Company Registration No. 06134012 (England and Wales)
THE LOCATION COLLECTIVE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
THE LOCATION COLLECTIVE LIMITED
COMPANY INFORMATION
Director
Mr A Iredale
Company number
06134012
Registered office
264 Banbury Road
Oxford
OX2 7DY
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
THE LOCATION COLLECTIVE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Director's report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 37
THE LOCATION COLLECTIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The director presents the strategic report for the year ended 31 July 2024.

Review of the business

The company is engaged in the representation and provision of ‘front-of-camera’ filming locations and ‘behind-the- camera’ production space to the film, television and advertising sectors under an agency model. It also long-term leases large warehouse buildings and refurbishes these properties into high specification film studios. These are hired out to film, television and advertising productions.

The company regularly provides its services to the major studio and streaming companies including Apple, Netflix, Amazon, Warner Bros, Sony, NBC Universal, Lionsgate, Paramount, and Disney, as well as leading US and UK production companies and content channels.

Under its agency model, the company exclusively represents some of the largest and highest profile landlords, developers and organisations in the UK including British Land, LandSec, Grosvenor Estate, Portman Estate, Delancey, Telereal Trillium Galliard Homes, Berkeley Homes, Greystar, Arora Group and RER London as well as flagship individual assets of high filmic value including Wembley Stadium, London Stadium, ExCeL London, Tottenham Hotspur Stadium, 55 Broadway, Langleybury Mansion and Battersea Power Station.

The directors are broadly satisfied with the performance of the company during the year given the challenging industry context outlined further below.

During the year, turnover saw a modest decline vs FY23, delivering a less than 3% reduction from £17,029,974 to £16,572,613. Agency turnover reduced from £2,517k to £1,483k. This was primarily due to flowthrough of a decline in billings by £4,882k (42%), and a slight decrease in revenue per hire, which decreased the overall margin on hire fees by 0.22%. Studio turnover improved by £688k with OMA One, OMA X and OMA Store fully occupied.

Adjusted EBITDA of £3,685k saw the impact of an industry wide increase in business rates for film studios, and included rent payments for the company’s newest venture OMA V Film Studios during refurbishment. Adjusted EBITDA did, however, benefit from tighter cost control.

As at the balance sheet date, the group showed a positive cash position of £2,689k, an improvement of £1,076k. Net assets remained stable at £6,064k vs £6,396k.

Relationships with property owner clients and production customers remained strong throughout the period, notwithstanding the pressures faced by the industry.

THE LOCATION COLLECTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties

FY24 provided a challenging climate for all supply chain businesses within the film and television sector. The combined effects of the WGA writers’ and SAG-AFTRA actors’ strikes caused huge disruption to the production of film and television worldwide, with the UK (and particularly London) based productions significantly impacted due to the attachment of WGA and/or SAG-AFTRA members to the majority of London based TV and film projects.

 

The post strike period was widely anticipated to see a bounce back in production activity similar to the post-Covid boom in film and TV production in 2021-22. In reality, the strike period caused significant disruption to scheduling with talent, and a shortage of ‘ready-to-go’ scripts, which impacted throughout 2024 (despite the strikes officially ending in November 2023).

 

The post strike period also saw a shift in studios and streamers universally becoming more cost conscious, with a new emphasis on scrutinising production budgets and increased focus on analysing tax reliefs offered in various markets viable as a production base. This further contributed to the sluggish re-start in production activity during 2024.

 

The outlook for 2025 is looking significantly more positive, with major London studio campuses including Pinewood, Leavsden and Sky Elstree - which experienced significant levels of vacancy during 2023 and 2024 - now significantly busier. Within the company’s own studio portfolio, OMA One and OMA V are expected to be fully occupied until late 2025, with 85% occupancy projected at OMA X. With studio space at high occupancy levels, there is a natural flow-through to the use of filming locations and alternative production use space (the specialism of the company’s agency business).

 

With studios and streamers becoming more cost conscious and continuing to scrutinise budgets, the UK’s tax relief continues to remain highly beneficial and provide competitive advantages. Within the attractive overall proposition that the UK provides as a base for production, the company’s studio portfolio continues to operate as a value proposition in the market. In the new climate, the company has enhanced its marketing focus on OMA Studio Group as ‘London’s all-round best-value film studios’.

 

One direct result of the turbulence of 2023 and 2024 has been an increasing hesitancy around new studio operators entering the market. A number of new studio projects conceptualised during post-Covid boom times have failed to come to fruition, limiting the supply of studio space in the market, at least in the mid-term. This is positive for ensuring occupancy levels at the company’s studios remain high, and for alternative production space occupancy within the agency business.

 

One area around which there remains some uncertainty is the business rates reforms announced in the Government’s Spring Budget 2024, which introduced a 40% relief on business rates for film studio operators for the next decade. This reform has been slow to fully crystalise, with the change in administration further slowing the process. However, a resolution is expected in the coming months, with local authorities then instructed on implementing the tax relief with studio operators. The reforms announced in the Government’s 2024 Spring Budget also included a new 40% tax relief for films budgeted up to £15m to invigorate homegrown production. Both reforms (which have continued to remain in place under the new administration) indicate the UK Government’s continued commitment to film and TV production in the UK, and an acknowledgement of the important role played by tax credits. The company’s Studio business is already feeling the impact of this measure, with multiple sub-£15m budget projects requesting quotes for studio space across 2025 hire dates.

THE LOCATION COLLECTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Development and performance

The board of directors see the following key priorities to develop and drive business performance:    

 

A continued focus on expanding the company’s network of property owner clients on the agency side of the business, to bring new sites into the filming location and production space marketplace.

 

A continued focus on evolving the company’s offering on the agency side of the business. In particular, the introduction of ‘on the ground’ filming operations support to supervise filming has been very well received by both property owner clients and production customers, leading to plans to expand the filming operations team within the agency imminently.

 

Continued exploration of opportunities to expand the company’s studio portfolio under an operating model, or to lease/purchase properties viable for conversion, including the exploration of opportunities to expand outside of London and the South East as the UK film and television industry evolves.

 

A continued focus on maintaining high occupancy levels across all facilities within the OMA Studio Group portfolio: OMA One, OMA X, OMA V, OMA Store and OMA House.

 

A continued focus on optimising service levels across the OMA Studio Group portfolio, in line with the company’s positioning as London’s largest fully independent, customer-service oriented studio operator.

 

During the financial year ended 31st July 2023, the company made a significant one-off investment in exploring future strategic partnership and investment opportunities to help facilitate future growth aspirations. This investment was reported as part of the administrative expenses.

 

The company is financially committed to continuing development of its bespoke enquiry management system. A major upgrade incorporating financial modules launched 1st March 2024, with further phases including system upgrades and optimisation of functionality ongoing.

THE LOCATION COLLECTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Key performance indicators

The board monitors and reviews all aspects of the business as a matter of course through monthly board meetings.

Billings, Turnover, Agency Gross Margin over Billings, Adjusted EBITDA, Loss after Tax, Cash Position and Net Assets are the key financial performance indicators reviewed by the business.

Further analysis is undertaken on new revenue /​ profit stream growth, services trends and cost base analysis. 2024 performance can be summarised as follows:

KPIs

FY23 £k

FY24 £k

Variance (£k/%)

Description

Billings

26,278

21,857

(4,421) / (17%)

Agency billings decreased due to strike impacts.

Turnover

17,030

16,573

(457) / (3%)

Agency turnover declined due to the reduction in billings, but Studio turnover increased.

Agency Gross Margin (*) %

19.57%

19.35%

(0.22%)

WGA writers’ and SAG-AFTRA actors’ strike action.

Adjusted EBITDA

4,336

3,685

(651) / (15%)

Flowthrough of billing reduction and investment in future growth, but offset by improved operational efficiency.

Loss after tax

(199)

(92)

107 / 54%

Flowthrough of adjusted EBITDA, one-off exceptional cost in 2023 and investment in future growth

Year End Cash Position

1,613

2,689

1,076 / 67%

Healthy year end balance.

Net Assets

6,396

6,064

(332) / (5%)

Stable net assets.

Note: (*) Agency Gross Margin is calculated as Agency Gross Profit / Agency Billings, excluding the Studio business

 

 

 

On behalf of the board

Mr A Iredale
Director
30 January 2025
THE LOCATION COLLECTIVE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

The director presents their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company and group is to engage in the representation and provision of ‘front-of-camera’ filming locations and ‘behind-the-camera’ production space to the film, television and advertising sectors under an agency model. It also long-term leases large warehouse buildings and refurbishes these properties into high specification film studios. These are hired out to film, television and advertising productions.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £240,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A Iredale
Auditor

The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

THE LOCATION COLLECTIVE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the director's business review, principal risks and uncertainties faced by the group and future developments.

Going concern

In drawing his conclusion on the appropriateness of the going concern assumption, the director has been mindful that the group recorded a loss after tax for the year of £91,792 (2023: £627,189) and reported net current liabilities of £18,446,006 (2023: £13,242,024). The loss in the year is largely attributable to the combined effects of the WGA writers' and SAG-AFTRA actors' strikes, despite being resolved in the year, affected the company and group for a significant period during the financial year.

 

Taking the above into consideration along with the current and forecasted performance and position of the company and group and having reviewed the detailed cashflow forecasts prepared for a period of not less than 12 months from the date that these financial statements are signed, the director has a reasonable expectation that the company and group have adequate resources and support to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
Mr A Iredale
Director
30 January 2025
THE LOCATION COLLECTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LOCATION COLLECTIVE LIMITED
- 7 -
Opinion

We have audited the financial statements of The Location Collective Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE LOCATION COLLECTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE LOCATION COLLECTIVE LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

 

  1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and group and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk assessments.

     

  2. During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.

     

  3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:

    1. Reviewing the controls set in place by management;

    2. Making enquiries of management as to whether they consider fraud or other irregularities may have taken place, or where such opportunity might exist;

    3. Challenging management assumptions with regard to accounting estimates; and

    4. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

 

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 regulations. 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

THE LOCATION COLLECTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE LOCATION COLLECTIVE LIMITED
- 9 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Nikolaos Ioannidis
Senior Statutory Auditor
For and on behalf of
30 January 2025
Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
THE LOCATION COLLECTIVE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
Billings
21,856,851
26,277,545
Owner costs
(5,284,238)
(9,247,571)
Turnover
3
16,572,613
17,029,974
Cost of sales
(187,990)
(252,078)
Gross profit
16,384,623
16,777,896
Administrative expenses
(15,317,652)
(16,595,060)
Other operating income
3
250,303
380,740
Operating profit
4
1,317,274
563,576
Interest receivable and similar income
8
103,386
-
Interest payable and similar expenses
9
(1,541,852)
(991,738)
Loss before taxation
(121,192)
(428,162)
Tax on loss
10
29,400
(199,027)
Loss for the financial year
(91,792)
(627,189)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
570,598
Tax relating to other comprehensive income
-
0
(142,650)
Total comprehensive (expense)/income for the year
(91,792)
(199,241)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive expense for the year is all attributable to the owners of the parent company.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

THE LOCATION COLLECTIVE LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
495,134
474,043
Tangible assets
13
33,408,368
28,103,832
33,903,502
28,577,875
Current assets
Debtors falling due after more than one year
17
3,061,074
3,913,959
Debtors falling due within one year
17
4,478,521
4,817,168
Cash at bank and in hand
2,689,480
1,613,029
10,229,075
10,344,156
Creditors: amounts falling due within one year
18
(28,675,081)
(23,586,180)
Net current liabilities
(18,446,006)
(13,242,024)
Total assets less current liabilities
15,457,496
15,335,851
Creditors: amounts falling due after more than one year
19
(7,517,876)
(7,083,745)
Provisions for liabilities
Deferred tax liability
24
1,875,213
1,855,907
(1,875,213)
(1,855,907)
Net assets
6,064,407
6,396,199
Capital and reserves
Called up share capital
25
1,104
1,104
Share premium account
176,696
176,696
Revaluation reserve
422,725
427,948
Profit and loss reserves
5,463,882
5,790,451
Total equity
6,064,407
6,396,199
The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
30 January 2025
Mr A  Iredale
Director
Company registration number 06134012 (England and Wales)
THE LOCATION COLLECTIVE LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
495,134
474,043
Tangible assets
13
27,245,868
21,853,832
Investments
14
100
100
27,741,102
22,327,975
Current assets
Debtors falling due after more than one year
17
3,061,074
6,203,247
Debtors falling due within one year
17
6,605,163
4,487,779
Cash at bank and in hand
2,680,875
1,604,387
12,347,112
12,295,413
Creditors: amounts falling due within one year
18
(24,650,539)
(23,436,455)
Net current liabilities
(12,303,427)
(11,141,042)
Total assets less current liabilities
15,437,675
11,186,933
Creditors: amounts falling due after more than one year
19
(7,517,876)
(3,193,198)
Provisions for liabilities
Deferred tax liability
24
1,815,332
1,758,353
(1,815,332)
(1,758,353)
Net assets
6,104,467
6,235,382
Capital and reserves
Called up share capital
25
1,104
1,104
Share premium account
176,696
176,696
Revaluation reserve
53,018
53,018
Profit and loss reserves
5,873,649
6,004,564
Total equity
6,104,467
6,235,382

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £109,085 (2023 - loss of £448,761).

The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
30 January 2025
Mr A  Iredale
Director
Company registration number 06134012 (England and Wales)
THE LOCATION COLLECTIVE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
1,000
-
0
-
0
6,657,640
6,658,640
Year ended 31 July 2023:
Loss for the year
-
-
-
(627,189)
(627,189)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
570,598
-
570,598
Tax relating to other comprehensive income
-
-
(142,650)
-
0
(142,650)
Total comprehensive expense
-
-
427,948
(627,189)
(199,241)
Issue of share capital
104
176,696
-
-
176,800
Dividends
11
-
-
-
(240,000)
(240,000)
Balance at 31 July 2023
1,104
176,696
427,948
5,790,451
6,396,199
Year ended 31 July 2024:
Loss and total comprehensive expense
-
-
-
(91,792)
(91,792)
Dividends
11
-
-
-
(240,000)
(240,000)
Transfer of depreciation on revalued freehold property
-
-
(5,223)
5,223
-
Balance at 31 July 2024
1,104
176,696
422,725
5,463,882
6,064,407
THE LOCATION COLLECTIVE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
1,000
-
0
-
0
6,693,325
6,694,325
Year ended 31 July 2023:
Loss for the year
-
-
-
(448,761)
(448,761)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
70,691
-
70,691
Tax relating to other comprehensive income
-
-
(17,673)
-
0
(17,673)
Total comprehensive expense
-
-
53,018
(448,761)
(395,743)
Issue of share capital
104
176,696
-
-
176,800
Dividends
11
-
-
-
(240,000)
(240,000)
Balance at 31 July 2023
1,104
176,696
53,018
6,004,564
6,235,382
Year ended 31 July 2024:
Profit for the year
-
-
-
109,085
109,085
Dividends
11
-
-
-
(240,000)
(240,000)
Balance at 31 July 2024
1,104
176,696
53,018
5,873,649
6,104,467
THE LOCATION COLLECTIVE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
4,414,783
6,410,041
Interest paid
(1,308,256)
(751,390)
Income taxes refunded
-
0
215,454
Net cash inflow from operating activities
3,106,527
5,874,105
Investing activities
Purchase of intangible assets
(120,000)
(120,000)
Purchase of tangible fixed assets
(6,332,141)
(2,993,760)
Movements in directors loan account
(5,913)
73,594
Interest received
103,386
-
0
Net cash used in investing activities
(6,354,668)
(3,040,166)
Financing activities
Proceeds from issue of shares
-
176,800
Repayment of borrowings
-
(2,175,690)
Proceeds from new bank loans
5,603,731
3,890,547
Repayment of bank loans
-
(4,232,690)
Payment of finance leases obligations
(1,039,139)
(521,412)
Dividends paid to equity shareholders
(240,000)
(240,000)
Net cash generated from/(used in) financing activities
4,324,592
(3,102,445)
Net increase/(decrease) in cash and cash equivalents
1,076,451
(268,506)
Cash and cash equivalents at beginning of year
1,613,029
1,881,535
Cash and cash equivalents at end of year
2,689,480
1,613,029
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
1
Accounting policies
Company information

The Location Collective Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

 

The group consists of The Location Collective Limited and all of its subsidiaries.

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.

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, modified to include freehold properties and artwork at fair value. The principal accounting policies adopted are set out below.

 

As permitted by Section 408 Companies Act 2006, the company has not presented its own statement of total comprehensive income and related notes. The profit for the financial year of the parent undertaking is disclosed on the company balance sheet.

 

The company is qualifying entity for the purposes of FRS102, being a member of a group where the parent (being this company) of that group prepares publically available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, The Location Collective Limited, together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

In drawing his conclusion on the appropriateness of the going concern assumption, the director has been mindful that the group recorded a loss after tax for the year of £91,792 (2023: £627,189) and reported net current liabilities of £18,446,006 (2023: £13,242,024). The loss in the year is largely attributable to the combined effects of the WGA writers' and SAG-AFTRA actors' strikes, despite being resolved in the year, affected the company and group for a significant period during the financial year.

 

Taking the above into consideration along with the current and forecasted performance and position of the company and group and having reviewed the detailed cashflow forecasts prepared for a period of not less than 12 months from the date that these financial statements are signed, the director has a reasonable expectation that the company and group have adequate resources and support to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Gross revenue / billings recognised represents the gross hire value we invoice and collect from production companies, which includes our commissions and amounts passed on to location owners.

 

Owner costs comprises costs we pass on to the location owners.

 

Turnover / net revenue recognised represents the commission and fees Location Collective earns from bringing the parties together and providing services between the two. Where Location Collective act as an agent, owner costs are excluded from turnover.

 

Billings, owner costs and net revenue are stated exclusive of VAT. Billings, owner costs and net revenue are recognised when the hire occurs in accordance with the signed contractual agreement. Location Collective generally invoice and requires payment in advance of hires. Where payments are received from customers in advance of the relevant hire period the amounts are recorded in deferred income and included within creditors falling due within one year.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software development costs
5 years straight line
1.7
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.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -

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:

OMA House - freehold property
50 years straight line (land is not depreciated)
OMA V - leasehold improvements
Straight line over the life of the lease
Artwork
7 years straight line
Fixtures and fittings
7 years straight line
Computer equipment
3 years straight line
OMA X - leasehold improvements
Straight line over the life of the lease
OMA One - leasehold improvements
Straight line over the life of the lease
Finance leases
Straight line over the life of the lease
OMA Store - leasehold improvements
Straight line over the life of the lease

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

The company and group operate two share based payment schemes with respect to some employees. Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes methodology. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. Given that the relevant adjustments have so far been immaterial to the financial statements, they were not processed.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the group's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the group’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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 economic life of tangible and intangible assets

The useful economic lives of non-current assets have been derived from the judgement of the director using his best estimate of the write-down period.

 

Land, which has been estimated by the director to be 30% of the cost of OMA House, is not depreciated.

Fair value of freehold property

The fair value of the freehold property has been arrived at on the basis of a valuation carried out by a firm of RICS Chartered Surveyors, as at 10 March 2023. The valuation was carried out on the basis of market value (which is considered to be a true reflection of the fair value) in accordance with the Royal Institute of Chartered Surveyors Valuation - Global Standards 2022. The director does not believe that there has been a material change in the fair value of the property between the valuation date and the year end.

Software development costs

The group has opted to capitalise relevant expenses incurred relating to the development of its internally generated software. Included in these expenses is an estimation for employee time. The director makes this estimate based on each employee role and the expected time spent on the development of the software.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Billings (including rental income)
21,856,851
26,277,545
Owner cost
(5,284,238)
(9,247,571)
Total turnover
16,572,613
17,029,974
2024
2023
£
£
Other revenue
Interest income
103,386
-
Dilapidations income
250,303
200,000
Insurance income
-
180,740

All turnover was generated in the United Kingdom

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Dilapidations income
(250,303)
(200,000)
Insurance income
-
(180,740)
Depreciation of owned tangible fixed assets
2,269,380
2,166,481
(Profit)/loss on disposal of tangible fixed assets
-
12,200
Amortisation of intangible assets
98,909
73,908
Operating lease charges
6,152,322
5,071,442
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
31,000
28,000
Audit of the financial statements of the company's subsidiaries
5,350
5,000
36,350
33,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operations
6
5
6
5
Acquisitions
5
3
5
3
Enquiries
22
21
22
21
Finance
3
3
3
3
OMA studio group
7
6
7
6
Total
43
38
43
38
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,154,043
2,194,640
2,154,043
2,194,640
Social security costs
242,691
296,909
242,691
296,909
Pension costs
57,822
51,785
57,822
51,785
2,454,556
2,543,334
2,454,556
2,543,334
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,485
12,126
Company pension contributions to defined contribution schemes
113
113
12,598
12,239
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
103,386
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
103,386
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
1,095,237
604,793
Other finance costs:
Interest on finance leases and hire purchase contracts
339,796
146,597
Unwinding of discount
106,819
240,348
Total finance costs
1,541,852
991,738
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(48,706)
-
0
Deferred tax
Origination and reversal of timing differences
19,306
199,027
Total tax (credit)/charge
(29,400)
199,027

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(121,192)
(428,162)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(30,298)
(107,041)
Tax effect of expenses that are not deductible in determining taxable profit
47,200
283,697
Depreciation for the period in excess of capital allowances
2,404
77,985
Research and development tax credit
-
0
(59,085)
Adjustment to prior year
(48,706)
-
0
Losses carried back
-
0
3,471
Taxation (credit)/charge
(29,400)
199,027

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
142,650
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
240,000
240,000
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
12
Intangible fixed assets
Group
Software development costs
£
Cost
At 1 August 2023
609,541
Additions
120,000
At 31 July 2024
729,541
Amortisation and impairment
At 1 August 2023
135,498
Amortisation charged for the year
98,909
At 31 July 2024
234,407
Carrying amount
At 31 July 2024
495,134
At 31 July 2023
474,043
Company
Software development costs
£
Cost
At 1 August 2023
609,541
Additions
120,000
At 31 July 2024
729,541
Amortisation and impairment
At 1 August 2023
135,498
Amortisation charged for the year
98,909
At 31 July 2024
234,407
Carrying amount
At 31 July 2024
495,134
At 31 July 2023
474,043
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
13
Tangible fixed assets
Group
OMA House - freehold property
OMA V - leasehold improvements
Artwork
Fixtures and fittings
Computer equipment
OMA X - leasehold improvements
OMA One - leasehold improvements
Finance leases
OMA Store - leasehold improvements
Total
£
£
£
£
£
£
£
£
£
£
Cost or fair value
At 1 August 2023
6,255,403
1,538,041
111,900
30,280
204,147
13,217,647
6,740,092
3,891,658
119,395
32,108,563
Additions
-
0
6,300,221
-
0
1,966
7,691
-
0
22,263
1,241,774
-
7,573,915
At 31 July 2024
6,255,403
7,838,262
111,900
32,246
211,838
13,217,647
6,762,355
5,133,432
119,395
39,682,478
Depreciation and impairment
At 1 August 2023
708
-
0
-
0
23,954
134,007
1,228,339
1,951,044
648,857
17,821
4,004,730
Depreciation charged in the year
88,271
-
0
-
0
1,137
33,877
946,524
944,344
242,978
12,249
2,269,380
At 31 July 2024
88,979
-
0
-
0
25,091
167,884
2,174,863
2,895,388
891,835
30,070
6,274,110
Carrying amount
At 31 July 2024
6,166,424
7,838,262
111,900
7,155
43,954
11,042,784
3,866,967
4,241,597
89,325
33,408,368
At 31 July 2023
6,254,695
1,538,040
111,900
6,326
70,140
11,989,308
4,789,048
3,242,801
101,574
28,103,832
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Tangible fixed assets
(Continued)
- 28 -
Company
OMA House
OMA V - leasehold improvements
Artwork
Fixtures and fittings
Computer equipment
OMA X - leasehold improvements
OMA One - leasehold improvements
Finance leases
OMA Store - leasehold improvements
Total
£
£
£
£
£
£
£
£
£
£
Cost or fair value
At 1 August 2023
5,403
1,538,041
111,900
30,280
204,147
13,217,647
6,740,092
3,891,658
119,395
25,858,563
Additions
-
0
6,300,221
-
0
1,966
7,691
-
0
22,263
1,241,774
-
7,573,915
At 31 July 2024
5,403
7,838,262
111,900
32,246
211,838
13,217,647
6,762,355
5,133,432
119,395
33,432,478
Depreciation and impairment
At 1 August 2023
708
-
0
-
0
23,954
134,007
1,228,339
1,951,044
648,857
17,821
4,004,730
Depreciation charged in the year
771
-
0
-
0
1,137
33,877
946,524
944,344
242,978
12,249
2,181,880
At 31 July 2024
1,479
-
0
-
0
25,091
167,884
2,174,863
2,895,388
891,835
30,070
6,186,610
Carrying amount
At 31 July 2024
3,924
7,838,262
111,900
7,155
43,954
11,042,784
3,866,967
4,241,597
89,325
27,245,868
At 31 July 2023
4,695
1,538,040
111,900
6,326
70,140
11,989,308
4,789,048
3,242,801
101,574
21,853,832
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -

Assets under construction as disclosed in the prior year accounts have been renamed in the current year to OMA V - leasehold improvements as it is no longer under construction.

Revaluation

 

The fair value of the freehold property has been arrived at on the basis of a valuation carried out by a firm of RICS Chartered Surveyors, as at 10 March 2023. The valuation was carried out on the basis of market value (which is considered to be a true reflection of the fair value) in accordance with the Royal Institute of Chartered Surveyors Valuation - Global Standards 2022. The director does not believe that there has been a material change in the fair value of the property between the valuation date and the year end.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
5,967,937
5,967,937
Accumulated depreciation
(272,683)
(176,635)
Carrying value
5,695,254
5,791,302
Company
Cost
91,000
91,000
Accumulated depreciation
(62,791)
(49,791)
Carrying value
28,209
41,209
Company balances relate to the artwork which are included in the group balances in addition to OMA House - freehold land and property.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
100
Carrying amount
At 31 July 2024
100
At 31 July 2023
100
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
EDTC PC Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
264 Banbury Road, Oxford, England, OX2 7DY
16
Financial instruments
Group
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,054,188
7,872,268
Carrying amount of financial liabilities
Measured at amortised cost
35,989,786
30,546,663
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
970,090
1,851,963
893,089
1,851,963
Amounts owed by group undertakings
-
-
2,160,549
-
Other debtors
586,642
346,927
586,642
346,182
Deferred costs
172,373
253,620
172,373
253,620
Prepayments and accrued income
2,749,416
2,364,658
2,792,510
2,036,014
4,478,521
4,817,168
6,605,163
4,487,779
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
-
2,289,288
Other debtors
3,061,074
3,913,959
3,061,074
3,913,959
3,061,074
3,913,959
3,061,074
6,203,247
Total debtors
7,539,595
8,731,127
9,666,237
10,691,026
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
3,990,950
-
0
-
0
-
0
Obligations under finance leases
21
1,106,791
723,145
1,106,791
723,145
Trade creditors
7,321,530
2,816,206
7,320,831
2,688,842
Corporation tax payable
-
0
48,706
-
0
48,706
Other taxation and social security
203,171
74,556
180,649
74,556
Deferred income
22
3,726,631
3,274,907
3,726,631
3,274,907
Customer deposits
3,494,892
2,304,283
3,494,892
2,304,283
Other creditors
4,599,915
8,265,109
4,599,915
8,265,109
Accruals
4,231,201
6,079,268
4,220,830
6,056,907
28,675,081
23,586,180
24,650,539
23,436,455
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
5,630,105
3,890,547
5,630,105
-
0
Obligations under finance leases
21
1,887,771
2,068,782
1,887,771
2,068,782
Customer deposits
-
0
1,124,416
-
0
1,124,416
7,517,876
7,083,745
7,517,876
3,193,198
20
Bank loans
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,621,055
3,890,547
5,630,105
-
0
Payable within one year
3,990,950
-
0
-
0
-
0
Payable after one year
5,630,105
3,890,547
5,630,105
-
0

On 6 November 2023, Westbrooke Alternative Asset Management UK Limited created a fixed and floating charge covering all property and undertaking of the company.

 

On 16 February 2023, Westbrooke Private Capital S.A.R.L. created a fixed and floating charge over all property and undertakings of EDTC PC Limited.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,106,791
723,145
1,106,791
723,145
In two to five years
1,887,771
2,068,782
1,887,771
2,068,782
2,994,562
2,791,927
2,994,562
2,791,927
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Income received for future hire periods
3,726,631
3,274,907
3,726,631
3,274,907
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,822
51,785

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
2,991,029
2,445,862
-
-
Tax losses
-
-
1,258,466
732,605
Revaluations
142,650
142,650
-
-
3,133,679
2,588,512
1,258,466
732,605
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
24
Deferred taxation
(Continued)
- 33 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
2,991,029
2,445,862
-
-
Tax losses
-
-
1,193,370
705,182
Revaluations
17,673
17,673
-
-
3,008,702
2,463,535
1,193,370
705,182
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
1,855,907
1,758,353
Charge to profit or loss
19,306
56,979
Liability at 31 July 2024
1,875,213
1,815,332
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
B Ordinary shares of £1 each
104
104
104
104
1,104
1,104
1,104
1,104

 

26
Financial commitments, guarantees and contingent liabilities

As at the year end, the company was committed to pay £853K to one of its landlords to top up the rent deposit following a reduction as a result of offsetting a rent invoice against the deposit.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 34 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
6,050,799
5,068,920
6,476,543
5,068,920
Between two and five years
24,225,956
24,944,789
25,976,957
24,944,789
In over five years
33,308,474
38,684,924
41,600,098
38,684,924
63,585,229
68,698,633
74,053,598
68,698,633
The company holds an operating lease with its subsidiary which is excluded from the consolidated figures.
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,738,261
14,261,467
1,738,261
14,261,467
Between two and five years
-
1,738,261
-
1,738,261
1,738,261
15,999,728
1,738,261
15,999,728
28
Events after the reporting date

Company

 

In August 2024, The Location Collective Limited entered into an extension of the full-site takeover master license at OMA One, one of the film studios operated by the company. The extension was for a duration of 46.5 weeks, committing to further income over this period of £4.9m.

 

In August 2024, The Location Collective Limited entered into two new hire agreements for the hire of space at OMA X, one of film studios operated by the company. One of these hire agreements was for a period of 35 weeks, committing to further income over this period of £2.3m. The other hire agreement was for a period of 25 weeks, committing to further income over this period of £1.1m.

 

In September 2024, The Location Collective Limited entered into a new full-site takeover hire agreement at OMA V, one of the film studios operated by the company. The hire agreement was for a duration of 42 weeks, committing to further income over this period of £3.1m.

 

Group

 

In addition to the above, in September 2024, EDTC PC Limited extended the period of their loan held with Westbrooke Private Capital S.A.R.L. extending the repayment date to November 2026.

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 35 -
29
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Company
SPV Collective Property and New Development Acquisitions Limited
-
-
-
415,726
LC OMA 2 Limited
-
-
5,771,237
2,565,220
Canvas Events Limited
-
20,025
51,801
66,750

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Company
SPV Collective Property and New Development Acquisitions Limited
-
498,871
LC OMA 2 Limited
2,115,363
982,404
Canvas Events Limited
3,450
-

Canvas Events Limited is a related party by virtue of a common director with the group. The relevant balance has been provided for in full.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Canvas Events Limited
65,767
98,735

Canvas Events Limited is a related party by virtue of a common director with the group. The relevant balance has been provided for in full.

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with its wholly owned subsidiary undertaking EDTC PC Limited.

Other information

As at the year end the director owed the company £5,912 (2023: the director was owed £46,887).

 

Remuneration of £325,045 (2023: £666,684) was paid to key management personnel.

30
Controlling party

The ultimate controlling party is Mr A Iredale by virtue of his shareholding.

 

THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 36 -
31
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(91,792)
(627,189)
Adjustments for:
Taxation (credited)/charged
(29,400)
199,027
Finance costs
1,541,852
991,738
Investment income
(103,386)
-
0
Loss on disposal of tangible fixed assets
-
12,200
Amortisation and impairment of intangible assets
98,909
73,908
Depreciation and impairment of tangible fixed assets
2,269,380
2,166,481
Movements in working capital:
Decrease/(increase) in debtors
1,197,444
(1,083,709)
(Decrease)/increase in creditors
(919,948)
5,323,631
Increase/(decrease) in deferred income
451,724
(646,046)
Cash generated from operations
4,414,783
6,410,041
THE LOCATION COLLECTIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 37 -
32
Analysis of changes in net debt - group
1 August 2023
Cash flows
Amortised cost impact
New finance leases
New bank loans
31 July 2024
£
£
£
£
£
£
Cash at bank and in hand
1,613,029
1,076,451
-
-
-
2,689,480
Bank loans
(3,890,547)
-
(126,777)
-
(5,603,731)
(9,621,055)
Obligations under finance leases
(2,791,927)
1,039,139
-
(1,241,774)
-
(2,994,562)
(5,069,445)
2,115,590
(126,777)
(1,241,774)
(5,603,731)
(9,926,137)
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