses2022-12-3102913930ns5:FurnitureFittings2022-12-3102913930ns5:MotorVehicles2022-12-3102913930ns5:ComputerEquipment2022-12-3102913930ns5:FurnitureFittings2023-01-012023-12-3102913930ns5:MotorVehicles2023-01-012023-12-3102913930ns5:ComputerEquipment2023-01-012023-12-3102913930ns5:FurnitureFittings2023-12-3102913930ns5:MotorVehicles2023-12-3102913930ns5:ComputerEquipment2023-12-3102913930ns5:FurnitureFittings2022-12-3102913930ns5:MotorVehicles2022-12-3102913930ns5:ComputerEquipment2022-12-3102913930ns5:CostValuation2022-12-3102913930ns5:AdditionsToInvestments2023-12-3102913930ns5:CostValuation2023-12-3102913930ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102913930ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3102913930ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3102913930ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3102913930ns5:DeferredTaxation2022-12-3102913930ns5:DeferredTaxation2023-01-012023-12-3102913930ns5:DeferredTaxation2023-12-31029139301ns10:Director12022-12-31029139301ns10:Director12021-12-31029139301ns10:Director12023-01-012023-12-31029139301ns10:Director12022-01-012022-12-31029139301ns10:Director12023-12-31029139301ns10:Director12022-12-31
REGISTERED NUMBER: 02913930 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

SPHERE ENTERTAINMENT LIMITED

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


SPHERE ENTERTAINMENT LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C G Ambler
A Najeeb
E Taylor
A J Taylor





REGISTERED OFFICE: The Bridge House
Bisham Road
Marlow
SL7 1RP





REGISTERED NUMBER: 02913930 (England and Wales)

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C G Ambler
A Najeeb
E Taylor
A J Taylor

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A J Taylor - Director


19 September 2024

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,024 109,188
Investments 5 938,384 935,384
946,408 1,044,572

CURRENT ASSETS
Debtors 6 2,928,903 3,657,006
Cash at bank 7 1,082,705 425,746
4,011,608 4,082,752
CREDITORS
Amounts falling due within one year 8 336,034 248,667
NET CURRENT ASSETS 3,675,574 3,834,085
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,621,982

4,878,657

PROVISIONS FOR LIABILITIES 10 1,844 20,750
NET ASSETS 4,620,138 4,857,907

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,250,000 1,250,000
Non-distributable reserv 4,999 4,999
Retained earnings 3,365,139 3,602,908
SHAREHOLDERS' FUNDS 4,620,138 4,857,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





A J Taylor - Director


SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

SPHERE ENTERTAINMENT LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about SPHERE ENTERTAINMENT LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is derived from ordinary activities and represents net invoiced sales of management services, excluding value added tax.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the normal amount received is recognised as interest income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible Assets are stated at cost less accumulated depreciation.

Fine art work - Not depreciated.

Fixtures and fittings5% straight line
Motor vehicles25% straight line
Computer equipment10% straight line

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries and associates
Investment in subsidiaries, associate undertakings and jointly controlled entities are recognised at cost.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in a non-derivative financial instrument that is equity of the issuer is publicly traded or the fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Short term debtors, classified as receivable in one year, 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.

Short term creditors, classified as payable in one year, 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.

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Impairment of non-financial instruments
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of elated assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 135,607 22,695 46,675 204,977
Additions - - 415 415
Disposals (98,817 ) - - (98,817 )
At 31 December 2023 36,790 22,695 47,090 106,575
DEPRECIATION
At 1 January 2023 39,919 10,874 44,996 95,789
Charge for year 390 5,674 217 6,281
Eliminated on disposal (3,519 ) - - (3,519 )
At 31 December 2023 36,790 16,548 45,213 98,551
NET BOOK VALUE
At 31 December 2023 - 6,147 1,877 8,024
At 31 December 2022 95,688 11,821 1,679 109,188

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 750 934,634 935,384
Additions - 3,000 3,000
At 31 December 2023 750 937,634 938,384
NET BOOK VALUE
At 31 December 2023 750 937,634 938,384
At 31 December 2022 750 934,634 935,384

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2021 - 4,999 4,999
Cost 750 932,635 933,385
750 937,634 938,384

If other investments had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 932,635 929,635

Restated: comparatives for cost for 31.12.2022

'Other' Fixed Asset Investments were valued based on the companies profit and assets on the 31 December 2021 by the investor. 'Other' Fixed Assets have not been revalued at the year ending 31 December 2023 as the directors do not consider the carrying value of the asset to differ materially from its fair value at the reporting date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 25,839 405,931
Amounts owed by group undertakings 872,765 1,174,207
Other debtors 2,030,299 2,076,868
2,928,903 3,657,006

7. CASH AT BANK

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current liabilities.

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 51 48
Trade creditors 52,699 55,855
Taxation and social security 255,130 173,803
Other creditors 28,154 18,961
336,034 248,667

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   

There is an overdraft facility of £100,000 for Sphere Entertainment Ltd to which the following securities apply:

Date Name Amount Description
22/03/99 HSBC Private
Bank (UK) Ltd
(Samuel
Montague & Co
Ltd)
All monies due or to
become due from the
company.
Debenture - Given by Inn On The
Green Ltd including Fixed Equitable
Charge over all present and future
freehold and lease hold property;
Fixed First Charge over, among other
things, book and other debts, chattels,
goodwill and uncalled capital, both
present and future; and First Floating
Charge over all assets and
undertaking both present and future.

16/01/02 HSBC Private
Bank (UK) Ltd
All monies due or to
become due from the
company.
Debenture - Given by Sphere
Entertainment Ltd including Fixed
Equitable Charge over all present and
future freehold and leasehold
property; Fixed First Charge over,
among other things, book and other
debts, chattels, goodwill and uncalled
capital, both present and future; and
First Floating Charge over all assets
and undertaking both present and
future.

The following also applies to the above:

03/06/99 A J Taylor All monies due or to
become due from the
company.
Debenture - property with title number
RK287776, by way of floating charge
all the undertaking, property and
assets.

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 20,750 20,439
Other timing differences (18,906 ) 311
1,844 20,750

Deferred
tax
£   
Balance at 1 January 2023 20,750
Credit to Income Statement during year (18,906 )
Balance at 31 December 2023 1,844

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A J Taylor
Balance outstanding at start of year - -
Amounts advanced 235,580 126,208
Amounts repaid (235,580 ) (126,208 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

During the year A J Taylor advanced the company £75,958 (2022: £146,850) and was repaid £76,103 (2022: £497,799) by the company. At the balance sheet date A J Taylor is owed by the company £5,385 (2022: £5,530).

Amounts advanced by / to the director are classified as current creditors / debtors and are repayable on demand, no interest is charged on amounts advanced.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SPHERE ENTERTAINMENT LIMITED (Registered number: 02913930)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. RELATED PARTY DISCLOSURES - continued

RESTATED: For past accounts filed incorrect disclosures have been made to related party transactions between the company and persons with significant control and influence, directors of the company and associated companies, no related party relationships existed. The current year comparatives have been updated to reflect the correct disclosure for YE 31 12 2022 under FRS 102 Section 1A.