Registered number: 05646353
UK FESTIVAL HOLDINGS LIMITED
(FORMERLY IME MUSIC LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
REGISTERED NUMBER: 05646353
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 on 7 March 2025.
The notes on pages 2 to 8 form part of these financial statements.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
UK Festival Holdings Limited (Formerly IME Music Limited) is a private limited company incorporated in the United Kingdom. The registered office is 30 St. John Street, London, EC1M 4AY. The principal activity of the company is that of music festival programming.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of LNGH Ireland Limited as at 31 December 2024 and these financial statements may be obtained from 3Arena, North Wall Quay, Dublin 1, Ireland.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report.
The company is in a net liability position, as such, its immediate parent undertaking, LN-Gaiety Holdings Limited, has committed to provide continuing financial support, if required, to enable the company to meet its obligations as and when they fall due for the going concern assessment period. The company has no bank debt.
The directors have reviewed whether the ultimate shareholders have the ability to provide support for the going concern assessment period. Based on enquiry and review of supporting information the directors have concluded the ultimate shareholders have sufficient resources available to provide this support.
Based on the above, the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover, which is stated net of value added tax, represents the fair value of amounts receivable for goods and services. Turnover is attributable to the company’s principal activity and is generated in the UK. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that it can be measured reliably. All show based turnover, including ticket sales and bar sales is recognised at the date of the applicable event.
Turnover from a contract to provide services is phased equally over the duration of the contract at the value of the consideration due. Where a contract has only been partially completed at the statement of financial position date, turnover represents the value of the service provided to date based on the proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income.
Interest income is recognised in profit or loss using the effective interest method.
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.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Income and Retained Earnings,that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date,
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts receivable for group relief
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Prepayments and accrued income
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All amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Included within amounts owed to group undertakings falling due in less than one year are interest
bearing loans. Interest is charged at 7.7%. All amounts owed to group undertakings are unsecured and repayable on demand.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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1 (2023 - 1) Ordinary A share of £1.00
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1 (2023 - 1) Ordinary B share of £1.00
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Profit and loss account
Profit and loss account - includes all the current periods retained profits and losses.
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Related party transactions
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The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with wholly owned members of the group.
During the year, the company entered into transactions, in the ordinary course of business, with other related parties outside of the 100% owned group. Transactions entered into, and trading balances outstanding at 31 December 2024 and 31 December 2023, are as follows:
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Amounts owed to entities with common ownership
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The company's ultimate parent undertaking and controlling party is Live Nation Entertainment Inc., which is incorporated in the United States of America. This is the largest group of which the consolidated accounts are prepared. Copies of the group financial statements for Live Nation Entertainment Inc. are available from 9348 Civic Center Drive, Beverly Hills, California, 90210, United States of America.
The company's immediate parent undertaking is LN-Gaiety Holdings Limited, a company incorporated in the United Kingdom. The smallest undertaking preparing consolidated financial statements that include the company is LNGH Ireland Limited. Copies of the consolidated financial statements are available from 3Arena, North Wall Quay, Dublin 1, Ireland.
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UK FESTIVAL HOLDINGS LIMITED (FORMERLY IME MUSIC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 7 March 2025 by Matthew Wells ACA (Senior statutory auditor) on behalf of Haslers.
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