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Registered number: 08041484









PARALLEL LINES PROMOTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARALLEL LINES PROMOTIONS LIMITED
REGISTERED NUMBER: 08041484

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
347,261
107,067

Cash at bank and in hand
 5 
174,542
207,726

  
521,803
314,793

Creditors: amounts falling due within one year
 6 
(514,089)
(169,874)

Net current assets
  
 
 
7,714
 
 
144,919

Total assets less current liabilities
  
7,714
144,919

  

Net assets
  
7,714
144,919


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
7,614
144,819

  
7,714
144,919


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




L Lavelle
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
PARALLEL LINES PROMOTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Parallel Lines Promotions Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08041484.  The registered office is 30 St. John Street, London, England, EC1M 4AY. The principal activity of the company continued to be that of promoting events for music artists.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of  Live Nation Entertainment Inc. as at 31 December 2023 and these financial statements may be obtained from 9348 Civic Centre Drive, Beverly Hills, 90210, California, United States of America.

 
2.3

Going concern

The Directors have, at the time of approving the financial statements, a reasonable expectation that
the company has adequate resources to continue in operational existence for a period not less than
one year from the date of approval of these financial statements. Accordingly, these financial
statements have been prepared on the going concern basis.

Page 2

 
PARALLEL LINES PROMOTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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:

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

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PARALLEL LINES PROMOTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

The tax expense for the year comprises current and deferred tax.  Tax is recognised in the Statement of Income and Retained Earnings, 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 th in the countries where th reporting date Company operates and generates income.

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

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting.

Page 4

 
PARALLEL LINES PROMOTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Debtors

2023
2022
£
£


Trade debtors
31,484
11,946

Amounts owed by group undertakings
339
19,558

Other debtors
51,255
14,560

Prepayments and accrued income
221,133
61,003

Tax recoverable
43,050
-

347,261
107,067


All amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
174,542
207,726

174,542
207,726



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,019
7,019

Amounts owed to group undertakings
56,209
28,219

Other taxation and social security
33,475
-

Accruals and deferred income
423,386
134,636

514,089
169,874


All amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

Page 5

 
PARALLEL LINES PROMOTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation


Details of the deferred tax asset not provided in the accounts are as follows:
Unrecognised deferred tax asset in respect of losses - 2023: £2,288 (2022: £2,103).


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


10.


Contingent liabilities

From time to time we are subject to various claims, investigations, legal and administrative cases and proceedings by governmental agencies or private parties. Where potential outflows are probable and can be estimated reliably a provision is included in the financial statements. Where the amounts cannot be estimated reliably disclosure is included relating to these contingent liabilities.
The company had no capital commitments and contingent liabilities as at 31 December 2023 and 31 December 2022.


11.


Controlling party

The immediate parent company is Live Nation (Music) UK Limited, a company incorporated in England and Wales.
The ultimate parent company is Live Nation Entertainment Inc. (USA), a company incorporated in the United States of America.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 2 October 2024 by Matthew Wells ACA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 6