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Registered number: 12210849










ETM CONCESSIONS LIMITED










FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 25 FEBRUARY 2024

 
ETM CONCESSIONS LIMITED
REGISTERED NUMBER: 12210849

STATEMENT OF FINANCIAL POSITION
AS AT 25 FEBRUARY 2024

25 February 2024
26 February 2023
Note
£000
£000

Fixed assets
  

Intangible assets
 4 
5
1

Tangible assets
 5 
1,551
1,633

  
1,556
1,634

Current assets
  

Stocks
  
143
123

Debtors
 6 
2,116
2,564

Cash at bank and in hand
  
339
343

  
2,598
3,030

Creditors: amounts falling due within one year
 7 
(3,135)
(3,020)

Net current (liabilities)/assets
  
 
 
(537)
 
 
10

Total assets less current liabilities
  
1,019
1,644

Creditors: amounts falling due after more than one year
 8 
(1,960)
(1,917)

Net liabilities
  
(941)
(273)


Called up share capital 
  
-
-

Profit and loss account
  
(941)
(273)

  
(941)
(273)


Page 1

 
ETM CONCESSIONS LIMITED
REGISTERED NUMBER: 12210849
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 25 FEBRUARY 2024

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 by: 




................................................
E W J Martin
Director

Date: 19 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

1.


General information

ETM Concessions Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 12210849 and registered office address is 10 Queen Street Place, London, United Kingdom, EC4R 1AG.

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 following principal accounting policies have been applied:

 
2.2

Going concern

Notwithstanding net liabilities of £941,000 at 25 February 2024, the financial statements have been prepared on a going concern basis.
The directors have prepared detailed forecasts and cash flow analysis models for a period of 12 months from the date of approval of the financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period. 
Management also undergo a continuous improvement program across all areas of the business and are therefore able to ensure on-going operating efficiency.

 
2.3

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 taxes.
Revenue primarily consists of sales of food and beverages which are recognised at the point of sale to the customer. Other revenue, for instance from management fees, is recognised over the period to which the related service is provided.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)

 
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
20%
Computer equipment
-
20%
Smallwares
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct purchase costs that have been incurred in bringing the stocks to their present location and condition.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

  
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 5

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).

The payroll of ETM Concessions Limited is run through ETM Group Limited, a company within the same group as ETM Concessions Limited. 


4.


Intangible assets




Computer software

£000



Cost


At 27 February 2023
2


Additions
5



At 25 February 2024

7



Amortisation


At 27 February 2023
1


Charge for the year
1



At 25 February 2024

2



Net book value



At 25 February 2024
5



At 26 February 2023
1



Page 6

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

5.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Smallwares
Total

£000
£000
£000
£000
£000



Cost


At 27 February 2023
678
1,058
139
126
2,001


Additions
56
183
44
122
405



At 25 February 2024

734
1,241
183
248
2,406



Depreciation


At 27 February 2023
100
187
42
39
368


Charge for the period
110
278
40
59
487



At 25 February 2024

210
465
82
98
855



Net book value



At 25 February 2024
524
776
101
150
1,551



At 26 February 2023
578
871
97
87
1,633


6.


Debtors

25 February 2024
26 February 2023
£000
£000

Trade debtors
157
161

Amounts owed by group undertakings
1,929
2,388

Prepayments and accrued income
23
8

Deferred taxation
7
7

2,116
2,564


Page 7

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

7.


Creditors: amounts falling due within one year

25 February 2024
26 February 2023
£000
£000

Trade creditors
863
761

Amounts owed to group undertakings
15
51

Amounts owed to other participating interests
356
354

Other taxation and social security
693
466

Other creditors
238
276

Accruals and deferred income
970
1,112

3,135
3,020



8.


Creditors: amounts falling due after more than one year

25 February 2024
26 February 2023
£000
£000

Bank loans
1,960
1,917



9.


Loans


Analysis of the maturity of loans is given below:


25 February 2024
26 February 2023
£000
£000

Amounts falling due 2-5 years

Bank loans
1,960
1,917


Bank loans include the refinanced £1.96m revolving facility, which is secured against the assets of the Company. The loan is repayable in July 2027 and interest is charged at 6.75% plus the Bank of England base rate.


10.


Pension commitments

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the holding company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58k (2023: £37k). 

Page 8

 
ETM CONCESSIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

11.


Commitments under operating leases

All operating leases have lease payments based on a percentage of revenue. As such the Company had no commitments under non-cancellable operating leases at the reporting date.


12.


Related party transactions

During the period the Company incurred expenditure of £3k (2023: incurred £345k) with The Botanist Sloane Square Limited, a company under common control. As at 25 February 2024 an amount of £356k (2023: £354k) is owing to The Botanist Sloane Square Limited.
During the period the Company recharged costs of £nil (2023: £1k) to Maven Premium Bars & Restaurants Limited, a company under common control. As at 25 February 2024 an amount of £nil (2023: £1k) is owing from Maven Premium Bars & Restaurants Limited.
During the period the Company incurred expenditure of £32k (2023: £5k) with Maven Leisure Limited, a company under common control. As at 25 February 2024 an amount of £7k (£6k) is owing to Maven Leisure Limited.
The Company has taken advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102.


13.


Controlling party

The immediate parent undertaking is ETM Group Limited.
The parent of the smallest and largest group preparing consolidated accounts is ETM Group Holdings Limited, a company registered in England and Wales. Consolidated financial statements are available from their registered office, 10 Queen Street Place, London, EC4R 1AG. 
There is no ultimate controlling party.


14.


Auditors' information

The auditors' report on the financial statements for the period ended 25 February 2024 was unqualified.

The audit report was signed on 19 November 2024 by Jessica Edwards (Senior Statutory Auditor) on behalf of HaysMac LLP.

Page 9