Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31All About Quality LimitedCounty Hall Space LimitedHeart of Gold Music Studios LimitedCounty Hall Entertainment LimitedCineaqua SASfalsefalse2023-01-01falseNo description of principal activity00false 10480894 2023-01-01 2023-12-31 10480894 2023-12-31 10480894 2022-01-01 2022-12-31 10480894 2022-12-31 10480894 2022-01-01 10480894 c:Director1 2023-01-01 2023-12-31 10480894 c:Director2 2023-01-01 2023-12-31 10480894 c:RegisteredOffice 2023-01-01 2023-12-31 10480894 d:Buildings 2023-01-01 2023-12-31 10480894 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10480894 d:PlantMachinery 2023-01-01 2023-12-31 10480894 d:MotorVehicles 2023-01-01 2023-12-31 10480894 d:FurnitureFittings 2023-01-01 2023-12-31 10480894 d:ComputerEquipment 2023-01-01 2023-12-31 10480894 d:CurrentFinancialInstruments 2023-12-31 10480894 d:CurrentFinancialInstruments 2022-12-31 10480894 d:Non-currentFinancialInstruments 2023-12-31 10480894 d:Non-currentFinancialInstruments 2022-12-31 10480894 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10480894 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10480894 d:ShareCapital 2023-12-31 10480894 d:ShareCapital 2022-12-31 10480894 d:ShareCapital 2022-01-01 10480894 d:CapitalRedemptionReserve 2023-12-31 10480894 d:CapitalRedemptionReserve 2022-12-31 10480894 d:CapitalRedemptionReserve 2022-01-01 10480894 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10480894 d:RetainedEarningsAccumulatedLosses 2023-12-31 10480894 d:RetainedEarningsAccumulatedLosses 2022-12-31 10480894 d:RetainedEarningsAccumulatedLosses 2022-01-01 10480894 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10480894 c:OrdinaryShareClass1 2023-12-31 10480894 c:OrdinaryShareClass1 2022-12-31 10480894 c:FRS102 2023-01-01 2023-12-31 10480894 c:Audited 2023-01-01 2023-12-31 10480894 c:FullAccounts 2023-01-01 2023-12-31 10480894 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10480894 d:Subsidiary1 2023-01-01 2023-12-31 10480894 d:Subsidiary1 1 2023-01-01 2023-12-31 10480894 d:Subsidiary2 2023-01-01 2023-12-31 10480894 d:Subsidiary2 1 2023-01-01 2023-12-31 10480894 d:Subsidiary3 2023-01-01 2023-12-31 10480894 d:Subsidiary3 1 2023-01-01 2023-12-31 10480894 d:Subsidiary4 2023-01-01 2023-12-31 10480894 d:Subsidiary4 1 2023-01-01 2023-12-31 10480894 d:Subsidiary5 2023-01-01 2023-12-31 10480894 d:Subsidiary5 1 2023-01-01 2023-12-31 10480894 c:Consolidated 2023-12-31 10480894 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 10480894 6 2023-01-01 2023-12-31 10480894 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 10480894







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


LONDON SKY GARDEN LTD






































img56b9.png                        

 


LONDON SKY GARDEN LTD
 


 
COMPANY INFORMATION


Directors
K Okamoto 
D Su 




Registered number
10480894



Registered office
Riverside Building
County Hall

Westminster Bridge Road

London

SE1 7PB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


LONDON SKY GARDEN LTD
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Income and Retained Earnings
9 - 10
Consolidated Statement of Financial Position
11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 31


 


LONDON SKY GARDEN LTD
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31st December 2023.

Business review
 
London Sky Garden Limited is the holding company for a number of property and visitor attraction ventures located mainly in the UK and Europe together with a growing portfolio based in Asia.
The income for the group amounted to £19.6m for the 12 months trading to 31st December 2023, which compares to £16.8m when looking at the trading performances for the group for the year to 31st December 2022, an increase of 17%.
The increase in turnover arises following the easing of restrictions following the COVID 19 pandemic and its effect on the trade of the group in the previous year given forced closures. In particular, this year has seen an increase in rental income coupled with a significant increase in visitors at the attractions as a result of national government imposed lockdowns being lifted.
The overall group adjusted EBITDA yielded a surplus of £4.7m (24.4%) (2022: £4.6m (27.3%)).
The group liquidity remains strong, with an acid test ratio of 1.52 compared to 1.23 at the end of December 2022. The group has also invested a further £0.7m in its facilities during the year, demonstrating the commitment to delivering a first class experience to visitors of the various sites.
At the end of 2023, the group disposed of its interest in the Restaurant de L’Aquarium de Paris SAS as part of a wider strategy to focus more on the core activities of the group. The disposal of the investment follows a significant rebound in trade after the Covid 19 pandemic and ensured that the disposal value was maximised.
The current economic outlook remains uncertain in Europe and beyond in the coming years. This arises following the cost of living crisis, the conflict in Ukraine and the central bank interest rate policy globally. The wider geopolitical climate is also unstable given the number of general elections that have taken place, including USA and Germany coupled with weaker economic data and the threat of a trade war from the USA. 

Principal risks and uncertainties
 
Competition in the leisure and entertainment industry together with economic uncertainties that impact directly on visitor numbers represent continuing risks for the group. The directors continually monitor visitor numbers together with the creation of innovative attraction enhancements in order to mitigate these risks.
Challenges faced by our tenants will likely lead to short term support including rent holidays and / or extended credit terms. These measures are expected to ensure ongoing cashflow for the group once these short term economic challenges are mitigated.
The outlook for energy costs is expected to present further challenges in the coming year. The directors are taking active steps to mitigate these risks by seeking competitive contractual arrangements with energy providers and brokers as appropriate.
Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the groups finance department.

Page 1

 


LONDON SKY GARDEN LTD
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments
 
The group continue to invest in each of the existing property assets together with developing new revenue streams to offset the current economic uncertainty. Such investments are now being considered globally so as not to limit the group's economic exposure just to the UK and Europe.
In the coming year, the directors will seek further property acquisitions to enhance the existing portfolio and further increase rental income and long term group capital value.
So far, 2024 has brought continued uncertainty following the ongoing Ukrainian crisis and the wider geopolitical climate, not least the threat of trade wars from the USA. In terms of macro economic trends, this has seen less volatility in foreign currency rates together with central bank interest rates being eased gently. This easing of interest rates is expected to continue in the coming year, tapered with the risk of inflation that may arise following any trade wars from the USA. These trends coupled with the threat of higher taxes in the UK economy are expected to see challenges to liquidity in the coming months as suppliers and customers face challenges to their own cashflow. The challenge for the group is to continue to mitigate cost increases being faced given ongoing global instability.
Considering the impact on each component entity, the visitor attractions may face a pressure in visitor numbers given the impact of the macro economic factors on household disposable incomes. This is may lead to additional cashflow pressures within the group and in particular our suppliers and customers, who are also faced with the same challenges. Following the restructure of the groups trading activities at the end of 2023, the group is now less exposed to these risks as the day to day operations of the attraction business has been outsourced. 
Given the nature of the group activities and the proven resilience of the visitor attraction businesses, the directors believe that these short term challenges can be managed. The group has a strong statement of financial position, together with significant cash reserves in order to continue to operate for the longer term.


This report was approved by the board and signed on its behalf.



K Okamoto
Director

Date: 26 March 2025

Page 2

 


LONDON SKY GARDEN LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £4,530,734 (2022 - £2,215,470).

No dividends will be distributed for the year ended 31st December 2023.

Directors

The directors who served during the year were:

K Okamoto 
D Su 

Financial instruments

The company's operations expose it to a variety of financial risks that include the effects of changes in commodity market prices, exchange rate risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring all levels of the related costs.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The department has a policy and procedures manual that sets out specific guidelines to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.

Disclosure in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by the 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 future developments.

Page 3

 


LONDON SKY GARDEN LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





K Okamoto
Director

Date: 26 March 2025

Page 4

 


LONDON SKY GARDEN LTD
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SKY GARDEN LTD

Opinion


We have audited the financial statements of London Sky Garden Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 or the 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 directors 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 directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 


LONDON SKY GARDEN LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SKY GARDEN LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


LONDON SKY GARDEN LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SKY GARDEN LTD (CONTINUED)

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 Group 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:
 
The Group and Company is subject to laws and regulations that directly affect the financial statements including financial reporting, legislation. We determined that the following laws and regulations were most significant, including UK Companies Act, employment law and tax legislation.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.We understood how the Group and Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Companys financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
 
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°Revenue recognition, and;
 
°Posting of unusual journals and transactions


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 regulation. 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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 


LONDON SKY GARDEN LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SKY GARDEN LTD (CONTINUED)

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 2006Our 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.





Ralph Mitchison FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
95 Gresham Street
London
EC2V 7AB

28 March 2025
Page 8

 


LONDON SKY GARDEN LTD
 


 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note
£
£
£
£
£
£

  

Turnover
 4 
11,472,699
8,153,784
19,626,483
10,490,369
6,276,631
16,767,000

Cost of sales
  
(9,130,471)
(6,459,048)
(15,589,519)
(9,406,483)
(4,017,805)
(13,424,288)

Gross profit
  
2,342,228
1,694,736
4,036,964
1,083,886
2,258,826
3,342,712

Administrative expenses
  
(995,060)
30,877
(964,183)
(559,439)
1,850
(557,589)

Operating profit
 5 
1,347,168
1,725,613
3,072,781
524,447
2,260,676
2,785,123

Reversal of impairment on fixed assets investments
 7 
2,298,488
-
2,298,488
-
-
-

Gain on disposal of subsidiary
  
390,009
-
390,009
-
-
-

Interest receivable and similar income
  
532,949
-
532,949
181,874
178
182,052

Interest payable and similar expenses
 8 
(330,097)
-
(330,097)
(151,096)
-
(151,096)

Profit before tax
  
4,238,517
1,725,613
5,964,130
555,225
2,260,854
2,816,079

Tax on profit
 9 
(657,977)
-
(657,977)
(246,279)
-
(246,279)

Profit after tax
  
3,580,540
1,725,613
5,306,153
308,946
2,260,854
2,569,800

  

  

Retained earnings at the beginning of the year
  
(1,902,675)
(4,118,145)

  
(1,902,675)
 
(4,118,145)

Profit for the year attributable to the owners of the parent
  
4,530,734
2,215,470

Retained earnings at the end of the year
  
2,628,059
 
(1,902,675)

Non-controlling interest at the beginning of the year
  
401,983
47,653
Page 9

 


LONDON SKY GARDEN LTD
 


 
CONSOLIDATED INCOME STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Profit for the year attributable to the non-controlling interest
  
775,419
354,330

Disposal of non- controlling interest
  
(1,171,293)
-

Non-controlling interest at the end of the year
  
6,109
 
401,983

The notes on pages 17 to 31 form part of these financial statements.

Page 10

 


LONDON SKY GARDEN LTD
REGISTERED NUMBER:10480894



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
68,131
4,433

Tangible assets
 12 
18,247,940
19,608,952

Investments
 13 
2,298,488
-

  
20,614,559
19,613,385

Current assets
  

Stocks
 14 
50,767
147,249

Debtors: amounts falling due after more than one year
 15 
5,287,433
5,330,700

Debtors: amounts falling due within one year
 15 
7,858,676
7,867,576

Cash at bank and in hand
  
5,783,110
6,358,040

  
18,979,986
19,703,565

Creditors: amounts falling due within one year
 16 
(12,489,559)
(15,849,666)

Net current assets
  
 
 
6,490,427
 
 
3,853,899

Total assets less current liabilities
  
27,104,986
23,467,284

Creditors: amounts falling due after more than one year
 17 
(11,037,865)
(11,535,023)

  

Net assets excluding pension asset
  
16,067,121
11,932,261

Net assets
  
16,067,121
11,932,261


Capital and reserves
  

Called up share capital 
 19 
100
100

Capital contribution reserve
  
13,432,853
13,432,853

Profit and loss account
  
2,628,059
(1,902,675)

Equity attributable to owners of the parent Company
  
16,061,012
11,530,278

Non-controlling interests
 20
6,109
401,983

  
16,067,121
11,932,261


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K Okamoto
Director
Date: 26 March 2025

The notes on pages 17 to 31 form part of these financial statements.

Page 11

 


LONDON SKY GARDEN LTD
REGISTERED NUMBER:10480894



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
13,432,853
13,432,853

  
13,432,853
13,432,853

Current assets
  

Debtors: amounts falling due within one year
 15 
140,117
140,117

Cash at bank and in hand
  
100
100

  
140,217
140,217

Creditors: amounts falling due within one year
 16 
(146,617)
(140,117)

Net current (liabilities)/assets
  
 
 
(6,400)
 
 
100

Total assets less current liabilities
  
13,426,453
13,432,953

  

  

Net assets excluding pension asset
  
13,426,453
13,432,953

Net assets
  
13,426,453
13,432,953


Capital and reserves
  

Called up share capital 
 19 
100
100

Capital contribution reserve
  
13,432,853
13,432,853

Profit and loss account carried forward
  
(6,500)
-

  
13,426,453
13,432,953


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


K Okamoto
Director

Date: 26 March 2025

The notes on pages 17 to 31 form part of these financial statements.

Page 12

 
LONDON SKY GARDEN LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital contribution reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 January 2022
100
13,432,853
(4,118,145)
9,314,808
47,653
9,362,461



Comprehensive income for the year


Profit for the year
-
-
2,215,470
2,215,470
354,330
2,569,800





At 1 January 2023
100
13,432,853
(1,902,675)
11,530,278
401,983
11,932,261



Comprehensive income for the year


Profit for the year
-
-
4,530,734
4,530,734
775,419
5,306,153


Disposal of non-controlling interests
-
-
-
-
(1,171,293)
(1,171,293)



At 31 December 2023
100
13,432,853
2,628,059
16,061,012
6,109
16,067,121



The notes on pages 17 to 31 form part of these financial statements.

Page 13
 


LONDON SKY GARDEN LTD
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
13,432,853
-
13,432,953



At 1 January 2023
100
13,432,853
-
13,432,953



Loss for the year
-
-
(6,500)
(6,500)


At 31 December 2023
100
13,432,853
(6,500)
13,426,453


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 


LONDON SKY GARDEN LTD
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,306,153
2,569,800

Adjustments for:

Amortisation of intangible assets
12,645
-

Depreciation of tangible assets
1,703,128
1,790,128

Reversal of impairments of fixed asset investments
(2,298,488)
-

Loss on disposal of tangible assets
-
(5,280)

Interest paid
330,097
151,096

Interest received
(532,949)
(182,052)

Taxation charge
657,977
246,279

(Increase) in stocks
(9,223)
(33,795)

(Increase) in debtors
(1,177,420)
(1,918,570)

(Decrease)/increase in creditors
(1,262,303)
1,446,412

Profit on disposal of subsidiaries
(390,009)
-

Net cash generated from operating activities

2,339,608
4,064,018


Cash flows from investing activities

Purchase of intangible fixed assets
(74,704)
-

Sale of intangible assets
72,687
5,280

Purchase of tangible fixed assets
(677,232)
(1,069,662)

Sale of unlisted and other investments
(422,446)
-

Interest received
532,949
182,052

Net cash from investing activities

(568,746)
(882,330)

Cash flows from financing activities

Repayment of loans
(1,645,440)
(697,534)

Interest paid
(330,097)
(151,096)

Net cash used in financing activities
(1,975,537)
(848,630)

Net (decrease)/increase in cash and cash equivalents
(204,675)
2,333,058

Cash and cash equivalents at beginning of year
6,358,040
5,246,272

Foreign exchange gains and losses
(370,255)
(1,221,290)

Cash and cash equivalents at the end of year
5,783,110
6,358,040


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,783,110
6,358,040

5,783,110
6,358,040


Page 15

 


LONDON SKY GARDEN LTD
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

£

Cash at bank and in hand

6,358,040

1,847,516

(2,422,446)

5,783,110

Debt due within 1 year

(8,041,474)

1,113,391

-

(6,928,083)

Debt due after 1 year

(9,357,797)

532,049

-

(8,825,748)


(11,041,231)
3,492,956
(2,422,446)
(9,970,721)

The notes on pages 17 to 31 form part of these financial statements.

Page 16

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

London Sky Garden Ltd is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address can be found on the General Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

  
2.2

Basis of consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 31 December 2023. A subsidiary is an entity controlled by the group. Control is power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparting the consolidated financial statements.

  
2.3

Non-controlling interests

Non-controlling interests at the statement of financial position date, being the portion of the net assets of subsidiaries attributable to equity interests that are not owned by the company, whether directly or indirectly through subsidiaries, are presented in the consolidated statement of financial position separately from liabilities and shareholders' equity. Non-controlling interests in the results of the group for the year are also separately presented in the consolidated statement of comprehensive income.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.
Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

Page 17

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Intangible assets

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

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

 
2.9

Tangible fixed assets

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

Page 18

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Long-term leasehold property
-
over the life of the lease
Plant and machinery
-
10 - 33% on cost
Motor vehicles
-
20% on cost
Fixtures and fittings
-
20 - 33% on cost
Computer equipment
-
25% on cost

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

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

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Income and Retained Earnings includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 19

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.14

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension
scheme are charged to the income statement in the period to which they relate.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described below, management is required to make judgements estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Useful Economic Life of Tangible Assets:
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Page 20

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The revenue and profit (2022  - profit) before taxation are attributable to the one principal activity of the group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,686,133
1,476,653

Rest of Europe
17,940,350
15,290,347

19,626,483
16,767,000



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
1,703,128
1,790,128

Exchange differences
493,332
(105,744)

Profit on disposal of fixed assets
-
(5,280)

Auditors' remuneration
42,500
40,500


6.


Employees

Staff costs were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,608,308
2,761,800

Social security costs
1,290,084
924,376

4,898,392
3,686,176


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors of components
1
1



Production and operatives
119
108

120
109

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 21

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Income from investments

2023
2022
£
£

Reversal of impairment of investment in associate
2,298,488
-

2,298,488
-







8.


Interest payable and similar expenses

2023
2022
£
£


Other interest
203,909
94,010

Interest payable
126,188
57,086

330,097
151,096


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
616,502
247,567


616,502
247,567


Total current tax
616,502
247,567

Deferred tax


Origination and reversal of timing differences
41,475
(1,288)

Total deferred tax
41,475
(1,288)


Tax on profit
657,977
246,279
Page 22

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,964,130
2,816,079


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,405,685
535,055

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,744,815
214,837

Capital allowances for year in excess of depreciation
(4,302)
7,756

Utilisation of tax losses
(3,536)
(38,164)

Foreign losses not deductible
(2,095,779)
(471,917)

Deferred tax charge/(credit)
41,475
(1,288)

Income not taxable
(540,604)
-

Other foreign taxes payable
113,516
-

Group relief
(3,293)
-

Total tax charge for the year
657,977
246,279


10.


Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.

Page 23

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group





Trademarks

£



Cost


At 1 January 2023
55,177


Additions
74,704


On disposal of subsidiaries
(4,337)


Foreign exchange movement
1,523



At 31 December 2023

127,067



Amortisation


At 1 January 2023
50,744


Charge for the year on owned assets
12,645


Foreign exchange movement
(4,453)



At 31 December 2023

58,936



Net book value



At 31 December 2023
68,131



At 31 December 2022
4,433



Page 24

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery etc.
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,404,145
887,201
45,339,463
48,630,809


Additions
-
-
677,232
677,232


Disposals
-
-
(249,259)
(249,259)


Disposal of subsidiary
-
-
(483,617)
(483,617)



At 31 December 2023

2,404,145
887,201
45,283,819
48,575,165



Depreciation


At 1 January 2023
-
454,209
28,567,648
29,021,857


Charge for the year on owned assets
-
37,097
1,666,031
1,703,128


Charge for the year on financed assets
-
-
2,037
2,037


Disposals
-
-
(176,572)
(176,572)


Disposal of subsidiary
-
-
(223,225)
(223,225)



At 31 December 2023

-
491,306
29,835,919
30,327,225



Net book value



At 31 December 2023
2,404,145
395,895
15,447,900
18,247,940



At 31 December 2022
2,404,145
432,992
16,771,815
19,608,952

Page 25

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 January 2023
2,298,988



At 31 December 2023

2,298,988



Impairment


At 1 January 2023
2,298,988


Reversal of impairment losses
(2,298,488)



At 31 December 2023

500



Net book value



At 31 December 2023
2,298,488



At 31 December 2022
-

The Group’s investment in associates had been impaired in prior periods as the carrying value exceeded the recoverable amount. During the year, the associate’s operations have turned around and resulted in the recoverable amount being more than the impaired investment amount. Therefore, the impairment of the investment has been reversed.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
13,432,853



At 31 December 2023
13,432,853






Net book value



At 31 December 2023
13,432,853



At 31 December 2022
13,432,853

Page 26

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

All About Quality Limited
County Hall, Riverside Building, Westminster Bridge, London , SE1 7PB.
Ordinary
100%
County Hall Space Limited
County Hall, Riverside Building, Westminster Bridge, London , SE1 7PB.
Ordinary
99.95%
Heart of Gold Music Studios Limited
County Hall, Riverside Building, Westminster Bridge, London , SE1 7PB.
Ordinary
97.92%
County Hall Entertainment Limited
County Hall, Riverside Building, Westminster Bridge, London , SE1 7PB.
Ordinary
100%
Cineaqua SAS
5 Av. Albert De Mun, 75116, Paris, Franc
Ordinary
100%

Associated undertakings
The following were subsidiary undertakings of the Group:
Ozu Limited
Registered office:County Hall, Riverside Building, Westminster Bridge, London , SE1 7PB.
Class of shares: Ordinary
Holding: 49.00%
Aggregate capital and reserves: £8,342,565 (2022: £5,288,883)
Profit for the year: £3,053,682 (£1,636,348)








Page 27

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Inventories

Group
Group
2023
2022
£
£

Raw materials and consumables
50,767
147,249

50,767
147,249



15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Amounts owed by connected companies
4,692,877
4,784,439
-
-

Other debtors
594,556
546,261
-
-

5,287,433
5,330,700
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
16,700
1,269,145
-
-

Amounts owed by connected companies
4,140,068
4,173,248
140,117
140,117

Amounts owed by joint ventures
18,039
34,550
-
-

Other debtors
2,220,278
1,114,904
-
-

VAT
385,555
405,256
-
-

Deferred tax asset
11,633
53,108
-
-

Prepayments and accrued income
1,066,403
817,365
-
-

7,858,676
7,867,576
140,117
140,117


Page 28

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
336,392
430,926
-
-

Other loans
6,591,691
7,610,548
-
-

Trade creditors
780,749
2,349,567
-
-

Amounts owed to group undertakings
-
-
146,617
140,117

Corporation tax
370,986
247,567
-
-

Other taxation and social security
1,320,523
1,648,303
-
-

Other creditors
2,160,866
2,766,045
-
-

Accruals and deferred income
928,352
796,710
-
-

12,489,559
15,849,666
146,617
140,117



17.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
781,463
1,141,585

Other loans
8,044,285
8,216,202

Amounts owed to connected companies
2,212,117
2,177,236

11,037,865
11,535,023




Page 29

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
336,392
430,926

Other loans
6,591,691
7,610,548


6,928,083
8,041,474

Amounts falling due 1-2 years

Bank loans
781,463
1,141,585


781,463
1,141,585


Amounts falling due after more than 5 years

Other loans
8,044,285
8,216,202

8,044,285
8,216,202

15,753,831
17,399,261



19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



20.


Non-controlling interests

2023
2022
£
£



Opening non-controlling interests
401,983
47,653

Share of results
775,419
354,330

Disposal of non-controlling interest
(1,171,293)
-

Closing non-controlling interests
6,109
401,983

Page 30

 


LONDON SKY GARDEN LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Discontinued operations

On 31 December 2023 the group subsidiary company Restaurant de L'Aquarium de Paris SAS was sold to a third party.
The revenue that Restaurant de L'Aquarium de Paris SAS contributed to the year ended 31 December 2023 was £8,135,784 and the profit for the year was £1,725,613. The net asset position at 31 December 2023 was £2,521,268 and consideration of £1,739,887 was received for the entity.
The impact of the discontinued operations is shown within the Consolidated Statement of Comprehensive Income.


22.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities, which have been eliminated on consolidation, are not disclosed within the financial statements.
Included within creditors falling due within one year are amounts of £6,591,691 (2022: £7,610,548) and £1,655,060 (2022: £1,662,652) relating to amounts due to directors of components of the group. There are no formal repayment terms agreed on these loans and the loans are interest free and repayable on demand.
Included within debtors falling due after more than one year is an amount of £594,556 (2022: £546,261) due from the directors of components of the group, on which interest is charged at a rate of 1.75% above the Bank of England Base Rate per annum and is due for repayment by 2029.
Included in debtors due within one year is £3,999,939 (2022: £4,033,131) and included in debtors due after more than one year is £4,692,877 (2022: £4,784,439) due from a connected company of the group.
Other amounts included within debtors falling due within one year is a balance of £140,117 (2022: £140,117) due from a connected company of the group.
Included within creditors due after more than one year is £2,212,117 (2022: £2,177,236) due from a party in which the group has a participating interest.
The directors have sole responsibility for planning, directing and controlling the activities of the group and are therefore considered to be the key management personnel. No remuneration is paid to group directors, however it should be noted that directors of the components of the group, who are also considered to be key management personnel, were remunerated £339,950 (2022: £467,228) in the year. There are no other key management personnel.

 
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