Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruetruetruetruetruefalse2023-01-01false5No description of principal activity4true 03805556 2023-01-01 2023-12-31 03805556 2022-01-01 2022-12-31 03805556 2023-12-31 03805556 2022-12-31 03805556 2022-01-01 03805556 c:CompanySecretary1 2023-01-01 2023-12-31 03805556 c:Director1 2023-01-01 2023-12-31 03805556 c:Director2 2023-01-01 2023-12-31 03805556 c:Director3 2023-01-01 2023-12-31 03805556 c:Director4 2023-01-01 2023-12-31 03805556 c:RegisteredOffice 2023-01-01 2023-12-31 03805556 c:Agent1 2023-01-01 2023-12-31 03805556 d:CurrentFinancialInstruments 2023-12-31 03805556 d:CurrentFinancialInstruments 2022-12-31 03805556 d:Non-currentFinancialInstruments 2023-12-31 03805556 d:Non-currentFinancialInstruments 2022-12-31 03805556 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03805556 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03805556 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03805556 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03805556 d:ShareCapital 2023-12-31 03805556 d:ShareCapital 2022-12-31 03805556 d:SharePremium 2023-01-01 2023-12-31 03805556 d:SharePremium 2023-12-31 03805556 d:SharePremium 2022-12-31 03805556 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03805556 d:RetainedEarningsAccumulatedLosses 2023-12-31 03805556 d:RetainedEarningsAccumulatedLosses 2022-12-31 03805556 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03805556 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03805556 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03805556 c:OrdinaryShareClass1 2023-12-31 03805556 c:OrdinaryShareClass1 2022-12-31 03805556 c:FRS102 2023-01-01 2023-12-31 03805556 c:Audited 2023-01-01 2023-12-31 03805556 c:FullAccounts 2023-01-01 2023-12-31 03805556 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03805556 d:Subsidiary1 2023-01-01 2023-12-31 03805556 d:Subsidiary1 1 2023-01-01 2023-12-31 03805556 d:Subsidiary2 2023-01-01 2023-12-31 03805556 d:Subsidiary2 1 2023-01-01 2023-12-31 03805556 d:Subsidiary3 2023-01-01 2023-12-31 03805556 d:Subsidiary3 1 2023-01-01 2023-12-31 03805556 d:Subsidiary4 2023-01-01 2023-12-31 03805556 d:Subsidiary4 1 2023-01-01 2023-12-31 03805556 d:Subsidiary5 2023-01-01 2023-12-31 03805556 d:Subsidiary5 1 2023-01-01 2023-12-31 03805556 d:Subsidiary6 2023-01-01 2023-12-31 03805556 d:Subsidiary6 1 2023-01-01 2023-12-31 03805556 d:Subsidiary7 2023-01-01 2023-12-31 03805556 d:Subsidiary7 1 2023-01-01 2023-12-31 03805556 d:Subsidiary8 2023-01-01 2023-12-31 03805556 d:Subsidiary8 1 2023-01-01 2023-12-31 03805556 d:Subsidiary9 2023-01-01 2023-12-31 03805556 d:Subsidiary9 1 2023-01-01 2023-12-31 03805556 d:Subsidiary10 2023-01-01 2023-12-31 03805556 d:Subsidiary10 1 2023-01-01 2023-12-31 03805556 d:Subsidiary11 2023-01-01 2023-12-31 03805556 d:Subsidiary11 1 2023-01-01 2023-12-31 03805556 d:Subsidiary12 2023-01-01 2023-12-31 03805556 d:Subsidiary12 1 2023-01-01 2023-12-31 03805556 d:Subsidiary13 2023-01-01 2023-12-31 03805556 d:Subsidiary13 1 2023-01-01 2023-12-31 03805556 d:Subsidiary14 2023-01-01 2023-12-31 03805556 d:Subsidiary14 1 2023-01-01 2023-12-31 03805556 d:Subsidiary15 2023-01-01 2023-12-31 03805556 d:Subsidiary15 1 2023-01-01 2023-12-31 03805556 d:Subsidiary16 2023-01-01 2023-12-31 03805556 d:Subsidiary16 1 2023-01-01 2023-12-31 03805556 d:Subsidiary17 2023-01-01 2023-12-31 03805556 d:Subsidiary17 1 2023-01-01 2023-12-31 03805556 d:Subsidiary18 2023-01-01 2023-12-31 03805556 d:Subsidiary18 1 2023-01-01 2023-12-31 03805556 d:Subsidiary19 2023-01-01 2023-12-31 03805556 d:Subsidiary19 1 2023-01-01 2023-12-31 03805556 d:Subsidiary20 2023-01-01 2023-12-31 03805556 d:Subsidiary20 1 2023-01-01 2023-12-31 03805556 d:Subsidiary21 2023-01-01 2023-12-31 03805556 d:Subsidiary21 1 2023-01-01 2023-12-31 03805556 d:Subsidiary22 2023-01-01 2023-12-31 03805556 d:Subsidiary22 1 2023-01-01 2023-12-31 03805556 d:Subsidiary23 2023-01-01 2023-12-31 03805556 d:Subsidiary23 1 2023-01-01 2023-12-31 03805556 d:Subsidiary24 2023-01-01 2023-12-31 03805556 d:Subsidiary24 1 2023-01-01 2023-12-31 03805556 d:Subsidiary25 2023-01-01 2023-12-31 03805556 d:Subsidiary25 1 2023-01-01 2023-12-31 03805556 d:Subsidiary26 2023-01-01 2023-12-31 03805556 d:Subsidiary26 1 2023-01-01 2023-12-31 03805556 d:Subsidiary27 2023-01-01 2023-12-31 03805556 d:Subsidiary27 1 2023-01-01 2023-12-31 03805556 d:Subsidiary28 2023-01-01 2023-12-31 03805556 d:Subsidiary28 1 2023-01-01 2023-12-31 03805556 d:Subsidiary29 2023-01-01 2023-12-31 03805556 d:Subsidiary29 1 2023-01-01 2023-12-31 03805556 d:Subsidiary30 2023-01-01 2023-12-31 03805556 d:Subsidiary30 1 2023-01-01 2023-12-31 03805556 2 2023-01-01 2023-12-31 03805556 6 2023-01-01 2023-12-31 03805556 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03805556









LIVE NATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIVE NATION LIMITED
 
 
COMPANY INFORMATION


Directors
S R Douglas 
N A Dunphy 
S H Emeny 
L Lavelle 




Company secretary
S H Emeny



Registered number
03805556



Registered office
30 St. John Street

London

EC1M 4AY




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL




Bankers
HSBC Bank PLC
8 Canada Square

London

E14 5HQ





 
LIVE NATION LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 8
Directors' Report
 
9 - 10
Directors' Responsibilities Statement
 
11
Independent Auditors' Report
 
12 - 15
Statement of comprehensive income
 
16
Balance sheet
 
17
Notes to the Financial Statements
 
18 - 31


 
LIVE NATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company is that of a holding company.

Business review
 
The profit for the year, after taxation, amounted to £111,986 (2022- loss of £363,214).
The statement of financial position shows the company's financial position at the year-end. Net assets have increased to £96,406,432 (2022 - net assets of £96,294,446).
No dividend was paid or declared during the year (2022 - £nil).
 

Principal risks and uncertainties
 
Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the company and its subsidiaries. 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 the risks of its subsidiaries, which relate to operational risk, competition, regulatory and legislative impacts, recruitment and retention of staff and maintenance of reputation, as well as financial risk.
The company forms part of a larger group and the principal risks and uncertainties facing it are therefore integrated with those facing the Live Nation group as a whole. Accordingly, the nature of risk and its management are further detailed in the Annual Review and accounts of Live Nation Entertainment, Inc., which are available from the Live Nation website (www.livenation.com).
The company acknowledges increases in the cost of living and inflation rates during the year, and how this may impact its subsidiaries. The company, including its subsidiaries, does not consider these a principal risk or uncertainty.

Section 172 of the Companies Act 2006
In compliance with section 172 of the Companies Act 2006, the directors recognise the importance of engagement with all stakeholders and the impact this has on the company's long-term success. The group has built and maintained relationships with all stakeholders. The directors recognise the importance of these relationships and take active steps to develop and strengthen them through engagement. These relationships are monitored at board level. The following stakeholder groups, according to section 172(1) Companies Act 2006 were identified as relevant to the company.
Decision making
The Board recognises the importance of good governance in the success of the company. The Board determines the strategic objectives and strategies of the company to best support the delivery of long-term value providing overall strategic direction. The company has robust systems of financial controls and risk management, and the Board takes decisions that affect the success of the company in the long term after a disciplined review. The Board undertakes its decisions by ensuring safety, efficiency, smart technology adoption and sustainability.
Shareholders
The Board consistently engages with the ultimate shareholders to ensure that all key decisions and actions that are taken are aligned with the goals and objectives of the shareholders.
Community, environment, customers, suppliers, employees and other stakeholders
The company is a holding company for the Live Nation Limited group of entities and therefore has limited other direct stakeholders. The financial statements of the companies trading subsidiaries include further disclosures, where required, in respect of stakeholder engagement of the group.
 
Page 1

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Non-financial and sustainability information statement including climate-related financial disclosure:
 
The company is part of an international group and has therefore prepared the non-financial and sustainability information statement including climate-related financial disclosure at the level of its ultimate parent Live Nation Entertainment, Inc. The report is dual purpose to meet the requirements of TCFD reporting for the group but also Companies Act requirements for high turnover companies in the UK. The report therefore references TCFD requirements however for UK entities the disclosures are only required relating to non-financial and sustainability information statements including climate-related financial disclosures as required by the Companies Act.
Introduction
We are pleased to share Live Nation Entertainment’s inaugural climate-related financial report, prepared in accordance with the recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD) and Sections 414CA and 414CB of the UK Companies Act 2006. This report details the four key pillars that form our approach to climate change: governance, strategy, risk management, and metrics and targets. 
The scope of this 2024 TCFD report covers Live Nation Entertainment at a group (global) level, and incorporates all subsidiaries, including those mandated by TCFD legislative requirements. In this report, we will outline our governance process for identifying and assessing climate risk, describe the actions we are taking to mitigate them, and highlight any related opportunities. As recommended by TCFD guidance, we have engaged with key cross-functional stakeholders from our U.S., UK, and EU divisions to gather and review the data that is featured in this report (1).
GOVERNANCE
At Live Nation Entertainment, climate-related risks and opportunities are managed at the highest level of corporate governance. The governance structure aims to engage key decision-makers across the business and ensure that they consider climate risks and opportunities to the same extent as other forms of risk.
Final responsibility for overseeing climate risks and opportunities lies with the Board of Directors, who reviews our Annual Report (10K Form), which includes climate-related topics. Climate-related responsibilities are delegated to the Audit Committee, a sub-group of the Board of Directors that meets on a quarterly basis. From an executive perspective, our Chief Financial Officer has overall accountability for climate change strategy and action within the Board of Directors, and reports progress to the Audit Committee. The climate-related responsibilities of the Chief Financial Officer include approving Environmental, Social and Governance (ESG) program milestones, reviewing and guiding budgets, supporting the risk management process, and monitoring progress on corporate targets.
The ESG Core Team (2) reports to the Chief Financial Officer. This team supports the implementation of climate-related activities and ensures that corporate sustainability reporting is in line with requirements and regulations.
 
Page 2

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

ole25d0.png
STRATEGY
Like all sectors, the live music and events industry has an obligation to consider its contribution to the climate crisis and its efforts to reduce impact. A key part of understanding climate risk and impact is measuring and recording our impact. Shortly after beginning these baselining efforts, the COVID-19 shutdowns forced us to halt progress. We are now further developing the strategy based on calculating emissions inventories, climate risk and opportunity assessments, and our existing Green Nation Charter. 

Alongside these efforts, the live music events sector must also evaluate the level of risk from the physical and socioeconomic impacts of climate change. Part of the reason for conducting our risk and opportunity assessment is to fully understand which climate impacts pose substantial risks to the business and which are lower-level risks to be continuously monitored and managed. 
Climate risk and opportunity assessment
To enable us to understand the full range of physical and transition risks that we are exposed to, we have conducted an initial climate risk assessment. This assessment considered a range of climate risks, as defined by the Task Force on Climate-Related Financial Disclosures (TCFD), including physical, regulatory, market, legal and transition risks. Climate-related opportunities were also considered as part of this analysis. 
As the basis for the climate scenario assessment, we set the following short-, medium-, and long-term planning horizons in the context of climate change:
 Short-term (0-2 years): Short-term risks to Live Nation Entertainment are generally managed at the    operational level, particularly within the Venues and Festivals teams as these risks are most likely to    impact their planning. The Risk Management function maintains oversight of these and supports as    needed.
 Medium-term (2-4 years): Medium-term risks are mostly managed at the Risk Management level, with    learnings shared with operational teams to input into their risk controls.
 Long-term (4-8 years): Live Nation Entertainment’s long-term risks are typically enterprise-level risks and   are therefore considered at the strategic level, with board oversight.
 
Page 3

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

ole2a68.png
 
Page 4

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

ole6d45.png
Climate scenario analysis
These findings were validated by a climate scenario analysis, which we conducted through both quantitative and qualitative methods. We focused the assessment on both transition and physical risks to cover the holistic range of climate risks we face as a global business. 
To conduct the assessment, we used 3 scenarios from the Network for Greening the Financial System (NGFS) framework. We selected NGFS scenarios because they have been developed to provide a common starting point for analyzing climate risks to the economy and financial system, whilst offering a plausible range of higher and lower risk outcomes. While primarily developed for use by central banks and supervisors, it is acknowledged that they are also useful for corporate communities. The analysis modelled the scenarios against future time horizons: 2025, 2030, 2035, 2040, and 2050.
 
Page 5

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

ole0166.png
The scenario analysis enabled us to understand and prepare for the possible worst-case impacts of climate change. Our analysis informed us that transition risks would be greatest in the Net Zero 2050 and Delayed Transition scenarios, though there are differences in the timings, magnitude, and materiality of financial impact. Physical risks were highest in the Current Policies scenario due to minimal emissions reduction and the subsequent effects on the climate crisis. 
Whilst the scenario analysis validated the findings of our climate risk and opportunity assessment, it also uncovered new forms of risk. Due to materiality and limited data availability, our initial analysis was constrained to two major markets: the U.S. and Europe. We believe that new risks and opportunities could be identified if we expand the scope of our study to cover the rest of our operating markets (such as Latin America or Australia).
Mitigation measures
Through the climate scenario analysis and the risk assessment, we have identified a number of mitigating measures to prioritize while we continue building our strategy: 
1. Actively exploring and piloting heat mitigation strategies at Live Nation Entertainment’s owned and    operated sites in areas of high heat and/or precipitation risk, with an initial focus on outdoor sites in North   America.
2. Exploring opportunities to decarbonize our business operations through strategies including off-site and    on-site energy generation and diversifying our energy use away from predominantly fossil-based energy.   This opportunity analysis will be supported through the ongoing development of a renewable energy    strategy.
3. Where applicable, enhancing the sustainability performance of our owned and operated buildings and    taking a proactive approach to designing building standards for our venues to increase readiness for new   regulations.
4. Demonstrating that Live Nation Entertainment is a responsible business and seeking opportunities to    connect with a growing climate-conscious audience through the services that we provide.


 
Page 6

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


INTEGRATING CLIMATE RISK INTO ENTERPRISE RISK MANAGEMENT
The above risk assessment and scenario analysis highlights the importance of incorporating the physical and transition risks of climate change into our overall risk management framework. For this reason, we have integrated climate-related risk and opportunity identification and management into our multidisciplinary company-wide risk management process. This covers all stages of our value chain from talent scouting and booking, to event planning, to ticketing and marketing, live production, and then customer experience.
METRICS AND TARGETS
Setting specific, measurable, and time-bound targets is a vital tool to maintain accountability, report on progress, and contribute to the success of our sustainable transition. As part of our Green Nation Sustainability Charter, we announced one target (among other sustainability goals) that is key to guiding our climate strategy and focus efforts. These support a unifying vision to accelerate strategic actions across our businesses. 
ole4d95.png
To achieve these targets, it is vital to accurately measure and record our emissions. While our initial baselining process was interrupted by the global shutdowns related to Covid-19, we are currently undertaking and reviewing this process with the goal of understanding our global greenhouse gas emissions data. We are committed to holding this work to a high standard of accuracy and credibility and taking the time to do so. 
This process is being conducted in line with the principles and guidance of the World Resources Institute (WRI) and the World Business Council for Sustainable Development's (WBCSD) Greenhouse Gas Protocol Initiative (GHG Protocol) for corporate GHG accounting and reporting. The resulting data will support us in developing the roadmap to meet our 2030 emissions target. This exercise, in combination with completing a 2024 double materiality assessment, will set a strong foundation for Live Nation Entertainment to achieve its climate targets. 
To note, although we are not yet able to report on our emissions globally, some of our UK subsidiaries have reported on their emissions under SECR legislation. Emissions data can be found for Ticketmaster UK Limited, Live Nation (Music) UK Limited, Academy Music Group Limited, Festival Republic Limited and Cream Global Limited on the UK Companies House Website.
LOOKING AHEAD
Live Nation Entertainment is committed to developing a deeper understanding of the impacts of climate change on our business, our people, and our customers. We will continue to assess emerging climate-related risks and opportunities and integrate accountability and ownership into relevant business functions. We are confident that this will enable us to minimize our risk exposure, increase our resilience, and put us in a strong position to capitalize on opportunities in the transition to a low-carbon economy.
We have signed the Festival Vision: 2025 pledge to work together with other festivals and events to understand the collective environmental impacts of those events; publish guidance, tools and advice to companies on innovation in energy management for outdoor events and the music industry in order to promote sustainability with the aim to significantly reduce our climate impacts (annual Green House Gas emissions and other impacts) by 2025. Due to the nature of the pledge it is a not a quantifiable target that is reported on as part of the climate-related financial disclosure.”


 
Page 7

 
LIVE NATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


(1). 
Certain statements contained in this TCFD report that are not statements of historical fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are not historical facts or statements of contemporary conditions, but instead represent our beliefs regarding future events, many of which are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results and statements regarding environmental, social and governance-related commitments, which are based on our current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. In evaluating these statements, you should consider various factors, including the risks and uncertainties that we describe in the “Strategy” section of this report. Readers are cautioned not to place undue reliance on forward-looking statements, which refer to only the date they are made. We undertake no obligation to update or revise publicly any of these statements because of new information, future events or otherwise.
(2). The ESG Core team is a working group made up of the heads of Corporate Communications & Social Impact, Sustainability, Ethics & Compliance, the ESG Project Manager, and ESG Compliance Program Manager.
 


This report was approved by the board on 2 October 2024 and signed on its behalf.



L Lavelle
Director

Page 8

 
LIVE NATION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £85,897 (2022 - £363,214).

The directors do not propose a dividend for the year .

Directors

The directors who served during the year were:

S R Douglas 
N A Dunphy 
S H Emeny 
L Lavelle 
A B Ridgeway (resigned 8 November 2023)

Environmental matters

Large UK companies are required to report under the Streamlined Energy and Carbon Reporting (SECR) requirements except where exempt due to emissions being below 40,000 kWh per year. The company's UK emissions falling within the disclosure requirement of the scheme fall below this exemption threshold and therefore no such disclosure is made.

Future developments

Notwithstanding the risks and uncertainties outlined in the Strategic Report, the directors do not anticipate any significant change in the activities and results of the company in the foreseeable future.

Going concern

The directors have paid exceptionally close attention to the cashflow projections over the period to 31 December 2024.
The company is in a net asset position, holds cash and has no bank debt. The Company's ultimate parent undertaking, Live Nation Entertainment, Inc., has committed to provide continuing financial support, if required, to enable the company to meet its obligations as and when they fall due for the going concern assessment period. The company has no bank debt.
The directors have reviewed whether the ultimate shareholders have the ability to provide support for the going concern assessment period. Based on enquiry and review of supporting information the directors have concluded the ultimate shareholders have sufficient resources available to provide this support.
Based on the above, the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 9

 
LIVE NATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 2 October 2024 and signed on its behalf.
 





L Lavelle
Director

Page 10

 
LIVE NATION LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 11

 
LIVE NATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIVE NATION LIMITED
 

Opinion


We have audited the financial statements of Live Nation Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet 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 December 2023 and of its profit 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 12

 
LIVE NATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIVE NATION 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 11, 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 13

 
LIVE NATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIVE NATION 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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team 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.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
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.
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.


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.
Page 14

 
LIVE NATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIVE NATION LIMITED (CONTINUED)


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.


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

2 October 2024
Page 15

 
LIVE NATION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
104,810
(816,006)

Operating profit/(loss)
 4 
104,810
(816,006)

Interest receivable and similar income
 6 
4,894,161
3,938,171

Interest payable and similar expenses
 7 
(4,886,985)
(3,539,484)

Profit/(loss) before tax
  
111,986
(417,319)

Tax on profit/(loss)
 8 
(26,089)
54,105

Profit/(loss) for the financial year
  
85,897
(363,214)

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 18 to 31 form part of these financial statements.

Page 16

 
LIVE NATION LIMITED
REGISTERED NUMBER: 03805556

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 9 
101,956,795
101,956,795

  
101,956,795
101,956,795

Current assets
  

Debtors: amounts falling due after more than one year
 10 
6,067,239
25,468,537

Debtors: amounts falling due within one year
 10 
81,357,991
59,110,189

Cash at bank and in hand
 11 
105,347
105,769

  
87,530,577
84,684,495

Creditors: amounts falling due within one year
 12 
(17,603,983)
(18,973,253)

Net current assets
  
 
 
69,926,594
 
 
65,711,242

Total assets less current liabilities
  
171,883,389
167,668,037

Creditors: amounts falling due after more than one year
 13 
(75,503,046)
(71,373,591)

  

Net assets
  
96,380,343
96,294,446


Capital and reserves
  

Called up share capital 
 15 
3
3

Share premium account
 16 
59,097,434
59,097,434

Profit and loss account
 16 
37,282,906
37,197,009

  
96,380,343
96,294,446


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 18 to 31 form part of these financial statements.

Page 17

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Live Nation Limited is a private limited company incorporated in the United Kingdom. The registered office is 30 St. John Street, London, EC1M 4AY.

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

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 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
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 Center Drive, Beverly Hills, California, 90210, United States of America.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 18

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors' Report.
The directors have paid exceptionally close attention to the cashflow projections over the period to 31 December 2025.
The company is in a net asset position, holds cash and has no bank debt. The Company's ultimate parent undertaking, Live Nation Entertainment, Inc., has committed to provide continuing financial support, if required, to enable the company to meet its obligations as and when they fall due for the going concern assessment period. The company has no bank debt.
The directors have reviewed whether the ultimate shareholders have the ability to provide support for the going concern assessment period. Based on enquiry and review of supporting information the directors have concluded the ultimate shareholders have sufficient resources available to provide this support.
Based on the above, the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 19

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Interest rate benchmark reform

The wider group with which the entity sits is in the progress of undertaking a review of interest rate benchmarks applied to inter-group debtors and creditors. At the signing date, the company is continuing to carry out its review of interest rate benchmarks based on transfer pricing studies performed. For 2023, the reference rates have been updated from LIBOR,and reference rate is taken at the start of the financial year and applied throughout. The margins applied to the loans have remained the same as per original loan agreements for 2023. New benchmark agreements with updated margins are due to be in place by the end of 2024.
Due to the nature of the company's loans being owed to or by group undertakings, and because updates to agreements do not impact contractual cash flows, the risk relating to Interest Rate Benchmark Reform is assessed as low.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Current and deferred 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 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 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 reporting date.

Page 20

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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.

 
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

Financial instruments

Financial instruments are recognised in the Company's Balance sheet 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.
Page 21

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

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 the preparation of the financial statements management make certain judgements that impact these statements. While these judgements are continually reviewed, the facts and circumstances underlying these judgements may change, resulting in a change to the estimate that could impact the results of the Company.  In particular:
Carrying value of investments
Determining whether investments in subsidiaries are impaired requires an assessment of impairment indicators and, if indicators exist, the estimation of their recoverable amounts. The calculation of recoverable amount requires the entity to estimate the future cash flows expected to arise from the investments and select a suitable discount rate in order to calculate present value. The impairment review is not sensitive to management estimates as there is significant headroom.

Page 22

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Bad debt expense
18,893
301,078

Foreign exchange loss/(gain)
(124,126)
514,849

The bad debt expense of £18,893 (2022: £301,078) related to intercompany loans being waved.
The 2023 audit costs of £7,500 were borne by another group company, Live Nation (Music) UK Limited (2022 - £10,000).


5.


Directors and employees

The company has no employees other than the directors (2022 - nil).
The directors are also directors or officers of a number of companies within the Live Nation Entertainment, Inc. group. Directors' emoluments have been borne by another group entity, Live Nation (Music) UK Limited, and other companies within the group. The directors' services to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the company for the years ended 31 December 2023 and 31 December 2022.






6.


Interest receivable

2023
2022
£
£


Interest receivable from group undertaking loans
4,894,161
3,938,171

4,894,161
3,938,171


7.


Interest payable

2023
2022
£
£


Other loan interest payable
(24,728)
-

Interest payable on group undertaking loans
4,911,713
3,539,484

4,886,985
3,539,484

Page 23

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£


Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
26,089
(54,105)

Total deferred tax
26,089
(54,105)


Tax on profit/(loss)
26,089
(54,105)

Factors affecting tax charge for the year

The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK Corporation tax of 23.52% (2022:19%) to the profit/ (loss) before tax is as follows:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
111,986
(417,319)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
26,340
(79,291)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,443
57,205

Other differences leading to an increase (decrease) in the tax charge
(1,003)
(10,927)

Transfer pricing adjustments
(3,691)
(21,092)

Total tax charge for the year
26,089
(54,105)


Factors that may affect future tax charges

Page 24

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)

a) Tax rate changes          
           
The Finance Act 2021 was substantively enacted on 24 May 2021 and has increased the corporation tax rate to from 19% to 25% with effect from 1 April 2023.  
The deferred taxation balances (if applicable) have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.           
b) International Tax Reform           
           
Pillar Two legislation has been enacted or substantively enacted in the jurisdictions in which the company operates (the UK).The legislation will be effective for the financial year beginning 1 January 2024. The international group to which the company belongs has performed a preliminary assessment of the potential exposure to Pillar Two income taxes.                      
This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the international group. Based on the assessment performed, the Pillar Two effective tax rates in the jurisdiction in which the company operates are above 15% and management is not currently aware of any circumstances under which this might change. Therefore, at this stage based on the information available, the company does not expect a potential exposure to Pillar Two top-up taxes.          


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
101,956,795



At 31 December 2023
101,956,795






Net book value



At 31 December 2023
101,956,795



At 31 December 2022
101,956,795

The company assesses at each reporting date whether there is an indication that an investment may be impaired. If any such indications exists, the company makes an estimate of the asset's recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Page 25

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Holding

Midland Concert Promotions Group Limited
Holding company
100%
Apollo Leisure Group Limited
Dormant
100%
Live Nation Holding Japan GK
Holding company
100%
Live Nation Japan GK*
Music promotions
100%
Live Nation (Music) UK Limited*
Music promotions
100%
the17 Limited*
Music promotions marketing
100%
De-Lux Merchandise Company Limited*
Dormant
100%
Live Nation Ireland Holdings Limited*
Holding company
100%
Amphitheatre Ireland Limited*
Theatre management
100%
LN-Gaiety Holdings Limited*
Holding company
50.1%
EP Republic Limited*
Music festival organiser
50.1%
Festival Republic Limited*
Music festival organiser
50.1%
Finlaw 279 Limited*
Dormant
50.1%
Reading Festival Limited*
Dormant
50.1%
Adventure Sports Events Limited*
Dormant
25.1%
Windfield Promotions Limited*
Dormant
25.1%
Academy Music Holdings Limited*
Holding company
28.0%
Electricland Limited*
Holding company
28.0%
Academy Music Group Limited*
Management of concert venues and theatres
28.0%
ABC3 Limited*
Holding company
28.0%
Tecjet Limited*
Management of concert venues
21.7%
DF Concerts Limited*
Music festival organiser
39.2%
Gafrus Limited*
Holding company
50.1%
Maztecrose Holdings Limited*
Holding company
25.0%
Maztec Limited*
Music festival organiser
25.0%
Roseclaim Limited*
Music festival organiser
25.0%
Berlin Festival GmbH & Co. KG*
Music festival organiser
25.5%
BF Berlin Festival Verwaltungs GmbH*
Music festival organiser
25.5%
Lollibop Limited*
Dormant
27.5%
Mean Fiddler Spain SL*
Dormant
40.0%
King Tuts Recordings Limited*
Dormant
39.2%
FRHUG Festival GmbH & Co. KG*
Music festival organiser
25.05%
FRGUG Verwaltungs-GmbH*
Music festival organiser
25.05%
MAMA & Company Limited
Holding company
40.1%
MAMA Festivals Limited*
Music festival organiser
40.1%
MAMA New Music Limited*
Management of concert venues and theatres
40.1%
GlobalGatheringGroup Limited*
Dormant
40.1%
Angel Venues Limited*
Dormant
40.1%
Arena Island Limited*
Dormant
50.1%
Hot Festivals Limited*
Holding company
25.0%
Parklife Manchester Limited*
Music festival organiser
25.0%
The Warehouse Project (Manchester) Limited*
Music festival organiser
25.0%
Ugly Duckling Limited*
Music festival organiser
25.0%
Cuffe and Taylor Limited*
Dormant
100%
Metropolis Music Limited*
Music festival organiser
75.0%
Isle of Wight Festival Limited*
Music festival organiser
35.1%
OnBlackheath Limited*
Music festival organiser
35.1%
Page 26

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)


Name

Principal activity

Holding

Safe Festivals Group Limited
Music festival organiser
40.1%
Nova Batida Festivals Limited*
Music festival organiser
25.5%
Rewind Festival Limited*
Music festival organiser
40.1%
FREH Limited*
Music festival organiser
50.1%
MCD Productions Limited (Ireland)*
Music festival organiser
50.1%
Cork Venues Enterprises Limited***
Management of concert venues and theatres
50.1%
Parallel Lines Promotions Limited*
Music promotions
75.0%
Live Nation Cardiff Holdings Limited*
Holding company
100.0%
Cardiff Arena Ventures Limited*
Holding company
100.0%
Cardiff Arena Operations Limited*
Dormant
100.0%
Live Nation (Apollo) Holdco Limited****
Holding company
100.0%
Live Nation Apollo Limited****
Holding company
100.0%
Live Nation Apollo (Finco) Limited****
Holding company
100.0%
LNGSJM Holco Limted****
Dormant
40.1%
Circus of Boom Limited**
Dormant
18.0%
Boomtown Events Limited**
Music Festival Organiser
18.0%
Boomtown Festivals UK Limited**
Dormant
18.0%
IME Music Limited**
Music promotions
50.1%
AIL Venue Finco DAC****
Holding company
100.0%
Amphitheatre Ireland Limited*
Management and operation of music venue
100%
LNGH Ireland Limited**
Holding company
50 .1%
Live Nation Gaiety Ireland Holdings Limited*
Holding company
50.1%
Bar None Management Limited*
Dormant
40.1%
MAMA & Company Services Limited*
Non-trading
40.1%
LN-Gaiety Holdings Ireland Limited*
Dormant
50.1%
DLT Events Limited***
Music festival organiser
100%
Sands Heritage Limited* **
Management of amusement park and venue
50.1%
AG Margate Propco 2 Limited* **
Property company
50.1%

*Companies where the share capital is held indirectly.
**Companies acquired during in previous year
***Companies dissolved during previous year
****Companies incorporated during previous year



Page 27

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
6,067,239
25,468,537

6,067,239
25,468,537


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
81,329,975
59,056,084

Deferred tax asset
28,016
54,105

81,357,991
59,110,189


Included within amounts owed by group undertakings falling due within one year is £74,369,155 (2022 - £55,028,560) of interest bearing loans. Of these interest bearing loans £66,056,066 (2022 - £44,738,068) has interest charged at 3 month SONIA plus 3%, £8,047,320 (2022 - £9,989,414) has interest charged at 3 month EUR LIBOR plus 3% and £265,769 (2022 - £301,078) has interest charged at a fixed rate of 1.75%. The remaining amounts are non-interest bearing. All amounts owed by group undertakings are unsecured and repayable on demand.
Amounts owed by group undertakings falling due in more than one year is are interest bearing loans. Interest is charged at a fixed rate of 6%. All amounts owed by group undertakings due in more than one year are unsecured and repayable by 2025.


11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
105,347
105,769

105,347
105,769


Page 28

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
17,603,983
18,947,840

Amounts owed to related parties
-
25,413

17,603,983
18,973,253


Included within amounts owed to group undertakings falling due in less than one year are  interest bearing loans. Interest is charged at 3 month EUR LIBOR plus 3%. All amounts owed to group undertakings are unsecured and repayable on demand.


13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
75,503,046
71,373,591

75,503,046
71,373,591


Amounts owed to group undertakings falling due after more than one year are interest bearing loans. Interest is charged at 3 month SONIA plus 3%. All amounts owed to group undertakings are unsecured and repayable after more than one year.


14.


Deferred taxation




2023
2022


£

£






At beginning of year
54,105
-


Charged to profit or loss
(26,089)
54,105



At end of year
28,016
54,105

Page 29

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
14.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Losses
28,016
54,105

28,016
54,105

The company has no unused tax credits.The company has unused tax losses of £112,064 (2022 - £227,250).
The net reversal of deferred tax assets and liabilities expected in 2024 is Nil.
This primarily relates to the reversal of timing differences on tax losses. 


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares of £1.00 each
3
3



16.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss account

Includes all current and prior periods retained profits and losses.


17.


Contingent liabilities and capital commitments

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 at 31 December 2023 and 31 December 2022.

Page 30

 
LIVE NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Related party transactions

The company has taken advantage of the exemption under FRS 102 not to disclose transactions with group undertakings as a subsidiary which is 100% owned by the ultimate parent undertaking.
All related party transactions are within the normal course of business and at arm's length.
During the year the company entered transactions, in the ordinary course of business, with other related parties outside of the 100% owned group. Transactions entered into, and trading balances outstanding at 31 December 2023 are as follows:



Other related parties
Amounts due from subsidiary

£
£

Loans - 2023

Interest income
-
1,426,056

Amounts owed to related party
-
-

Loan amounts receivable as at 31 December 2023
-
6,067,239

-
7,493,295



Loans - 2022

Interest income
-
1,528,112

Amounts owed to related party
25,413
-

Loan amounts receivable as at 31 December 2022
-
25,468,537

25,413
26,996,649


19.


Controlling party

The company's immediate parent undertaking is Live Nation International Holdings BV, a company incorporated in the Netherlands. 
The ultimate parent undertaking and ultimate controlling party is Live Nation Entertainment, Inc., which is incorporated in the United States of America. Copies of the group financial statements for Live Nation Entertainment, Inc. are available from 9348 Civic Center Drive, Beverly Hills, California, 90210, United States of America. These are the largest and smallest group of undertakings for which group accounts have been drawn up.

 
Page 31