Company Registration No. 13035552 (England and Wales)
LATENIGHT (TRADING) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
LATENIGHT (TRADING) LIMITED
COMPANY INFORMATION
Director
D J G Madden
Company number
13035552
Registered office
Electric Brixton Town Hall Parade
Brixton Hill
London
SW2 1RJ
United Kingdom
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
LATENIGHT (TRADING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LATENIGHT (TRADING) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,052
Current assets
Stocks
46,287
-
Debtors
5
55,380
23,301
Cash at bank and in hand
246,829
6
348,496
23,307
Creditors: amounts falling due within one year
6
(900,078)
(4,745)
Net current (liabilities)/assets
(551,582)
18,562
Total assets less current liabilities
(533,530)
18,562
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(533,531)
18,561
Total equity
(533,530)
18,562
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 October 2024
D J G Madden
Director
Company Registration No. 13035552
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Latenight (Trading) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Electric Brixton Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year ended 31 May 2023, the company was in a net current liability position of £551,582 (2022: net current asset position £18,562) and the company made a loss of £552,092 (2022: £263). This is the first period the company was trading with the music venue opening in September 2022. Post year end the company achieved a modest profit and is forecasting profits going forward. The entity has support from fellow group companies who have established venues in other areas of the country . Atruet the time of approving the financial statements, the director has a reasonable expectation that, along with support from group entities, the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover is derived from operating music venues arose wholly in the United Kingdom. Turnover is recognised when services have been rendered. The turnover is derived primarily from venue hire fees, ticket sales and beverage sales. Venue fees are recognised at the point when the event takes place at the venue.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
5 years straight line
Operational equipment
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any key judgements or estimates to these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
43
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
Operational equipment
Total
£
£
£
Cost
At 1 June 2022
Additions
15,000
3,109
18,109
At 31 May 2023
15,000
3,109
18,109
Depreciation and impairment
At 1 June 2022
Depreciation charged in the year
57
57
At 31 May 2023
57
57
Carrying amount
At 31 May 2023
15,000
3,052
18,052
At 31 May 2022
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,006
Amounts owed by group undertakings
23,241
Other debtors
9,592
60
Prepayments and accrued income
17,782
55,380
23,301
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
123,451
Amounts owed to group undertakings
231,551
Corporation tax
4,415
Other taxation and social security
37,233
Other creditors
113,391
Accruals and deferred income
394,452
330
900,078
4,745
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Gary Miller.
The auditor was HW Fisher LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,039,998
9
Parent company
The company's immediate parent company is Electric Group Holdings Limited. These financial statements are consolidated in the financial statements of Electric Group Holdings Limited, which are available online from Companies House. The registered office of Electric Group Holdings Limited is Electric Brixton Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.
In the opinion of the Director, Jacob Lewis is the ultimate controlling party.