| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 29 February 2024 |
| for |
| Vinyl Space Limited |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 29 February 2024 |
| for |
| Vinyl Space Limited |
| Vinyl Space Limited (Registered number: 04191465) |
| Contents of the Financial Statements |
| for the Year Ended 29 February 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 6 |
| Balance Sheet | 7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9 |
| Vinyl Space Limited |
| Company Information |
| for the Year Ended 29 February 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Vinyl Space Limited (Registered number: 04191465) |
| Strategic Report |
| for the Year Ended 29 February 2024 |
| The director presents his strategic report for the year ended 29 February 2024. |
| REVIEW OF BUSINESS |
| During the year under review the company continued to manage and operate the hotel, plus the separate event, leisure and farm businesses. |
| The hotel business turnover was consistent with the previous year. |
| Work continued on the rolling programme of hotel room improvements with proposed future works to include upgrades to the electrical and M&E services and replacing the windows. A planning application was drawn up with external consultants for an outdoor swimming pool and associated buildings within the existing walled garden. |
| The hotel and River House continued to be available to Soho House members throughout the year with growing popularity. |
| The events business in London benefitted from strong demand with turnover increasing by 59% over the previous year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Principal risks to the business reflect those of the broader economy and the demand for hotel leisure, conferences and events related activities. |
| FUTURE DEVELOPMENTS |
| The hotel business continues to benefit from the association with Soho House and the bookings made at both the River House and the hotel through the Soho House member's app or SHapp. Oakley Court has a growing popularity with Soho House members given its proximity to central London and specifically west London and this is expected to continue into the future. |
| ON BEHALF OF THE BOARD: |
| 14 May 2025 |
| Vinyl Space Limited (Registered number: 04191465) |
| Report of the Director |
| for the Year Ended 29 February 2024 |
| The director presents his report with the financial statements of the company for the year ended 29 February 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the company in the year under review were those of holding of property for management and development, the operation of a hotel and the operation of an events business. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 29 February 2024. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 company will continue in business. |
| The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Vinyl Space Limited |
| Opinion |
| We have audited the financial statements of Vinyl Space Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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, except for the possible effects of the matters described in the basis for qualified opinion paragraph, the financial statements: |
| - give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its 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 qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. Due to a limitation of scope we have not been able to verify the valuation of investment property shown in the Company's financial statements at a value of £3,000,000. |
| 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 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made. |
| Report of the Independent Auditors to the Members of |
| Vinyl Space Limited |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 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 company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
| In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
| - | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
| - | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
| We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
| - | Substantive procedures performed in accordance with the ISAs (UK). |
| - | Challenging assumptions and judgments made by management in its significant accounting estimates. |
| - | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
| - | Assessing the extent of compliance with the relevant laws and regulations. |
| 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 Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Vinyl Space Limited (Registered number: 04191465) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 29 February 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (251,111 | ) | (796,259 | ) |
| Other operating income | 4 |
| OPERATING (LOSS)/PROFIT | 6 | ( |
) |
| Interest receivable and similar income |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 7 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Vinyl Space Limited (Registered number: 04191465) |
| Balance Sheet |
| 29 February 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investment property | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 14 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings - |
| undistributable | 16 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| Vinyl Space Limited (Registered number: 04191465) |
| Statement of Changes in Equity |
| for the Year Ended 29 February 2024 |
| Called up | Retained |
| share | Retained | earnings | Total |
| capital | earnings | - undistributable | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 28 February 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 29 February 2024 |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements |
| for the Year Ended 29 February 2024 |
| 1. | STATUTORY INFORMATION |
| Vinyl Space Limited is a |
| The principle places of business are 16-18 Marshall Street, London, W1F 7BE and The Oakley Court, Windsor Road, Water Oakley, Windsor SL4 5UR. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on a going concern basis due to the agreement of the director together with the Vinyl Factory Limited, the parent company of the group, to continue to support the Company. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Turnover |
| Revenue represents net hotel income, rents received and net venue hire for the period. Revenue is recognised on the accruals basis in the period to which it relates. |
| Tangible fixed assets |
| Improvements to property | - |
| Hotel equipment | - |
| Hotel furnishings | - |
| Motor vehicles | - |
| Fixtures and fittings | - |
| A large proportion of hotel furnishings are not depreciated as the value of the items is not estimated to decrease due to being antiques and artwork furnishings. Regular impairment reviews are undertaken. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 3. | TURNOVER |
| The turnover and loss (2023 - profit) before taxation are attributable to the principal activities of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| 4. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Sundry income |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Vinyl Space | 2 | 2 |
| Hotel | 121 | 140 |
| Key Management Personnel |
| Key management includes the director and the hotel manager. The compensation payable to key management for employee services is shown below: |
| 2024 | 2023 |
| £ | £ |
| Salaries and other short-term benefits | 119,900 | 131,150 |
| 119,900 | 131,150 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 6. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases | ( |
) |
| Depreciation - owned assets |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| 7. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses | ( |
) |
| Recognition of previously unrecognised tax losses | 53,786 | 33,994 |
| Total tax charge | - | - |
| 8. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Hotel | Hotel |
| property | equipment | furnishings |
| £ | £ | £ |
| COST |
| At 1 March 2023 |
| Additions |
| Disposals | ( |
) |
| At 29 February 2024 |
| DEPRECIATION |
| At 1 March 2023 |
| Charge for year |
| Eliminated on disposal |
| At 29 February 2024 |
| NET BOOK VALUE |
| At 29 February 2024 |
| At 28 February 2023 |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| Motor | and |
| vehicles | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2023 |
| Additions |
| Disposals | ( |
) |
| At 29 February 2024 |
| DEPRECIATION |
| At 1 March 2023 |
| Charge for year |
| Eliminated on disposal |
| At 29 February 2024 |
| NET BOOK VALUE |
| At 29 February 2024 |
| At 28 February 2023 |
| 9. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2023 |
| and 29 February 2024 |
| NET BOOK VALUE |
| At 29 February 2024 |
| At 28 February 2023 |
| Investment properties were subject to valuation by T J Robinson, a director who is a professionally qualified valuer although is no longer a member of the Royal Institute of Chartered Surveyors. |
| The methods and significant assumptions used to ascertain the fair value of £3,000,000 are as follows: |
| The original purchase price of the property was used and adjusted for capital improvements. This was then uplifted in line with current market data for similar properties within the surrounding area. |
| The director T J Robinson has accessed the value at the year end and feels that the valuation is not materially different to the current carry value. |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 11. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 11. | DEBTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax | ( |
) | ( |
) |
| Social security and other taxes |
| VAT | 37,008 | - |
| Other creditors |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| 14. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 149,096 | 149,096 |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2023 |
| Balance at 29 February 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 16. | RESERVES |
| Retained |
| Retained | earnings |
| earnings | - undistributable | Totals |
| £ | £ | £ |
| At 1 March 2023 | 5,036,922 |
| Deficit for the year | ( |
) | ( |
) |
| At 29 February 2024 | 4,793,421 |
| Vinyl Space Limited (Registered number: 04191465) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 17. | ULTIMATE PARENT COMPANY |
| The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, London, W1F 7BE. |
| 18. | RELATED PARTY DISCLOSURES |
| 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. |
| During the period, the company received rental income of £35,000 (2023: £35,000) from the shareholders of the parent company. |
| During the period, the company paid £1,000 (2023: £nil) for music services to a family member of a shareholder of the parent company. The music services were delivered to a third party company. |