Company registration number 07407711 (England and Wales)
LONDON PREMIER EVENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LONDON PREMIER EVENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LONDON PREMIER EVENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
8,207
6,258
Debtors
5
74,416
61,490
Cash at bank and in hand
52,405
182,608
135,028
250,356
Creditors: amounts falling due within one year
6
(5,518,125)
(4,957,360)
Net current liabilities
(5,383,097)
(4,707,004)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(5,383,098)
(4,707,005)
Total equity
(5,383,097)
(4,707,004)

The directors of the company have 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 by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
D Bakhai
Director
Company Registration No. 07407711
LONDON PREMIER EVENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(4,316,495)
(4,316,494)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(390,510)
(390,510)
Balance at 31 March 2023
1
(4,707,005)
(4,707,004)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(676,093)
(676,093)
Balance at 31 March 2024
1
(5,383,098)
(5,383,097)
LONDON PREMIER EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

London Premier Events Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Devonshire Terrace, London, W2 3DP.

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 time of approving the financial statements, the company made a loss of £676,093 (2023: £390,510). At the year end, the company has a net current liabilities of £5,383,097 (2023: £4,707,004).true

 

The company acknowledges the net liability position. Notwithstanding, the parent company has committed to provide support to meet the company's regular operational liabilities as they fall due, for at least twelve months from the date of signing these financial statements.

 

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements. Based on this, the directors continue 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover represents amounts receivable from hiring Ballroom for an event and income from food and beverage, net of VAT.

 

Income from the operation of the Ballroom for an event is recognised at the point at which the accommodation and related services are provided.

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:

Plant and equipment
Fully depreciated during the year of incurrence

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.

LONDON PREMIER EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stock comprise consumables and are stated at their purchase cost.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

LONDON PREMIER EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10

Comparatives

There were no changes in comparative figures during the year.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives, depreciation methods and residual values of tangible fixed assets

Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets and on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets is disclosed in notes 4.

Recoverablility of Trade receivables

Trade receivables are stated at their recoverable amount less any necessary provision. Recoverability of trade receivables is assessed annually and a provision is recognised if any indications exist that the receivables are not considered recoverable.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
3
LONDON PREMIER EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
497,407
Additions
3,773
At 31 March 2024
501,180
Depreciation and impairment
At 1 April 2023
497,407
Depreciation charged in the year
3,773
At 31 March 2024
501,180
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
58
3,476
Amounts owed by group undertakings
-
0
27,945
Other debtors
74,358
30,069
74,416
61,490
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
183,682
206,322
Amounts owed to group undertakings
727,059
260,551
Taxation and social security
1,314
6,037
Other creditors
4,606,070
4,484,450
5,518,125
4,957,360
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital issued and fully paid of of £1 each
1
1
1
1
LONDON PREMIER EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
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.

Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
9
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:

2024
2023
£
£
Within five years
1,800,000
2,250,000
10
Related party transactions

The directors of the company are also directors or officers of other companies within the group, and did not receive any remuneration in relation to their services for the company.

 

The company paid rent expenses to fellow subsidiary amounting to £450,000 (2023: £450,000). The company is connected to by virtue of common control.

 

The company paid management fees to fellow subsidiary amounting to £2,244 (2023: £1,995). The company is connected by virtue of common control.

 

Included under amounts due from fellow group undertakings is a balance of £Nil (2023: £27,945). The companies are connected by virtue of common control.

 

Included under other creditors is amounts due to fellow group undertakings is a balance of £4,593,957 (2023: £4,016,703). The companies are connected by virtue of common control.

11
Parent company

The immediate parent company is Precis Investments Limited, a company registered in UK. The ultimate parent company is Oakdene Finance Limited, a company registered in the British Virgin Islands.

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