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Registration number: 05681465

Maverick Venue Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Maverick Venue Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Maverick Venue Management Limited

Company Information

Directors

Mr H E Weldon

Mrs A L Weldon

Company secretary

Mrs A L Weldon

Registered office

Prestwold Hall
Prestwold
Loughborough
Leicestershire
LE12 5SQ

Accountants

Rafton Associates Ltd
8 Woodland Close
Markfield
Leicestershire
LE67 9QH

 

Maverick Venue Management Limited

(Registration number: 05681465)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

26,367

37,667

Tangible assets

5

557,661

447,967

 

584,028

485,634

Current assets

 

Stocks

6

48,936

48,143

Debtors

7

574,040

936,095

Cash at bank and in hand

 

238,060

214,960

 

861,036

1,199,198

Creditors: Amounts falling due within one year

8

(1,119,265)

(1,321,766)

Net current liabilities

 

(258,229)

(122,568)

Total assets less current liabilities

 

325,799

363,066

Creditors: Amounts falling due after more than one year

8

(176,102)

(123,479)

Provisions for liabilities

(48,667)

(48,151)

Net assets

 

101,030

191,436

Capital and reserves

 

Called up share capital

9

132

132

Share premium reserve

99,968

99,968

Retained earnings

930

91,336

Shareholders' funds

 

101,030

191,436

 

Maverick Venue Management Limited

(Registration number: 05681465)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 May 2024 and signed on its behalf by:
 

.........................................
Mr H E Weldon
Director

 

Maverick Venue Management Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Prestwold Hall
Prestwold
Loughborough
Leicestershire
LE12 5SQ

These financial statements were authorised for issue by the Board on 24 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Maverick Venue Management Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures, fittings and equipment

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Maverick Venue Management Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Maverick Venue Management Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 116 (2022 - 99).

 

Maverick Venue Management Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

226,000

226,000

At 31 December 2023

226,000

226,000

Amortisation

At 1 January 2023

188,333

188,333

Amortisation charge

11,300

11,300

At 31 December 2023

199,633

199,633

Carrying amount

At 31 December 2023

26,367

26,367

At 31 December 2022

37,667

37,667

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

707,503

160,450

867,953

Additions

195,561

27,500

223,061

At 31 December 2023

903,064

187,950

1,091,014

Depreciation

At 1 January 2023

374,595

45,391

419,986

Charge for the year

84,030

29,337

113,367

At 31 December 2023

458,625

74,728

533,353

Carrying amount

At 31 December 2023

444,439

113,222

557,661

At 31 December 2022

332,908

115,059

447,967

6

Stocks

2023
£

2022
£

Other inventories

48,936

48,143

 

Maverick Venue Management Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

28,549

90,948

Prepayments

19,822

12,335

Other debtors

525,669

832,812

 

574,040

936,095

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

32,898

39,855

Trade creditors

 

54,576

95,266

Taxation and social security

 

199,958

75,443

Accruals and deferred income

 

42,558

57,311

Other creditors

 

789,275

1,053,891

 

1,119,265

1,321,766

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

176,102

123,479

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £0.01 each

10,000

100

10,000

100

Ordinary B Shares of £0.01 each

3,157

32

3,157

32

13,157

132

13,157

132

 

Maverick Venue Management Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

176,102

123,479

Current loans and borrowings

2023
£

2022
£

Bank borrowings

32,898

39,855

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of 6.48%, and the final instalment is due on 30 April 2026. The carrying amount at year end is £Nil (2022 - £163,333).

The oustanding bank loan with Natwest Bank plc was repaid in full during the year ended 31 December 2023. Natwest Bank plc have a fixed and floating charge over the company and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures and fixed plant and machinery

Funding Circle Loan is denominated in £ with a nominal interest rate of 11.40%%, and the final instalment is due on 31 December 2028. The carrying amount at year end is £209,000 (2022 - £Nil).

 

Maverick Venue Management Limited

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

11

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £800 (2022 - £40) per each Ordinary A Shares share

80,000

4,000

     

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr H E Weldon

Monies have been loaned to the directors at an annual interest rate of 2%

172,058

183,826

(140,000)

215,884

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr H E Weldon

Monies have been loaned to the directors at an annual interest rate of 2%

54,887

121,621

(4,450)

172,058

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

100,200

190,200

Contributions paid to money purchase schemes

146,000

136,000

246,200

326,200

 

Maverick Venue Management Limited

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

Dividends paid to directors

2023
£

2022
£

Mr H E Weldon

Interim and final dividends

40,000

2,000

 

 

Mrs A L Weldon

Interim and final dividends

40,000

2,000

 

 

Summary of transactions with entities with joint control or significant interest

Maverick Hotels & Inns Ltd
 Mr & Mrs Weldon jointly own all of the share capital of Maverick Hotels & Inns Ltd and jointly own all of the share capital of Maverick Venue Management Ltd.
 Maverick Venue Management Ltd provides an interest free loan to Maverick Hotels & Inns Ltd.
Maverick Venue Management Ltd has also provided services to Maverick Hotels & Inns Ltd during the year amounting to £120,000 (2022: £216,547).
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

645,080

645,080

Repaid

(395,864)

(395,864)

At end of period

249,216

249,216

2022

Entities with joint control or significant influence
£

Total
£

At start of period

640,723

640,723

Advanced

4,357

4,357

At end of period

645,080

645,080